White House: economic slowing to be temporary
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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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TORRANCE, California  - President George W. Bush said on Wednesday the U.S. economy is slowing but is resilient and would overcome problems as it has in the past, following a government report showing growth slumped at the end of last year.
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The recent spike in oil prices has had some negative impact on the US economy, but the futures markets suggest that this will be a temporary phenomenon, a top Fed official said on Sunday.
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The head of Japan's central bank acknowledged Monday that the pace of economic recovery here may be slowing, but said the downturn is only temporary.
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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 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 betting that the steps it has taken to address the housing and financial crises will be enough to avert a recession without resorting to a major tax cut or new spending, as leading economists in both parties have urged, senior administration officials said.
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Treasury Secretary Henry Paulson  said on Monday the Bush administration was considering how to  give the economy a boost as it weathers a housing correction,  but does not want to rush.
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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 White House yesterday lowered its forecast for economic growth this year and next, reflecting the drag from the housing slump.
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Wall Street may be on the defensive  this week if reports on housing and growth suggest the United  States economy is headed for an acute slowdown.
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The White House is split on how long to exercise patience without jeopardizing the fulfillment of an agreement.
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The White House on Tuesday lowered its forecast for U.S. economic growth for this year and next, saying that the economy is moderating.
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President Bush has decided that an economic stimulus package is needed to help the sagging economy, the White House said Thursday
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The White House said on Tuesday it was monitoring movements in the financial markets, after a sharp decline in stocks in the United States and around the globe.
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NEW YORK  - The U.S. economy is forecast to slow slightly next year, and inflation is expected to ease from this year's pace, the Philadelphia Federal Reserve Bank said on Tuesday.
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The economy could be headed for slower growth in the next several months, according to a report released Thursday by a private research group.