US economy, two out of three ain't bad?
Reports show jobless claims increase while trade deficit shrinks, inflation flat.
New economic reports show the economy hiccuped in March.
The economy created 120,000 new jobs in March, showing the slowest growth since October.
Meanwhile, the Commerce Department announced the US exports have risen against imports, slightly narrowing the US trade deficit. Contributing to the decrease, oil imports have fallen to their lowest levels in 15 years.
The increase in exports appears to be in civilian aircraft and industrial machinery, according to the report. Most of the exports went to Canada, the biggest trade partner of the United States, and Europe, Brazil, and newly industrialized countries.
Simultaneously, imports from countries such as China fell significantly, by 18.2 percent. The US also imported less from the rest of the world. The trade deficit with China is now at $19.4 billion, which is the lowest it has been in a year.
The report from the Labor Department revealed that inflation remained flat in March. Although food prices have been rising, fuel prices have dropped (tell that to people at the pump).
Economists expected a modest rise in inflation, but that rise did not show in the data.
Still, economists believe that the sluggish economic growth will continue and inflation will continue to rise, although slowly.
It remains to be seen if the economic growth will be enough to declare the recession over for Main Street USA, which is still struggling financially despite robust gains on Wall Street.
© 2012, Catholic Online. Distributed by NEWS CONSORTIUM.
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Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: Inflation, jobless claims, unemployment, economy, US, Obama, labor, statistics, inflation, prices, trade deficit, China, Canada
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