It appears the U.S. economic recovery hit a soft patch this past quarter. First quarter 2011 GDP declined to +1 9% from the +3 1% posted for the last quarter of 2010. There remain concerns about rising inflationary pressures, although not in the area of wages, given the still anemic job market. Gasoline prices have softened a bit, as crude oil futures have come off their recent high of $114.71 per barrel at the end of April, to just over $95 per barrel at quarter-end. This is a small bit of good news for consumers as housing, another key drag on the recovery, is still struggling under the weight of an upswing in foreclosures, sizable inventory of unsold property, and tighter mortgage credit guidelines. Read more from NIFCU$ Fund Manager, Hillary Elder in this downloadable report.
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