All fast facts for Jobs & Economy are from the non-partisan Congressional Budget Office (CBO) and Bureau of Labor Statistics (BLS). They do not represent all of their reports on this subject. Some simply provide historical perspective. Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement. As always, verify and view statements in their full context as often as possible.
|The rate of economic growth in calendar year 1984 was 6.8 percent, the highest since 1951. Despite the vigor of the economy, the deficit-Gross National Product (GNP) ratio in fiscal 1984 was, at 5.2 percent, the second highest in our postwar history, clearly illustrating the extreme imbalance in our fiscal policies. Click here to verify at Page 1|
|Economic growth  was led by rapid growth in consumer spending and a surge in business investment spending, both of which continued to benefit from the tax cuts enacted earlier. The lagging trade sector, however, remained a serious drag on the economy. Click here to verify at Page 2|
|The U.S. economy has struggled to recover from the deep recession that, according to the National Bureau of Economic Research, began in December 2007 and ended in June 2009. Although total output started to expand again more than two years ago, the pace of the recovery in output and employment has been quite slow, and the economy remains in a severe slump. Real GDP in the third quarter of 2011 was about 5 percent below CBO’s estimate of its potential. CBO expects that, under current law, economic growth will continue to be slow and real GDP will stay well below the economy’s potential for several years. Click here to verify at Page 5|
|Weakness in the demand for goods and services is the principal restraint on hiring, but structural impediments in the labor market—such as a mismatch between the requirements of existing job openings and the characteristics of job seekers (including their skills and geographic location)—appear to be restraining hiring as well. Click here to verify at Summary|
|Strong economic growth over the past few years (from 2001 report) has been the largest single cause of the surpluses, but recent signs of a weakening economy have prompted concern that projections of the surplus may fall. Click here to verify at Page 2|