Recent Economic Developments: Incoming Data Suggest Economic Resilience
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Senator Sam Brownback,
Senior Republican Senator, and Representative Jim Saxton, Ranking Republican
Memberof the Joint Economic Committee have released an updated version of Recent
Economic Developments titled Incoming Data Suggest Economic
Resilience. Highlights of the report which can be found at
https://www.jec.senate.gov/republicans/_files/REDJune122007.pdf:
continue; 157,000 new payroll jobs were created in May. Payrolls are up
by over 8 million new jobs in the past 45 consecutive months with job gains.
rate remained at 4.5% in May and has ranged between 4.4% and 4.6% since last
September.
was revised down to an annualized 0.6 % in the 1st quarter from an
earlier estimate of 1.3%.
market continues to cool: existing home sales fell by 10.7% in April on a
year-over-year basis; new home sales fell by 10.6%.
Jeffrey Wrase
Chief Economist,
Senate Republicans
Joint Economic
Committee
H-805
(202) 224-2335
