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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: yard_man who wrote (250183)	7/15/2003 2:45:53 PM
From: Haim R. Branisteanu	Read Replies (1) of 436258

Great recovery - US slashes growth forecast - Mr Greenspan appeared before a congressional panel The sluggish US economy is taking longer to pick up than anticipated, according to the latest figures and comments from the Federal Reserve chairman Alan Greenspan. Mr Greenspan, in his twice-yearly testimony to Congress, said the central bank was cutting its forecast for US economic growth this year by three quarters of a percentage point to 2.5-2.75%. The downgrade came on the day the Bush administration predicted that the federal deficit would surge to a record $455bn this year thanks to tax cuts, economic weakness, and the cost of war in Iraq and the fight against terrorism. A glimmer of hope for the economy came from figures for US retail sales, which showed steady growth last month.

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