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 28, 2014 |
WASHINGTON -- Fourth-quarter economic growth was revised down sharply Friday to 2.4% as new data showed consumers opened their wallets less in the face of severe weather and businesses sold fewer goods abroad than initially estimated. The new figures indicate the recovery had less momentum heading into the new year and add to concerns that recent lackluster economic data could signal even weaker growth in the first quarter. Last month, the Commerce Department estimated total economic output, known as gross domestic product, expanded at a 3.2% annual rate in the final three months of last year.
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.
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, the CBO on Tuesday forecast that economic growth will rise to 3.1% this year, boosted by gains in housing construction and business investment. And growth in economic output is projected to speed up to 3.4% in each of the next two years.