Recent Economic Developments GREEN SHOOTS: SIGNALS OF A SLOWING PACE OF CON
Highlights
GDP declined at a 5.7% annualized rate in the 1st
quarter, the third consecutive quarterly decline in real
GDP
The unemployment rate rose to 8.9% in April, the
highest since September 1983
Payroll employment fell by 539,000 in April and 5.7
million over the past 16 months
Oil prices have risen to over $60 a barrel recently, up
from around $40 at the beginning of the year
Interest rates on longer-term U.S. Treasury securities
have risen significantly since the beginning of the year