Jobless Rate Hits 24-Year Low: Little Sign oflnflation Seen in Latest in Series of Rosy Economic...
ÐÊ The remarkable U.S. economic (expansion entered its seventh year last month in a state that seemed to tnany experts and ordinary Americans almost too good to be ttue: an economy that had been growing at its highest rate in a decade, wages outpacing low inflation and a jobless rate continuing to fall.</br></br>ÛÏTodayÛªs employment report also shows that inflationary forces remain in check,Û said White House economist Janet L. Yellen. ÛÏWith earnings growth at 3.6 percent over the last 12 months, we are well within that lucky range where workers are receiving well-deserved real wage increases, but there are still no signs of inflationary pressures.Û</br></br>Reflecting this happy state of affairs, the University of MichiganÛªs measure of consumer sentiment last</br></br>Economists continue to be surprised by how well the economy has performed and how this late in a period of expansion, growth could reach a 5.6 percent annual rateÛÓas it was reported earlier this week to have done in the first three months of this yearÛÓwithout causing inflation to surge.</br></br>ÛÏIf I had told my colleagues three or four years ago that as of today, we would have flat or declining inflation indicators and unemployment edging under 5 percent, they would SeeECONOMY,A12,CoLl have said, Û÷You are smoking pot, and not for medical reasons,' Û said economist Charles L. Schultze of the Brookings Institution.