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:

style='mso-list:Ignore'>·       
Job gains
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.

style='mso-list:Ignore'>·       
The unemployment
rate remained at 4.5% in May and has ranged between 4.4% and 4.6% since last
September.

style='mso-list:Ignore'>·       
Real GDP growth
was revised down to an annualized 0.6 % in the 1^st quarter from an
earlier estimate of 1.3%.   

style='mso-list:Ignore'>·       
The housing
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 Wrasestyle='color:blue'>

Chief Economist,
Senate Republicans

Joint Economic
Committee

H-805 w:st="on">Hart Senate
Office Buildingstyle='color:black'>

(202) 224-2335style='color:black'>

href="mailto:jeff_wrase@jec.senate.gov" title="mailto:jeff_wrase@jec.senate.gov">jeff_wrase@jec.senate.gov