Recent Economic Developments - Strong and Sustainable Growth

Feb 10 2004

The recovery continues at a strong pace. Payrolls increased by over 100,000 jobs in January, as activity in manufacturing and services industries accelerated. Last year closed with the economy growing at a 4% annual rate and productivity growing at a 2.7% annual rate, well above long-run averages. Inflation remains benign, allowing the Federal Reserve to maintain short-term interest rates at historical lows, and recent tax relief continues to benefit consumers and businesses. Forecasters see continued robust growth, low inflation, and accelerating job gains throughout the year.

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  • Recent Economic Developments - Strong and Sustainable Growth

    The recovery continues at a strong pace. Payrolls increased by over 100,000 jobs in January, as activity in manufacturing and services industries accelerated. Last year closed with the economy growing at a 4% annual rate and productivity growing at a 2.7% annual rate, well above long-run averages. Inflation remains benign, allowing the Federal Reserve to maintain short-term interest rates at historical lows, and recent tax relief continues to benefit consumers and businesses. Forecasters see continued robust growth, low inflation, and accelerating job gains throughout the year.GDPQ42003.pdf (169.1 KBs)