The nation’s real GDP grew at an annual rate of 3.7 percent and employment rose 261,000. Then the economy hit a soft patch in the middle of the year with growth in output and employment slowing.
Fortunately, though, we appear to be coming out of that soft patch with the economy growing at a 2.6 percent rate in the third quarter and expected to accelerate to about a 3 percent rate in the fourth quarter. Over the last few months, we have seen clear signs of improvement.