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Find out what’s happening in the economy and financial markets and how it affects you and your business!
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Wednesday, July 2, 2008
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The U.S. economy grew at a revised 1.0% real (after inflation) annual rate during 2008’s first quarter. This compares to 0.6% growth in the previous quarter. Recession in 2008? A mild recession may be underway, though we may not know for sure for months. We expect modest U.S. economic growth to return in 2008’s second half
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The U.S. unemployment rate jumped to 5.5% in May from 5.0% in April, the largest monthly rise in 22 years. The U.S. Department of Labor reported a net decline of 49,000 jobs in May 2008, the fifth monthly decline in a row. The average loss of 65,000 jobs monthly during 2008’s first five months is roughly one-third of the 181,000 average monthly job losses during the 2001 recession
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Consumer prices in 2007 rose 4.1%, the highest annual climb since 1990. We expect a somewhat more modest rise of around 3.6% this year
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The Federal Reserve left its important federal funds rate unchanged at its FOMC meeting on June 25. This follows seven rate cuts totaling 3.25% between September 18, 2007 and April 30, 2008, with the rate falling to 2.00%. We expect the Fed to stay on the sidelines for now, with a possible move to increase rates later in the year to contain inflation
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We remain bullish on stocks
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1366 S Legend Hills Drive, Suite 150 • Clearfield, UT 84015
(801) 614-0403 • Toll Free 1-888-847-3346 • Fax (801) 614-0218 • info@thredgold.com
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