Data shows US economy pacing for 'healthy' growth — but new 'headwinds' loom
Published On Sep 23, 2024, 10:55 AM
Recent data indicates the U.S. economy is on track for solid growth in Q3, with a projected annualized GDP growth rate of about 2.2%. The S&P Global's composite PMI for September showed a slight decrease but remains above the 50 mark, indicating continued expansion. However, concerns arise from a weakening manufacturing sector and rising inflation pressures, which could pose challenges ahead as businesses face uncertainty related to the upcoming presidential election. Overall, while growth seems healthy, headwinds such as these could affect investor sentiment and market stability in the near future.
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The economic growth indications and retail sales numbers suggest potential for stocks linked to consumer spending. However, the looming manufacturing slowdown and inflation pressures could hinder tech stocks and other sectors significantly dependent on consumer confidence and spending.
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