The US economy grew faster than previously estimated in the third quarter as exports and government spending provided a lift, but that boost is likely to be lost amid slowing global demand and a move towards tighter fiscal policy.
US President Barack Obama has sharply cut estimates for US economic growth, underscoring the difficult challenge he faces in spurring a stronger recovery and creating more jobs.
The president, who must curb high unemployment to improve his
The US economy has shown "widespread signs" of slowing over recent weeks, the Federal Reserve said on Wednesday in a report suggesting the recovery was faltering along the East Coast and in the Midwest.
The Fed said in i
The Federal Reserve has slashed its 2008 US economic growth forecast and signaled that mounting concerns over inflation would make further interest rate cuts unlikely.
'Several members noted that it was unlikely to be appropriate to ease p
Tighter credit, broad deterioration in the housing market and skittish consumer spending will lead to a slower US economy than earlier estimated, according to the most closely watched forecast by US economists.
The consensus forecast of 50