News

Issues and events that shape Long Island's economic and legislative landscape.

Saturday, October 25, 2014

LIA Monthly Economic Report: Growth Slows to a Crawl

The U.S. economy grew faster than previously estimated in the third quarter of last year.  Final estimates put third quarter growth at an annualized rate of 3.1%, more than double the second quarter growth rate of 1.3%.   However, fourth quarter growth slowed to a crawl amid growing business and consumer concerns about future federal tax and spending policies.

Preliminary figures indicate that U.S. employers added 155,000 payroll jobs in December.  The nation's unemployment rate remained unchanged at 7.8% in December.  Employment increases were concentrated in health care, food services, construction and manufacturing.  It has been at or near this level since September.  The total number of unemployed persons was 12.2 million in December, of which 4.8million were jobless for 27 weeks or more.  In 2012, employment growth averaged 153,000 per month, the same as the average monthly gain for 2011. 

For complete report click here.