The latest economic report is again quite robust. Here is the full report issued by the Joint Economic Committee.
Here are the highlights:
* Payroll employment rose by 248,000 in May, the ninth straight month of gains. Manufacturing jobs grew for the fourth straight month, and unemployment held steady at 5.6%.
* The economy grew at a 4.4% annual pace in the 1st quarter. Private forecasters see growth of 4.6% in 2004, the highest in 20 years.
* Energy prices, including gasoline, remain elevated and are expected to remain high at least through the summer diving season. Oil has rise to around $40 per barrel.
* First quarter productivity growth was revised up to 3.8%, accelerating from 2.5% in the 4th quarter of 2003. Real hourly compensation for the 1st quarter was also revised up.
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