Executive Summary
The downward revision in 4Q2009 GDP growth (to 5.6 percent) may be a harbinger of more modest growth in 1Q2010. The economy added jobs in March, but most of those jobs were only temporary hires that will provide only a minor boost to spending. Some elements of private domestic investment – most noticeably manufacturing and service industry output – are contributing to GDP gains, but others (e.g., housing) continue to exert a drag on growth. U.S. exports are slowing, in part because of dollar strength against the euro. Crude oil appears to be on another price upswing.
Click here to read the entire April 2010 Macro Pulse.
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