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Mirage of Good Economic News Highlights Hidden Weakness
The piece flags that unemployment fell to 5 percent in April as 5.2 million part time workers were employed for economic reasons and job losses topped 260,000. Productivity rose first quarter via fewer hours, while import demand declined and the trade deficit shrank to 58.2 billion. Consumers faced high prices and tight credit.
MENTIONED IN THIS ARTICLE
Washington, D.C
Paul Harvey
Federal Reserve
Ben Bemnanke
Bureau of Labor Statistics
Joel Naroff
Naroff Economic Advisers
United States
U.S