Administration cuts job growth forecast
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The Bush administration, after being ridiculed by Democrats for an overly optimistic jobs forecast this year, yesterday significantly reduced its forecast for new jobs that will be created in 2005. It slightly boosted its estimate for overall economic growth.
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Disappointing job creation figures issued Friday were a sharp blow to President Bush, making it much more difficult for him to argue on the campaign trail that the economy has turned the corner, analysts and pollsters said.
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The Bush administration expects  revised data due on Friday to show the pace of job creation in  the year leading up to March was much swifter than had been  believed, economists who received a White House memo on the  subject said on Tuesday.
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US payrolls grew by just 96,000 workers in September, the government said on Friday in a surprisingly weak report that will sharpen criticism of President
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WASHINGTON - The Bush administration released a new economic forecast for 2005 on Friday in which it boosted growth forecasts slightly from a year ago but cut back sharply on its estimates of new jobs.
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The US economy is expected to slow to a still-solid 3.5 percent growth pace in 2005, allowing it to trim a record budget shortfall, the White House said.
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The International Monetary Fund has cut its forecast for global growth next year slightly amid expectations that the US and Chinese economies will not expand as strongly as previously thought.
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The International Energy Agency cut its forecast for global oil demand, due to slowing economies.
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U.S. businesses added 96,000 jobs to payrolls in September, the government reported on Friday, a weaker-than-expected total that was expected to sharpen a presidential debate later in the day over the economy's direction.
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The Federal Government has lowered its forecasts for economic growth, although it is now expecting a bigger surplus this financial year than it predicted three months ago.
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BANGKOK Thailand&#39;s government on Monday cut its economic growth forecast to 6.5 percent this year after second-quarter expansion was less than expected because of record oil prices and an outbreak of bird flu.
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The Bush administration, after being ridiculed by Democrats for an overly optimistic jobs forecast this year, on Friday significantly reduced its forecast for new jobs that will be created in 2005. It slightly boosted its estimate for overall economic growth.
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The U.S. economy will slow sharply this year and fall behind growth rates in most of the world, according to forecasts in a U.N. report released Wednesday.
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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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Business productivity growth was  revised down sharply as expected in the fourth quarter to an  annualized 1.6 percent pace, government data on Tuesday showed,  in a warning on inflation as labor costs soared.
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The Organization for Economic Cooperation and Development (OECD) on Tuesday cut its 2004 forecast for US economic growth to 4.3 percent but raised its growth predictions for the euro zone and for Japan.
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A leading forecaster of advertising spending has again lowered his estimate for growth in the U.S. this year.