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Economic Outlook: Growing, but Slowly

By Lawrence Yun, Chief Economist, NATIONAL ASSOCIATION OF REALTORS®

The economy is growing but continues to underperform. The first quarter GDP looks to be turning mildly negative once the data revisions are in. This sluggish production is occurring at a time when employment has been gaining at a solid pace. A net total of 3.1 million net new jobs were added to the economy in the past 12 months to March. However, the pace of job gains will no doubt slow because the cost of hiring workers is rising.

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