Recent Economic Developments: Solid Economic and Jobs Growth Despite the Drag From Housing
Senator Sam Brownback and Representative Jim Saxton of the Joint Economic Committee released an updated Recent Economic Developments today, titled “Solid Economic and Jobs Growth Despite the Drag From Housing.” The report is attached.
Highlights of today’s report are:
-Payroll employment rose in October by 166,000 new jobs. Over 8.3 million new jobs have been added in the past 50 consecutive months of job gains.
-The unemployment rate held at 4.7% in October.
-Real GDP growth was an annualized 3.9% in the 3rd quarter, on the heels of robust 3.8% growth in the 2nd quarter.
-The Fed cut its target overnight interest rate by a quarter of a percent at its October policymaking meeting, in light of continued adjustments in financial and housing markets.
Jeffrey Wrase
Chief Economist, Senate Republicans
jeff_wrase@jec.senate.gov
Highlights of today’s report are:
-Payroll employment rose in October by 166,000 new jobs. Over 8.3 million new jobs have been added in the past 50 consecutive months of job gains.
-The unemployment rate held at 4.7% in October.
-Real GDP growth was an annualized 3.9% in the 3rd quarter, on the heels of robust 3.8% growth in the 2nd quarter.
-The Fed cut its target overnight interest rate by a quarter of a percent at its October policymaking meeting, in light of continued adjustments in financial and housing markets.
Jeffrey Wrase
Chief Economist, Senate Republicans
jeff_wrase@jec.senate.gov
