Recent Economic Developments - Job Gains and Economic Growth Continue
Job gains and economic growth continue at a healthy pace. 262,000 new payroll jobs were created last month. Twenty-one consecutive months of job gains have added over three million new jobs to payrolls. Growth in the gross domestic product (GDP) in the 4th quarter of last year was revised up to an annualized 3.8% rate from a prior estimate of 3.1%. While economic growth has been robust, inflation remains tame, but has crept up over the past year. In light of strong growth and slight in-creases in inflation, the Federal Reserve increased overnight interest rates last month. Forecasters see continued low inflation and robust economic growth throughout this year.