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Even if growth does pick up later this year, the rate will still most likely be below the postwar
average of just over 3 percent, said Dan North, chief economist at Euler Hermes North America,
a larger insurer.
Weve been living in sub-3 percent land, and people have gotten used to that as the new
normal, Mr. North said in an interview before the Commerce Department announcement. But
its not. Its anemic.
Wednesdays economic data kicks off a busy few days for economists and investors, and
American markets were little changed after the open. In addition to the Fed announcement, the
Labor Department will announce on Friday the latest figures on the job market in April. The
consensus calls for a jump in payrolls of 215,000, with the unemployment rate falling by 0.1
percent to 6.6 percent.
Indeed, on Wednesday, the payroll processor ADP said that American businesses increased
hiring in April, adding 220,000 jobs in April, the most since November and up from 209,000 in
March. The ADP numbers cover only private businesses and often diverge from the
governments more comprehensive report.
If the governments actual payroll gain meets or exceeds the consensus, it would be the best
month for hiring since November, and also echo some other more positive signs for the
economy in recent days, like healthy consumer confidence and strong orders for durable goods.