PDF《Report炉o烫ongress爋n?》

2011 are included. Exports and imports of goods to and from the areas whose economies and currencies are discussed in this report accounted for

73 percent of U.S. merchandise trade in 2010. U.S. Macroeconomic Trends The ongoing economic recovery gained momentum at the end of 2010. Real GDP growth accelerated in the fourth quarter, led in part by the fastest pace of consumer spending in four years, and private-sector hiring picked up. Although the pace of expansion slowed in the first quarter of 2011, the recovery remains on firm footing. Consumer spending continued to grow, business investment in equipment and software accelerated, job growth picked up, and factory output rose at a rapid rate. These developments, along with generally positive business survey data, suggest the underlying trend in economic activity is solid. Even so, risks remain. The unemployment rate remains very high at 9.0 percent, and the housing sector continues to be a point of weakness. Home sales and residential construction are being held back by a number of factors, including excess supply, tight lending standards, uncertainty about future house prices, and the high level of unemployment. The recent run-up in oil prices is also a concern, as higher fuel prices reduce consumer purchasing power and increase business costs. Despite these risks, the outlook for the remainder of

2011 is positive. Private forecasters expect growth to strengthen in the second quarter, with real GDP growth projected to grow by

3 to 3.5 percent through the end of the year. The U.S. Economy Continued to Grow in Early

2011 Real GDP growth moderated from a 3.1 percent annual rate at the end of

2010 to a 1.8 percent annual rate in the first quarter of

2011 C the seventh straight quarter of growth since the economy emerged from recession in mid-2009. The slowdown appears to have been driven in part by temporary factors, including severe winter weather early in the........