BROWNBACK HIGHLIGHTS RECENT ECONOMIC TRENDS
JEC analysis offers positive outlook
WASHINGTON – U.S. Senator Sam Brownback today highlighted findings from a Joint Economic Committee analysis of recent economic trends.
“The numbers show an economy in remarkably good shape, with unemployment at near-record lows,” said Brownback. “Although in recent quarters the economy expanded at a less rapid pace, the consensus among forecasters is that by year’s end, growth will pick up to a healthy rate of three percent.
“While a cause for concern, the housing market’s drag on the overall economy is expected to decline. I agree with Fed Chairman Bernanke’s assessment that although troubles in the subprime mortgage market should be monitored, at this point it looks unlikely that subprime problems will create a broader credit crunch.”
Specific highlights include:
The economy has gained jobs for 43 consecutive months, with 180,000 new jobs created in March alone.
The unemployment rate edged down to 4.4 percent in March, well below the recent peak of 6.3 percent in June 2003.
Real GDP growth was revised upward to an annualized 2.5 percent in the 4th quarter of 2006, higher than the initial estimate of 2.2 percent.
The two-page report is available online at:
https://www.jec.senate.gov/republicans/index.cfm?FuseAction=Studies.Home
Brownback is the Senior Republican Senator on the Joint Economic Committee.
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“The numbers show an economy in remarkably good shape, with unemployment at near-record lows,” said Brownback. “Although in recent quarters the economy expanded at a less rapid pace, the consensus among forecasters is that by year’s end, growth will pick up to a healthy rate of three percent.
“While a cause for concern, the housing market’s drag on the overall economy is expected to decline. I agree with Fed Chairman Bernanke’s assessment that although troubles in the subprime mortgage market should be monitored, at this point it looks unlikely that subprime problems will create a broader credit crunch.”
Specific highlights include:
The economy has gained jobs for 43 consecutive months, with 180,000 new jobs created in March alone.
The unemployment rate edged down to 4.4 percent in March, well below the recent peak of 6.3 percent in June 2003.
Real GDP growth was revised upward to an annualized 2.5 percent in the 4th quarter of 2006, higher than the initial estimate of 2.2 percent.
The two-page report is available online at:
https://www.jec.senate.gov/republicans/index.cfm?FuseAction=Studies.Home
Brownback is the Senior Republican Senator on the Joint Economic Committee.
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