Recent Economic Developments - A Surge in Job Growth
Employment growth surged in March as the economy continues its brisk expansion. Activity in manufacturing and service industries remains strong, profits and cash flows continue to improve, business confidence and spending have been on the rise, and job growth is accelerating. Households continue to benefit from tax relief and low interest rates. Short-term interest rates were kept at multi-decade lows by the Federal Reserve in light of very low inflation. Rapid increases this year in energy and industrial commodity prices have not inflated prices of most producer or consumer goods. Forecasters see rapid, sustained growth of GDP this year and continued job growth.