2Center or American Progress | Economic Snapshot or May 2011
a an annual rae o 2.7 percen, and year-over-year business invesmen growh was 9 percen in he rs quarer o 2011.
Boh consumpion and invesmenslowed rom heir growh raes a he end o 2010 as he economy sruggled wih higher oil prices.
See figure 1
2. The trade deficit stays high.
Te U.S. rade deci sood a 3.8 percen o GDPin he rs quarer o 2011, up rom is las rough o 2.4 percen o GDP in hesecond quarer o 2009—he larges deci since he end o 2008. U.S. exporgrowh slowed o 4.9 percen in he rs quarer o 2011, down rom 8.6 per-cen, and U.S. impor growh acceleraed o 4.4 percen, up rom -12.6 percenin he ourh quarer o 2010.
3. The labor market recovery slowly takes hold in the private sector.
Te U.S.economy coninuously added privae-secor jobs rom February 2010 o April 2011 or a oal o 2.1 million jobs. Tis included 268,000 new jobsin April 2011.
4. Unemployment stays high because of a massive jobs hole.
Tere were sill7 million ewer jobs in April 2011 han a he sar o he recession in December2007 and he populaion has also grown since hen, puting he labor markedeeper ino he hole han he raw number suggess. Te unemploymen rae hashence remained subbornly high a 9 percen in April 2011.
5. Unemployment stays high among the mostvulnerable.
Te Arican American unemploy-men rae in April 2011 rose o 16.1 percen, heHispanic unemploymen rae o 11.8 percen,and he unemploymen rae or whies o 8 per-cen. Youh unemploymen sood a a high 24.9percen. And he unemploymen rae or people wihou a high school diploma climbed o 14.6percen, compared o 9.7 percen or hose wiha high school diploma and 4.5 percen or hose wih a college degree.
6. Rapidly rising oil prices threaten a fledglingrecovery.
A gallon o regular gasoline cos aleas $3.96 hrough he rs hree weeks o May 2011. Tis is he highes gasoline price since July 2008.
See figure 2
Inflation-adjusted gasoline prices for a gallon of regulargasoline, 1976 to 2011
f i g ur e 2
Calculations based on Board of Governors, Federal Reserve, 2009, Flow of Funds Accounts of the United States,Washington, D.C.: BOG
J a n - 7 6 J a n - 8 0 J a n - 8 4 J a n - 8 8 J a n - 9 2 J a n - 9 6 J a n - 0 0 J a n - 0 4 J a n - 0 8
Dollars per gallon (in 2011 dollars)