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Economy Continues To Experience Growth
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May 12, 2005 LOS ANGELES --
Economic reports have spread a bit of good news with reference to the U.S. job
market. Recently, economists in Washington announced that our economy added
nearly a 250,000 jobs in April. Contrary to popular belief one month ago by
analysts, this means that even though short-term interest rates are on the rise
the economy is performing well.
273,000 some-odd jobs were created in April according to the
U.S. Jobs Report. As mentioned, many economists and market analysts showed signs
of worry that unfavorable stock market pricing over the past three months were
hinting that rising interest rates would slow the three percent pace of economic
growth.
Although the picture is clearly a rosy one at this time for the U.S. economy,
many economists are concerned over fears of imbalance with reference to the
global economic state. In order for all to be in harmony, economies of Europe
and Japan need to improve.
By contrast to U.S. current figures and projections, Japan and
countries using Euro currencies will grow this year by not more than one
percent. China is the big winner with expectations of economic growth to meet,
or exceed 9 percent.
In any case, it is widely known that global imbalances of these types are
generally not good for the long haul. Meaning: It will not be long before the
U.S. trade deficit will be forced to stop its expansion, thus contracting in
harmonization with the global eco-status. At that point the U.S. faces challenge
of how to constrain growth of domestic demand in the United States to stay
beneath potential output.
With oil pricing at a swollen $50 per barrel, its no wonder
our economists are shocked somewhat that our economy is doing as favorably as it
is. Factor in rising mortgage rates for home loans and it is almost perplexing.
Just goes to show that even the best dart throwers in Washington have capacity
to show surprise in the scope of things they've projected.
News article by Stockton Marquette, Mortgage Industry Analyst
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