March 27, 2014 |
WASHINGTON - The economy expanded at a slightly faster pace at the end of last year than previously estimated, but the rate remained tepid, the Commerce Department said Thursday. The nation's total economic output, or gross domestic product, increased at a 2.6% annual rate in the fourth quarter of 2013. That was up from an earlier estimate of 2.4%, with the improvement coming from higher consumer spending. Still, the upwardly revised growth rate - the government's final revision of the data - was much lower than the initial estimate of 3.2% and indicated that the recovery's momentum slowed as the year ended.
March 10, 2014 |
Bad weather is largely responsible for some recent weak economic data and should not lead the Federal Reserve to stop reducing a key stimulus program, a top central bank official said Monday. Instead, with economic growth still forecast to pick up this year, the Fed might need to quicken the pullback of its monthly bond-buying program, said Charles Plosser, president of the Federal Reserve Bank of Philadelphia. "In recent weeks, there has been a blizzard of economic reports, which have come in weaker than expected," Plosser said in a speech in Paris.
March 10, 2014 |
WASHINGTON - With his standing among the conservative base still hobbled by his support for immigration reform, Florida Sen. Marco Rubio has settled on a new course, staking his claim as a leader of the Republican Party's wonk wing. The latest example came in a speech Monday on how to boost America's economic growth, in which Rubio argued that Washington needs new thinking to meet the challenges of a new economic age. "As much as we innovate now, we could be doing even more," Rubio said at a forum hosted by the Jack Kemp Foundation at Google's Washington headquarters.
February 17, 2014 |
WASHINGTON - Five years after its passage, White House officials and their Republican critics are still fighting over the merits of President Obama's economic stimulus law. Later this week, Obama will mark the fifth anniversary of signing the American Recovery and Reinvestment Act. Monday, his Council of Economic Advisers issued a 70-page report lauding the law's impact. Republicans, meanwhile, seized the anniversary to denounce the law for increasing the federal debt while failing to cure the economy's troubles.
February 14, 2014 |
The severe weather that has hit much of the country this winter has cost the economy nearly $50 billion in lost productivity and 76,000 jobs, according to a new survey. The debilitating effects of Old Man Winter hit factory production, which last month fell the most since the Great Recession ended, the Federal Reserve said Friday. Manufacturing output dropped 0.8% in January compared with the previous month, the first decline since July and the biggest falloff since May 2009.
February 4, 2014 |
WASHINGTON -- The U.S. economy should grow at a solid rate over the next few years, but the labor market will continue to recover only slowly, according to new projections by the Congressional Budget Office. In its latest budget and economic outlook Tuesday, the CBO forecasts that economic growth will rise to 3.1% this year from 1.9% last year, boosted by gains in housing construction and business investment. And growth in economic output is projected to speed up to 3.4% in both 2015 and 2016.