What was the US economy like in 2012?
What was the US economy like in 2012?
The Bureau of Labor Statistics provides monthly and yearly reports showing employment statistics and unemployment statistics. Retail sales were $4.9 trillion in 2012, a healthy 5.04 percent rise. Yet this was lower than the 8 percent increase realized in 2011. Most of this gain was from an increase in gas prices.
How many jobs were created in the United States in 2012?
In 2012, the economy created 2.17 million jobs, as employment rose from 132.5 million to a preliminary estimate of 134.7 million. On average, 180,000 jobs were created per month. This was enough to absorb new workers to the labor force, but not enough to put a substantial dent in the unemployment rate.
What did the Fed do to help the economy in 2012?
The Fed relied on various forms of quantitative easing, announcing QE3 in September, 3 and QE 4 in December 2012. 4 This kept interest rates low. Second, foreclosures started to abate after federal courts settled with banks over the robo-signing accusations. 5 As a result, the housing market improved.
What was the unemployment rate in 2012 in the United States?
In 2012, the economy created 2.43 million jobs, as employment rose from 140.9 million in December 2011 to 143.33 million in December 2012. 12 This was enough to absorb new workers to the labor force, but not enough to put a substantial dent in the unemployment rate.
What was the GDP growth rate in 2012?
Economic Growth and GDP Economic growth, as measured by gross domestic product, grew 3.2% in the first quarter of 2012. It then dropped slightly to 1.7% in the second quarter. It was a tepid 0.5% in each of the third and fourth quarters. 7 Most of these variations were due to changes in government contracts with defense.
What was the US budget deficit in 2012?
That made the debt-to-GDP ratio 103 percent, higher than at any time since World War II. Debt was driven by government spending and reduced revenue from taxes, thanks to slow economic growth. The Fiscal Year 2012 budget deficit was $1.327 trillion.