11/1: MetroIntelligence Economic Update by P. DUFFY

Fed lowers interest rates another 25 basis points to 1.50 percent

In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Federal Open Market Committee decided to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent.



Third quarter GDP grew 1.9 percent in first of three estimates

Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the third quarter of 2019 according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0 percent.



October planned job cuts up 21 percent from September but down over 33 percent year-on-year

Job cuts announced by U.S.-based employers jumped to 50,275 in October, up 20.97 percent from September but 33.5 percent lower year-on-year.  October was the second consecutive month during which cuts were lower in 2019 than in the corresponding month one year earlier.  So far in 2019 through October, planned job cuts are up 16.6 percent versus 2018.