Washington — The U.S. economy grew at a 3.2 percent rate in the first three months of 2010, the Commerce Department reported Friday, providing further evidence that an economic recovery is well underway.
Friday’s numbers were in the ballpark of mainstream forecasts and marked the third consecutive quarter of economic growth, suggesting that the deep economic recession that began in December 2007 is likely over.
Consumption rose 3.6 percent for the first quarter, the department said — a sign that consumers were feeling more comfortable with their economic position.
While welcome, the growth is still not strong enough to make a significant dent in unemployment. The economy needs to grow by a rate of at least 3.5 to 4 percent annually to sharply boost hiring and bring down a jobless rate that’s stood at 9.7 percent for the last three months. A record 6.5 million Americans have been out of work for six months or more.
Friday’s numbers were in line with a revised forecast from the International Monetary Fund, which earlier in April predicted the world’s economy would grow at a rate above 4 percent this year, significantly better than its initial 1.9 percent forecast.
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We’ve borne witness to a chaotic first few months in Trump’s presidency.
Over the last months, each executive order has delivered shock and bewilderment — a core part of a strategy to make the right-wing turn feel inevitable and overwhelming. But, as organizer Sandra Avalos implored us to remember in Truthout last November, “Together, we are more powerful than Trump.”
Indeed, the Trump administration is pushing through executive orders, but — as we’ve reported at Truthout — many are in legal limbo and face court challenges from unions and civil rights groups. Efforts to quash anti-racist teaching and DEI programs are stalled by education faculty, staff, and students refusing to comply. And communities across the country are coming together to raise the alarm on ICE raids, inform neighbors of their civil rights, and protect each other in moving shows of solidarity.
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