A WEEKLY ECONOMIC UPDATE FROM CONGRESSMAN GREGORY W. MEEKS

ECONOMIC ACTIVITY

Employment

• Total nonfarm payroll employment increased by 216,000 in March, and private employment grew by 230,000, both above market expectations. Private employment has now grown for 13 consecutive months. February and March were the two strongest months of employment growth since early 2006. The unemployment rate is now 8.8 percent. Since November 2010, the jobless rate has declined by 1.0 percentage point. (Bureau of Labor Statistics)

• Initial claims for unemployment insurance declined by 6,000 to 388,000 in the week ended March 26, remaining below 400,000 for five of the past six weeks. The four-week moving average was 394,250, and has generally been trending down since last August. The four-week average is about 40 percent below its peak reached in late March 2009. (Employment and Training Administration)

Personal Income and Expenditures

• Real personal consumption expenditures (PCE) rose 0.3 percent, or $29.5 billion, in February. Purchases of durable goods increased by 1.4 percent, mostly accounted for by a rise in purchases of motor vehicles and parts. Purchases of nondurable goods also increased by 0.4 percent. Data on consumer spending through February point to real PCE growth of around 2 percent in 2011Q1. (Bureau of Economic Analysis)