Thursday, Jul 10, 2014Thursday, Jul 10, 2014

Upbeat US data points to growth momentum

Published on Dec 5, 2013 6:46 AM

WASHINGTON (REUTERS) - United States (US) private-sector hiring rose in November at the fastest clip in a year, opening the door wider for the Federal Reserve to start trimming its bond purchases within the next few months.

Other data on Wednesday also pointed to a brightening outlook, with the services industry expanding at a decent pace last month and exports hitting a record high in October.

There was also good news on the housing market as new home sales posted their largest increase in nearly 33 and a half years.

"The economy seems to be building enough momentum that growth should accelerate as we move through the first part of next year," said Mr Joel Naroff, chief economist at Naroff Economic Advisers in Holland, Pennsylvania.

If you are not a subscriber, you can get instant, unlimited access here