(Archived Content)
2007-9-10-10-16-49-29382
Assistant Secretary for Economic Policy Phillip Swagel held a briefing Friday to discuss the economy and the latest monthly jobs report. Hiring in August came in below where anyone would want it to be, but a broad view of the economy reveals many sources of strength. The unemployment rate remains low, wages are rising, core inflation is contained, business investment has picked up, and strong global growth is boosting U.S. exports. Recent developments in housing and financial markets will affect economic growth, but the U.S. economy is fundamentally healthy, said Swagel.
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