The unemployment rate fell to 6.3% in April, the lowest it's been since Sept 2008, which was still early in the Bush Crash. There were 288,000 new jobs created last month spread across all sectors of the economy. February and March job numbers were both revised upward by 36,000 combined.
First quarter GDP growth was only 0.1% as exports dropped off sharply mostly due to bad weather, as consumer demand actually increased during the quarter. It has also been noted that the economy would have actually shrank during the first quarter if not for the growth in healthcare industry, particularly from new jobs in doctors' offices attributed to the newly insured under ObamaCare.
The Dept of Justice, with much hoopla displayed in the NY Times, is finally starting to pursue criminal charges for the too big to jail banks with action pending against Credit Suisse and the largest French bank BNP Paribas. The DOJ however continues to express concern about taking any action that jeopardizes the economy, so don't expect much more than a light slap on the wrist. And don't expect the Wall Street banks to show any decline in their stock price based on concerns over prosecution.
The latest numbers now show that China will overtake the US as world's largest economy by the end of the current year, and this is five years ahead of schedule. Despite constant bleating from the western Right over the last 30 years predicting China's inevitable collapse, China continues to push ahead with policies that we haven't seen in this country since the Eisenhower administration.
China engages in massive infrastructure projects, pro growth trade policies and the development of all types of industry. They are utilizing everything that the US has learned about economic development all the way back to the Hamilton plan of 1792. China learned from Lincoln's expansion of the railroads and land grant colleges, and from everything FDR did with the New Deal. Basically China is doing everything that America has done in the past but no longer does because billionaire Conservatives say that we can't afford it.
Twitter @BruceEnberg - where we come to grips with what it means to be number two, at least until we fall to number three.