White House cuts economic growth forecast
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A slowdown in the housing market drove the White House on Tuesday to lower its forecast for U.S. economic growth for this year and next.
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Top forecasters cut their outlooks for U.S. growth this year and next but said inflation seems to be leveling off and consumer spending should strengthen in the months ahead, a survey out on Friday showed.
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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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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 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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Business & money: Upbeat White House tries to talk up economy as oil price falls back  from record highs
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The White House reiterated on Tuesday that it considered energy prices too high but said the economy would weather the impact.
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The White House is stalling on unveiling its economics plan. Smart move.
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The Organization for Economic Cooperation and Development cut its forecast for US economic growth and expects the Federal Reserve to lower interest rates next year, according to a draft of its latest estimates.
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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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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.
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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 economic growth drops to a weaker-than-expected annual rate of 0.6% in the final quarter of 2007.
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President Bush's quest to cut or  eliminate as many as 150 federal programs will reduce funding  for state and local homeland security grants, job training and  several education programs, the White House said on Friday.
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Bush administration officials on Friday sought to ease fears the U.S. was tipping into recession after a government report showed the economy shed jobs for the first time in four years last month.
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The U.S. economy will slow down slightly 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 on Friday projected a slightly lower growth rate for the US economy of 3.5 percent in 2005, but cast the outlook as sound for a year in which it