2Center or American Progress | Economic Snapshot or July 2011
1. The U.S. economy continues a moder-ate recovery.
Gross domesic produc, orGDP, grew a an annual rae o 1.9 percenin he rs quarer o 2011, which is hesevenh quarer o posiive growh in arow. Consumpion grew a an annual raeo 2.2 percen, and year-over-year businessinvesmen growh was 9.1 percen in hers quarer o 2011.
Boh consumpion andinvesmen slowed rom heir growh raesa he end o 2010 as he economy sruggled wih higher oil prices.
2. The trade deficit stays high.
Te U.S. radedeci sood a 3.7 percen o GDP in hers quarer o 2011, up rom 3.3 perceno GDP in he ourh quarer o 2010. U.S.expor growh sayed srong a 7.6 percen in he rs quarer o 2011, downrom 8.6 percen a he end o 2010. Bu U.S. impor growh acceleraed o5.1 percen in he rs quarer o 2011, up rom -12.6 percen in he ourhquarer o 2010.
3. The labor market recovery slows in the private sector.
Te U.S. economy con-inuously added privae-secor jobs rom February 2010 o June 2011 or a oalo 2.2 million jobs. Bu job growh slowed subsanially in May and June 2011.Te economy added an average o only 65,000 per monh, which is down roman average o more han 203,000 jobs per monh beween January and April2011.
See figure 1
4. Unemployment slowly climbs higher.
Te unemploymen rae climbed back up o 9.2 percen in June 2011.
Te labor marke is expanding oo slowly oaddress he massive jobs hole. Tere were sill 7 million ewer jobs in June 2011han a he sar o he recession in December 2007. Te populaion also hasgrown since hen, which pus he labor marke deeper ino he hole han heraw number suggess.
5. Length of long-term unemployment reaches record highs.
Fory-our perceno he unemployed have been ou o work and looking or a job or more hansix monhs. Te average lengh o unemploymen soared o a record 39.9 weeksin June 2011.
Monthly job change since start of Great Recession
J a n - 0 8 M a r - 0 8 M a y - 0 8 J u l - 0 8 S e p - 0 8 N o v - 0 8 J a n - 0 9 M a r - 0 9 M a y - 0 9 J u l - 0 9 S e p - 0 9 N o v - 0 9 J a n - 1 0 M a r - 1 0 M a y - 1 0 J u l - 1 0 S e p - 1 0 N o v - 1 0 J a n - 1 1 M a r - 1 1 M a y - 1 1
Jobs (in thousands)