John Irons's Blog


Economic News, Data and Analysis

Unemployment, GDP Update

So, unemployment is on the rise again – 6% in April. Real GDP is up at a modest 1.6% annual rate.
Both data point to a sluggish economy – for some reason the word quagmire comes to mind. The Fed ought to hold steady next week.
This is not a typical recovery – after more than two years, output is sluggish, and employment is well, icky.
On the good side, it appears that some of the unemployment increase was due to an increase in labor force participation – so hopefully people are feeling more optimistic about finding a job…

The unemployment rate rose to 6.0 percent in April, and nonfarm payroll employment edged down by 48,000, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. In April, job losses continued in manufacturing, some travel-related industries, and department stores.
Gross Domestic Product News Release
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.6 percent in the first quarter of 2003, according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 1.4 percent.


Filed under: Economics

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