Recent Economic Developments - The Economy is Firing on All Cylinders
Employment surged again in April as the economy continued its brisk expansion. Payrolls have added more than one million jobs over the last eight months, and the unemployment rate has edged down to 5.6%. Economic growth remained strong in the 1st quarter, the tenth straight quarter of growth, and recent activity in manufacturing, services, and housing continues to be vibrant. Consumer prices show slight acceleration in inflation, even outside of food and energy prices. But private forecasters expect low inflation, continuing economic growth, and robust jobs growth.