U.S. economy grows steadily — no spurt in sight

opinions

April 30, 2012 - 12:00 AM

Here are a few straws in the economic wind:

May is graduation month. Thousands of newly minted college graduates will swarm into the job market. Those who guessed right and did well in their studies either have jobs waiting or will find them before summer warms up. The rest will start the search. Many will take unskilled work because that’s what’s available. They will compete with high school grads and dropouts and be unhappy with their pay and prospects. Unemployment numbers will rise.

On the bright side of the coin, the U.S. economy will continue to grow slowly. Current estimates are for a growth rate between 2.5 percent and 3 percent. Personal income will continue to rise at about 2.8 percent, as it did during the first quarter. Nothing calling for brass bands and champagne, but the direction is right. 

Savings rates fell because consumer purchasing rose, but Americans continued to save at almost 4 percent of their after-tax income

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