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Economic Indicators, November 2012

The past month has seen several pieces of positive economic news. The preliminary estimate of GDP shows that the economy grew 1.0% in Q3 2012, the largest quarterly rise since Q3 2007. Employment rose to 29.56 million, the highest level since comparable records began in 1971 (although the employment rate was higher in 2009). The unemployment rate fell to 7.9%, the first time in over a year that the unemployment rate has been below 8.0%. CPI inflation fell to 2.2% in September, the lowest level since November 2009. However, confidence in the economy remains low, with the GfK/NOP survey showing consumer confidence at -30 in October, roughly the same level it has been for the last year.