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Apr 28

Economy growing and rents creep up

Despite uncertain impact of world events, economic growth slowly continues

After having expanded at an annualized rate of 3.1 percent at the end of 2010, our total economic output grew at an annual pace of 1.8 percent last quarter, the Commerce Department reported this week. This quarter’s moderate growth pace marks the seventh straight quarter of positive economic growth for the US economy.

Jobs added in March

Other economic reports in recent weeks have been relatively optimistic, including industrial production, corporate earnings and — finally — job growth. The nation’s employers added 216,000 jobs in March, the fastest growth since last spring. The job growth last quarter was spread throughout almost every sector.

The March national unemployment rate was 8.8%, essentially unchanged from February, and down from 9.7% a year earlier.

Layoffs decrease in March

In March, the number of ‘mass layoffs’ in which 50 or more employees are laid off, decreased to the lowest levels since September 2007 and May 2007 respectively. Manufacturing mass layoffs decreased to the lowest level on record according to the quarterly Mortgage Bankers Report.

Fifteen of the 19 major industry sectors in the private economy reported over-the-year declines in initial claims, withmanufacturing and retail trade having the largest decreases. Fourteen of the 21 manufacturing sub-sectors experienced over-the-year decreases in initial claims with the largest declines in transportation, equipment and food.

Rents UP and vacancies DOWN

Average rents edged up 2 percent in 2010 and the vacancy rate dipped by year end to 6.6 percent as reported by the American Apartment Owners Association .

Photo from www.freefoto.com

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