国际英语资讯:Yearender: U.S. economy slows in 2019, thorny road ahead_时事

国际英语资讯:Yearender: U.S. economy slows in 2019, thorny road ahead

The unemployment rate, which has remained below 4 percent since the beginning of the year, dropped slightly to 3.5 percent in November, again hitting the lowest in nearly five decades. Job gains have averaged 205,000 from September to November.

Despite resilient consumer spending and a strong labor market, business investment has declined for two straight quarters -- dropping by 1 percent in the second quarter and 2.3 percent in the third -- acting as a drag on the overall economy.

Economic activity in the manufacturing sector, meanwhile, contracted for a fourth consecutive month in November, according to the Institute for Supply Management. The Purchasing Managers' Index registered 47.8 percent in September, the lowest in a decade.

TRADE UNCERTAINTY

The Fed chairman, along with many economists, has repeatedly cited trade tensions as one of the factors that have been weighing on the U.S. economy.

Noting that the economy faced some "important challenges" from weaker global growth and trade uncertainty over the past year, Powell said the central bank adjusted the stance of monetary policy to "cushion" the economy from these developments and "provide some insurance against the associated risks."

The Fed has lowered interest rates three times since July, amid growing uncertainty stemming from trade tensions, weakness in global growth and muted inflation pressures. These policy adjustments put the current federal funds rate target range at 1.5 percent to 1.75 percent.