(1888PressRelease)
December 01, 2007 - The US economy will record firm growth for the rest of the year and into 2008, the White House has predicted.
The White House report pegs predicted growth at 2.7 per cent on average during both years.
This represents a slight downturn from the semi-annual forecast in June
which put expected growth at 3.1 per cent.
Ed Lazear, chairman of the Council of Economic Advisers, described the figure as "a good solid growth rate…given we have been hit with a pretty significant decline in the housing market".
News of the White House forecast comes as a report from the Commerce Department showed the US economy grew by 4.9 per cent in the third quarter - a better rate than has been anticipated in the face of the sub-prime mortgage crisis.
Henry Paulson, US Treasury Secretary, said: "While the difficulties in housing and credit markets and the effects of high energy prices will extract a penalty from growth, the U.S. economy has many strengths and I expect the expansion to continue."
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