In this week’s Economic Report, Dr. Rick Harper discusses the latest report from the International Monetary Fund (IMF) projecting economic growth for 2014.
“It’s down somewhat...and a little disappointing” says Harper, noting IMF’s world GDP growth forecast of 3.4 percent for the remainder of the year. That's a little better than the 3.2% the world economy managed in 2013. However, their April forecast had been 3.6%. “So it’s a slight slowdown and we’re seeing that in a couple of different countries.”
New numbers from the Florida Department of Economic Opportunity show that the state's unemployment rate edged up slightly in May to 6.3%. That translates to about 606,000 jobless Floridians.
The bump in the rate, from April’s 6.2% mark, was not totally unexpected. Economists had projected it to grow slightly, as more people began seeking work as the economic recovery continues. DEO Executive Director Jesse Panuccio says concentrate on the big picture.