3. A Fragile U.S.Economic Recovery… Monthly payroll employment change, excl. Census Jobs Consistent monthly job growth of over 150K will be necessary to reduce unemployment
4. … As Federal Fiscal Stimulus Fades Source: Moody’s Analytics Stimulus Contribution to real GDP growth, % Tax rebate checks Recovery Act Cash for Clunkers Housing tax credit
5. Profits Surge and Jobs Should Follow… Sources: BLS, BEA Profit growth, lagged 3 quarters (R) Job growth, % change year-over year (L)
6. Worries over Federal Debt Sources: Treasury, Moody’s Analytics The average federal debt-to-GDP ratio since WWII is 40% Federal debt-to-GDP ratio