Loading
9-Sep-2010 10:43 AM

US economic recovery painfully slow: Obama

US President Barack Obama described the economic recovery as being "painfully slow" and called for US Congress to enact measures to reduce taxes for businesses and middle-income Americans while extended rates for the wealthier proportion of the nation (Bloomberg, 09-Sep-2010). Similarly, US Federal Reserve stated the economy, while expanding, is showing "widespread signs of deceleration". Separately, US Labor Department stated (08-Sep-2010) job openings in Jul-2010 increased by 178,000 to 3.0 million, although the number of job openings remains below the 4.4 million when the recession began in Dec-2007. Meanwhile, US Federal Reserve stated consumer borrowing declined for a sixth consecutive month in Jul-2010, declining USD3.6 billion following a revised USD1 billion reduction in Jun-2010, less than initially estimated.

Want More News Like This?

CAPA Membership provides access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More