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The Commerce Department reported that America's GDP growth was 3.5% in the third quarter of 2009. But this growth is deceiving as it is supported by government programs for cars and houses, government stimulus spending and government supports of other kinds such as extension of unemployment benefits, and assistance to local governments. On the whole: jobless rate reached 9.8% in September, 2009, with initial jobless claims staying at 530,000, according to Labor Department, well above claim levels associated with increased hiring. Consumer spending on nondurable gods like food and clothing up by 2%, compared to decline of 1.9% in second quarter 2009; business investment in buildings and other structures fell at an annual rate of 9% in third quarter 2009.
The Commerce Department reported that America's GDP growth was 3.5% in the third quarter of 2009. But this growth is deceiving as it is supported by government programs for cars and houses, government stimulus spending and government supports of other kinds such as extension of unemployment benefits, and assistance to local governments. On the whole: jobless rate reached 9.8% in September, 2009, with initial jobless claims staying at 530,000, according to Labor Department, well above claim levels associated with increased hiring. Consumer spending on nondurable gods like food and clothing up by 2%, compared to decline of 1.9% in second quarter 2009; business investment in buildings and other structures fell at an annual rate of 9% in third quarter 2009.
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Laura Tyson says jobs and the economy should be the top priority. On the deficit front cost containment reform in health care and agradual multi year plan for debt reduction are priorities.
Laura Tyson says jobs and the economy should be the top priority. On the deficit front cost containment reform in health care and agradual multi year plan for debt reduction are priorities.
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Original article 1 minute, gist 1 minute
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