U.S. economic growth needs to get slower by Daniela Simkova

The Commerce Department announced the U.S. economic forecast for the next year, 2008. White House had to slower the economic growth. As a result of economics getting slower, U.S. will face the question of unemployment. The unemployment of U.S. will grow up to 4.9 percent next year, which is the most noticeable decline in the whole history. If we talk about the gross domestic product, GDP, it will grow up instead of 3.1 percent just by 2.7 percent. The GDP is a sum of all products and services provided within a year, which the best shows the economic situation of U.S. Chairman of the White House Council of Economic Advisers, Edward Lazear said: "The housing market decline has been more significant than we expected." On the question if there is possible recession in U.S. economy, Carlos Gutierrez The Commerce Secretary, answered: "We don't see that." The interest rates were lowered twice this year. Firstly in September and then in October to avoid getting economy into the recession. However the question of inflation is more pleasant, it should get better in the year of 2008. White House is expecting prices for consumers to be raised by 2.1 percent.

by Daniela Simkova for PocketNews (http://pocketnews.tv)

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edited by Barbora Matulova