December 7, 2007 Treasury Economic Update 12/7/2007 "Today's data indicate that the labor market remains healthy, with a low unemployment rate and continued job growth. We expect the economic expansion to continue even with the challenges we face in the housing and credit markets."- Assistant Secretary Phillip Swagel, December 7, 2007 Job Creation Continues: Low Unemployment: November's 4.7 percent unemployment rate is close to its lowest reading in 6 years. Unemployment rates have declined in 25 states and the District of Columbia over the year ending in October. (Last updated: December 7, 2007) There Are Many Signs of Economic Strength: Business Investment: Business spending on commercial structures and equipment rose solidly in the third quarter. Healthy corporate balance sheets bode well for continued investment growth. (Last updated: November 29,2007) Exports: Strong global growth is boosting U.S. exports, which grew by 10.2 percent over the past 4 quarters. (Last updated: November 29, 2007) Inflation: Core inflation remains contained. The consumer price index excluding food and energy rose 2.2 percent over the 12 months ending in October. (Last updated: November 15, 2007) Tax Revenues: Tax receipts rose 6.7 percent in fiscal year 2007 (FY07) on top of FY06's 11.8 percent increase. As a share of GDP, FY07 receipts exceeded their 40-year average. (Last updated: October 12, 2007) Americans Are Keeping More of Their Hard-Earned Money:Real after-tax income per person increased 2.7 percent over the past 12 months (ending in October). (Last updated: November 30, 2007) Pro-Growth Policies Will Enhance Long-Term U.S. Economic Strength: |
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