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Fed reports US economic slowdown amid efforts to tackle inflation

  • By Al Mayadeen English
  • Source: Agencies
  • 30 Nov 2023 00:00
3 Min Read

The US economy is facing deterioration due to collapsing global demand, exacerbated by higher interest rates.

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  • AP
    The sculpture of an eagle looks out from behind protective construction wrapping on the facade as the Federal Reserve Board Building undergoes both interior and exterior renovations, in Washington, Monday, Oct. 23, 2023 (AP Photo/J. Scott Applewhite)

The Federal Reserve declared on Wednesday that economic activity in the US has slowed down in recent weeks, and the labor market is showing signs of continued cooling as part of the ongoing efforts to combat persistent inflation.

The US economy is facing deterioration due to collapsing global demand, exacerbated by higher interest rates. Key concerns include a housing collapse, an oversupply of US Treasury bonds, and an impending liquidity crisis that raises the specter of a recession, with the conventional stimulus of increased defense spending seen as insufficient to avert the challenges.

Earlier this month, the Federal Reserve disclosed its decision to maintain its key lending rate at a 22-year high, aiming to bring inflation back to the long-term target of two percent without risking a detrimental economic downturn.

Balancing the reduction of inflation without causing an economic downturn, often referred to as a "soft landing," poses challenges, but the most recent update from the US central bank indicates that it might be progressing on this path.

"On balance, economic activity slowed since the previous report," the Fed announced in its regular survey of US economic conditions, known as the "beige book".

Read more: Interest rates need to stay high to mitigate inflation: NY Fed Chief

Between early October and mid-November, four out of the Federal Reserve's 12 regional districts noted "modest" growth, while two reported conditions remaining flat.

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The other six reported "slight declines in activity."

The Fed further remarked that "demand for labor continued to ease," and further stated that the majority of districts reported "flat to modest increases in overall employment."

Many districts indicate an improvement in retention, with some reporting reduced headcounts due to layoffs or attrition.

The Fed noted that certain employers expressed comfort in laying off low-performing individuals from their workforce.

Fed's Beige Book take on labor market pic.twitter.com/MwulO4Ru1J

— Ed Bradford (@Fullcarry) November 29, 2023

Although this development would typically raise concerns for the US central bank, given its dual mandate to address both inflation and unemployment, it occurs against the backdrop of the US unemployment rate remaining close to historic lows.

Fed policymakers have suggested that they anticipate a certain degree of moderation in the labor market as a necessary measure to effectively bring down US inflation to its targeted two percent level.

Read more: Geopolitical tensions risk for world economy, US inflation 'too high'

  • Federal reserve
  • US Federal Reserve
  • layoffs
  • US
  • inflation

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