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U.S. markets recover from steep losses
WASHINGTON, Nov. 21 (UPI) -- Economists working for the White House said Tuesday that the U.S. economy was set for growth next year.
The Council of Economic Advisers, Department of the Treasury and Office of Management and Budget said in a joint news release that the "combination of lower energy prices, a tight labor market, and strong underlying fundamentals is producing a solid economy for America's workers.
Edward P. Lazear, chairman of the Council of Economic Advisers, said that in the past year, hourly wages have increased 2.8 percent after adjusting for inflation, which is well above the historical average and amounts to about $960 for a full-time production worker.
And Treasury Secretary Henry M. Paulson said that the forecast "clearly reflects the fact that the U.S. economy is moderating to more sustainable growth levels, firmer labor markets and steady inflation rates."
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