White House Sees Slow Growth in '08, But Not a Recession
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The economy may grow slowly the first half of this year, the Bush administration said yesterday, but it is not in recession.
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US economic growth will slow to 3.5 percent in 2005 from 3.9 percent this year, generating average monthly gains in payrolls of about 175,000 jobs, according to President George W. Bush&#39;s administration.
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U.S. President George W. Bush said on Friday that the U.S. economy was on solid footing despite a weak employment report, and gave no hint of what his administration may have in store to bolster growth.
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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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President Bush makes remarks during a White House conference on the economy, Wednesday, Dec. 15, 2004, in Washington. The administration is hoping to build momentum for Bush&#39;s ambitious second-term agenda
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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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US home sales and price declines in 2007 are going to be steeper than earlier forecast, contributing to slower economic growth, the National Association of Realtors said.
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A slowdown in U.S. economic growth  during the second quarter of the year was not as sharp as  previously thought, the Commerce Department reported on  Wednesday, partly because businesses built up inventories at  the strongest rate in four years.
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U.S. economic growth, while  improving, has not hit the pace it was expected to do by now,  Federal Reserve Governor Mark Olson said on Monday.
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The U.S. economy, struggling under the weight of a bloated trade deficit, grew at a relatively modest 2.8 percent annual rate in the second quarter, a slower pace of expansion than previously thought.
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Growth of the US economy slowed to an annual rate of 2.8 percent in the second quarter of this year, lower than the 3.0 percent rate previously estimated, the US Commerce Department reported on Friday.
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US economic growth slowed more than expected in the second quarter of 2006, revised official data says.
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The U.S. economy will see a mild slowdown as the once-surging housing market cools but overall growth will soon bounce back, White House economic adviser Al Hubbard said on Thursday.
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The White House predicted the economy would escape a recession and unemployment would remain low this year, though it acknowledged growth had already slowed.
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The US economy slowed less than previously estimated in the second quarter as exports and inventories grew, revised numbers from the government show.
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Despite soaring oil prices and a slumping dollar, the United States enjoyed a banner year in terms of economic growth in 2004, but the new year is likely to see a significant slowdown, private economists say.
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The White House yesterday lowered its forecast for economic growth this year and next, reflecting the drag from the housing slump.