business & finance
U.S. Economic Strength
TREASURY ECONOMIC UPDATE 12.5.08
“T
oday's employment data will help stabilize the financial system, Employment Fell in
reflects the impact of the promote lending, and contribute to an November:
credit market disruption on economic recovery over time.”
the labor market and on the broad
Assistant Secretary Phillip Swagel, December 5, 2008
Job Growth:
economy. Actions taken by Treasury Payroll employment fell by 533,000
in November, following a decrease of
320,000 in October. Employment
increased in 19 states and the District
of Columbia over the year ending in
October.
(Last updated: December 5, 2008)
Unemployment:
The unemployment rate was 6.7
percent in November, up from 6.5 per-
cent in October and 2.0 percentage
points higher than a year ago.
(Last updated: December 5, 2008)
The Economy Slipped in Q3:
Real GDP:
Real GDP edged down 0.5 percent
at an annual rate in Q3, as consumer
spending fell, business investment
declined, and the housing sector con-
tinued to weaken. Net exports
remained a source of strength, howev-
er, contributing 1.1 percentage points
to real growth. Inventory investment
and government spending also provid-
ed support to the economy in Q3.
(Last updated: November 25, 2008)
Solid Export Growth and
Low Core Inflation Remain
Bright Spots:
Exports:
Exports have been a key driver of
growth. Over the past 4 quarters they
rose a solid 6.3 percent.
(Last updated: November 25, 2008)
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