White House sees slower 2005 growth
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WASHINGTON (CBS.MW) -- The Bush administration sees growth in the US economy slowing to a 3.5 percent annual pace next year after closing out this year at a 3.9 percent rate.
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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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The U.S. economy grew at a weaker-than-expected 3.1 percent annual pace in the final quarter last year, its slowest since the beginning of 2003 as the country's trade performance deteriorated and inflation picked up, a government report on Friday showed.
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The economy in many areas of the United States grew at a slower pace in late July and August as household spending softened, the Federal Reserve said in a report on Wednesday.
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U.S. chief executive officers expect   slower economic growth over the next six months, according to a   quarterly survey released by the Business Roundtable on Monday.
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Germany's economic recovery will continue at a slower pace than expected, an economics institute said Tuesday as it lowered its 2005 growth forecast to 1.4 percent from 2.1 percent.
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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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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 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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The White House is expected to give Congress an interim report on progress in Iraq showing mixed progress.
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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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U.S. growth will be tepid until mid-year but should get a one-two punch from tax rebates and lower interest rates to boost the economy, Commerce Secretary Carlos Gutierrez predicted on Tuesday.
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Applebee's sees slowing growth for 2005.
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The U.S. economy is slowing to a  steady growth rate that provides a basis for dealing with  necessary changes to retirement and health care programs,  Treasury Secretary Henry Paulson said on Tuesday.
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The White House said in an assessment issued today that the Iraqi government has shown mixed progress on 18 benchmarks.
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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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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.