White House Lowers Forecast for Growth
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The new forecast will reflect the drag from the housing slump and a slightly lower-than-expected unemployment rate.
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The economy probably slowed considerably in late summer, reflecting a slumping housing market, a White House economic official said Thursday.
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Economic growth in the Washington area is slowing as the federal government begins to temper spending on local goods and services, according to a report released yesterday by George Mason University's Center for Regional Analysis.
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The Bush administration predicted on Friday that economic growth would slow next year but still be strong enough to reduce unemployment slightly.
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The International Monetary Fund has cut  its forecast for global growth next year slightly amid  expectations that the U.S. and Chinese economies will not  expand as strongly as previously thought.
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The White House cuts its forecasts for US growth over the coming year as a result of a housing market slump.
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Policy makers and Wall Street analysts are being forced to scale back their expectations for growth in the overall economy.
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The Bush administration predicted on Friday that economic growth would slow to 3.5 percent from about 4 percent next year but still be strong enough to reduce unemployment slightly.
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U.S. President George W. Bush's fiscal 2009 budget proposal released on Monday takes into account that the U.S. economy is facing a slowdown, the White House said.
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WASHINGTON -- The White House on Wednesday lowered its forecast for economic growth this year even as it slightly upgraded its outlook for unemployment.
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WASHINGTON -- The Federal Reserve on Wednesday lowered its projection for economic growth this year, citing damage from the double blows of a housing slump and credit crunch. It said it also expects higher unemployment and inflation.
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The U.S. economy should experience slower growth than originally anticipated for the remainder of the year and in 2007, the White House said Tuesday.
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The White House will estimate on Wednesday that the U.S. budget deficit for fiscal year 2007 will come in at $205 billion, a drop from last year, a U.S. official said.
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A cooling housing market helped slow   U.S. economic growth in the second quarter more than earlier   estimated, the government reported on Thursday, and may curb   expansion for the rest of the year.
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Cleveland Federal Reserve Bank President Sandra Pianalto said on Thursday the economy has shifted to a lower growth track and that she is concerned about downside risks to an already weak outlook.
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The United States will enjoy solid  growth, low inflation and falling unemployment next year, the  White House said on Friday in its official economic forecast  that would normally not be released until February.
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A German research institute lowered its economic growth outlook for Germany for 2005 on Tuesday, saying exports are expected to slow and domestic demand will not rise enough to make up the difference.