The Joint Economic Committee shows more growth in April in this report just issued.
Highlights from this report:
* GDP grew at a 4.2% annual pace in the 1st quarter. Private forecasters see growth of 4.6% in 2004, the highest in 20 years.
* Payroll employment increased by 288,000 in April, bringing job gains to 1.1 million over the last eight months. Unemployment fell to 5.6%.
* Consumer price inflation has risen. Excluding food and energy, core consumer price inflation accelerated in March to 1.6% from 1.2%.
* The Federal Reserve kept its short-term interest rate at 1%, a 45-year low, but hinted that rates will soon gradually rise.
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