Despite persistent inflation and high borrowing costs, the U.S. economy grew at an annual rate of 2.9% in the fiscal third quarter of 2022. The November jobs report also came in much better than expected, with non-farm payrolls increasing by 2,63,000 for the month against the Dow Jones estimate of 2,00,000. Steady hiring and low unemployment are showing signs of a resilient economy.
Additionally, the Fed’s signals to move into a new phase of policy tightening by stepping down from its consecutive series of four 0.75-point rate rises has boosted investors’ sentiments. According to Conference Board CEO Steve Odland, any potential downturn is expected to be mild.
