Transcript
This Labor Day finds the U.S. economy solid, inflation under control, and more jobs –most importantly good jobs -being created every month. Over the last 12 months, we have seen the economy create 2 point 2 million new jobs. Household wealth, led by house appreciation,continues to set new highs. Although gas prices are setting new records, core inflation has remained relatively well contained between 2 to 2 and a half percent. While final impact of hurricane Katrina will take some time to sort out, we believe that the U.S. economy has the foundation to weather this storm. All in all, the condition of the U.S. economy and especially the labor market is expected to remain positive for the foreseeable future.
--Dr. Marty Regalia
Vice President and Chief Economist
U.S. Chamber of Commerce
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