Market News

Company News

Forex Brokers

Trading Tools


Crosses


  

White House says economy faces serious challenges

2008-10-30 13:44:22 GMT (Reuters)
0
votes
 
View Comments (0)
Previous News | Next News
Text Size
Print
Email
Add a Comment

WASHINGTON, Oct 30 (Reuters) - The U.S. economy is facing "serious challenges" but is positioned to bounce back, White House spokeswoman Dana Perino said on Thursday after a new report showed the economy shrank in the third quarter.

"Today's GDP report is weak, but it is not unexpected," Perino said in a statement. "A number of things contributed to the slowing economy in the third quarter -- record high energy prices, housing and credit concerns, two major hurricanes, and a prolonged Boeing strike."

The Commerce Department said the third-quarter contraction, 0.3 percent, in gross domestic product was the steepest since the corresponding quarter in 2001 though it was slightly less than the 0.5 percent rate of reduction that Wall Street economists surveyed by Reuters had forecast.

Perino said the Bush administration is taking action aimed at restoring economic growth and job creation "by early next year."

"While we continue to face serious challenges, the United States remains the best place to do business, and we're positioned to bounce back," she said. (Reporting by Jeremy Pelofsky; Editing by Theodore d'Afflisio)

Content Provided by
Reuters
Reuters
Reuters is the largest international news agency -- providing professionals around the world with stories that move the markets.

Disclaimer:
(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

  • Comments


Add a Comment
Title:
Your Opinion:
Become a member and get 6 free Forex courses by Online Trading Academy!
 

 
  • Webinar
 

 
ForexPros.com Newsletter
 

 
  • Sponsored Links
 
 

Special Offers: