This is Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at the economy continuing to roll. Mike, recent reports about the economy have been very strong. Please review those reports and why they have been so good.
- Preliminary real GDP for first quarter, annualized, came in at over 3%
- This is strong, especially for first quarter which is typically weak and did include the partial federal government shutdown
- Also, the April jobs report showed over 260,000 net new jobs created during the month and an unemployment rate at 3.6%, a 50-year low
- Consumer spending has been driving the gains, as usual
- Two positives in the economy – optimism over a trade deal with China, and the Fed putting a hold on interest rates
- Wouldn’t be surprised to see many economists increasing their forecasts for the year
- I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.