Powell: Steady expansion of US economic activity and stable labor market

According to BlockBeats, on February 11th, Federal Reserve Chairman Powell stated that recent indicators indicate that economic activity continues to expand at a steady pace. Boosted by consumer spending elasticity, GDP grew by 2.5% in 2024. Equipment and intangible asset investments seem to have declined in the fourth quarter, but overall performance for the year has been robust. After experiencing a mid year slump last year, activity in the real estate industry seems to have stabilized. In terms of the labor market, the situation remains stable and seems to have stabilized. In the past four months, an average of 189000 new jobs were created each month. After an earlier increase, the unemployment rate has remained stable since the middle of last year, at 4% in January, still at a relatively low level. The nominal wage growth has slowed down in the past year, and the gap between job positions and workers has narrowed. Overall, a wide range of indicators indicate that the labor market is roughly in a state of equilibrium. The labor market is not a significant source of inflationary pressure. (Golden Ten)