2Cente o Amecan Poess | Economc Snapshot o Jly 2011
2. The trade deficit stays high as imports outpace exports.
Te U.S. rade decisood a 3.9 percen o GDP in he second quarer o 2011, up rom is lasrough o 2.4 percen o GDP in he second quarer o 2009 and he largesdeci since he end o 2008.
Te solid U.S. expor perormance o he pasew years is no enough o overcome even larger impor increases, which pusmore pressure on oher pars o he economy—consumpion chie amonghem—o move he economy orward o aser growh.
3. The labor market recovery slows.
Te U.S.economy coninuously added privae-secor jobs rom February 2010 o July 2011 or aoal o 2.4 million jobs. Job growh slowedsubsanially in May, June, and July 2011,adding only 111,000 per monh, down roman average o more han 240,000 jobs permonh beween January and April 2011.Privae-secor job growh also was ose by aloss o 402,000 public-secor jobs a he saeand local level beween February 2010 and July 2011,
reecing he budge roubles o sae and local governmens.
SEE igurE 1
4. Unemployment stays high amid weak jobgrowth.
Te unemploymen rae sood a 9.1percen in July 2011. Long-erm unemploymen ballooned as he unemploy-men rae sayed high. A litle more han 44 percen o he unemployed have been ou o and looking or a job or more han six monhs. Te average lengho unemploymen soared o a record 40.4 weeks in July 2011.
5. Labor market pressures fall especially on communities of color, young work-ers, and those with little education.
Te Arican American unemploymenrae in July 2011 sayed well above average wih a high 15.9 percen and heHispanic unemploymen rae sayed high wih 11.3 percen, while he whieunemploymen rae was 8.1 percen. Youh unemploymen sood a a high 25.0percen. Te unemploymen rae or people wihou a high school diplomasayed high wih 15.0 percen compared o 9.3 percen or hose wih a highschool degree and 4.3 percen or hose wih a college degree.
Vulnerablegroups have sruggled disproporionaely amid he weak labor marke o hepas ew years compared o whie workers, older workers, and workers wihmore educaion.
Monthly job change since start of Great Recession
Jobs (in thousands)