Fed meeting minutes: The U.S. economy grew steadily last year, while foreign economies grew weakly in Q4
1. The minutes of the Federal Reserve meeting on January 9 indicated that the real GDP of the United States is expected to continue to grow steadily in 2024. Since the beginning of 2024, the labor market situation has eased somewhat, but the unemployment rate remains low. The inflation rate of consumer prices is lower than the same period last year, but still slightly higher.
2. Staff believe that the strikes and hurricanes in October restrained employment growth, but after these effects subsided in November, employment growth was similarly boosted. In the third quarter, foreign economic growth accelerated, particularly in the euro area and Mexico. However, recent economic indicators show that the growth momentum of foreign economies has weakened significantly in the fourth quarter, with sluggish manufacturing activity and weak private consumption spending.
3. Inflation in foreign economies continues to ease. In most developed economies, the overall inflation rate has slowed to near or below the target level, mainly reflecting the pass-through effect of the decline in energy prices earlier this year. However, in some of these economies, the inflation rate in the service sector remains relatively high.
