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17 <br /> A look at key economic data in Table 1 supports the Fed's assessment of a reasonably <br /> growing economy in 2015. Real(inflation-adjusted) GDP (gross domestic product)was <br /> stronger than the average since the end of the recession(2010-2014) and approaching the twenty <br /> year average from 1990-2010. A similar pattern was seen for real GDP growth per capita(per <br /> person). Especially bullish were strong gains in both real personal income and real personal <br /> consumption per capita, where 2015's numbers were above both the post-recessionary average <br /> (2010-2014) and the twenty year average(1990-2010). <br /> The national labor market also posted new post-recession improvements. The <br /> "headline"unemployment rate—the rate quoted in the media—fell during the year and <br /> approached 5%. Gains in the labor force and in both employment counts (household and <br /> payroll) equaled or exceeded post-recessionary averages. Inflation continued to be a non-issue, <br /> with the core CPI rate (excluding food and energy) coming in at the Fed's preferred 2%rate, <br /> while the all-item rate was still much below the Fed's target. The all-item rate was clearly <br /> impacted by the sharp drop in oil and gasoline prices. Also, interest rates were at near historical <br /> lows in 2015, reflecting both the low inflationary environment as well as the Fed's continuing <br /> accommodative posture. <br /> Key business sector indicators were also upbeat. Although relative business investment <br /> was below the recent(1990-2010)historical average, there was a gain from the post-recessionary <br /> period(2010-2014). The same trend was seen for labor productivity. The housing market <br /> continued to rebound. While the stock market's gains were considerably pared in 2015, this <br /> result was not surprising considering the market has almost tripled since the bottom of the <br /> recession. An international "vote of confidence"was registered for the U.S. economy with the <br /> 4 <br />