The economic expansion in the U.S. reached a milestone in May with employment exceeding the pre- recession peak for the first time -- almost five years after the recovery began.
Payrolls pushed past their U.S. pre- recession peak for the first time in May, a milestone that’s been five years in the making.
Retail sales rose less than forecast in May as American consumers took a respite following a three- month surge in shopping that has underpinned economic growth.
The Federal Reserve said the economy expanded at a modest to moderate pace last month as auto sales led household spending and the labor market improved.
Ward McCarthy, chief financial economist at Jefferies & Co. Inc. in New York, said he expects U.S. growth to pick up during the second half of the year as inflation without food and fuel costs reaches 2 percent in 2012.
Failure to extend a payroll tax cut and long-term benefits for unemployed Americans into 2012 may reduce economic growth next year by as much as 1 percentage point, economist Ward McCarthy said today.
The risk of deflation has increased because of the economic crisis sweeping Europe, said Ward McCarthy , chief financial economist at Jeffries & Co. Inc. in New York.
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