first_img Bernanke says it’s too early to cut deficit despite growth Bernanke’s comments came as fresh data showed the pace of growth in the US non-manufacturing sector accelerated more quickly than economists had expected.The jump in the Institute for Supply Management’s services sector index to 53.2 in September from 51.5 in August provided some hope that economic activity picked up in the third quarter. The reading was above the 52 median forecast by economists. A reading above 50 indicates expansion in the sector.The index showed services firms took on more workers in September, with the employment component rising to 50.2. Though that reflected only modest hiring, it was above August’s reading of 48.2, which shows the sector shed jobs that month. New orders rose to 54.9 from 52.4. Tags: NULL FEDERAL Reserve chairman Ben Bernanke yesterday warned against taking immediate action to reduce the US deficit warning it could derail the nascent recovery. “Economic conditions provide little scope for reducing deficits significantly further over the next year or two,” Bernanke told an audience in Rhode Island. “Indeed, premature fiscal tightening could put the recovery at risk,” he added implying tax cuts should not be allowed to expire at the end of this year. Bernanke’s policy is in direct contrast to that of Bank of England govenor Mervyn King who has publicly backed the coalition’s government’s plan to slash spending next year. KCS-content Tuesday 5 October 2010 8:07 pmcenter_img whatsapp whatsapp More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 Show Comments ▼ Sharelast_img


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