The Congressional Joint Economic Committee has released some impressive economic statistics:
– Payroll employment rose by 146,000 in June, and the unemployment rate edged down to 5.0%, the lowest since September 2001.
– GDP growth was 3.8% in the 1st quarter, matching growth of the 4th quarter. Forecasters see a continuation of healthy growth.
– Year-over-year Inflation in the “core” consumer price index, which excludes volatile energy and food prices, moderated to 2.2% in May.
– Markets expect the Fed to continue to raise its target overnight interest rate, which it has raised from 1.00% in late June 2004 to the current 3.25% in a sequence of nine quarter-point increases.
– The deficit is smaller than previously projected.
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