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Sec. Snow sees economic growth next year

WASHINGTON, Oct. 21 (UPI) -- Treasury Secretary John W. Snow said the American economy will add 2 million new jobs before next year's elections and that interest rates may rise.

In an interview with the Times of London, Snow said, "Everything we know about economics indicates that the sort of economic growth expected for the next year, 3.8 to 4 percent, will translate into 2 million new jobs from the third quarter of this year to the third quarter of next year -- I would stake my reputation on employment growth happening before Christmas."

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"Higher interest rates are an indication of a strengthening economy," Snow said in the same interview. "I'd be frustrated and concerned if there was not some upward movement in rates."

While some interpreted Snow's statement as a hint to how the Federal Reserve Board should direct monetary policy, Snow's spokesman, Rob Nichols, told the New York Times the treasury secretary was not commenting about Fed policy but merely observing that long-term interest rates tend to rise as economic growth accelerates.

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