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01-04-2008, 10:25 PM #1
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Economy a 'Mixed' Picture — White House
Economy a 'Mixed' Picture — White House
MoneyNews
Friday, Jan. 4, 2008
WASHINGTON -- The White House on Friday said the U.S. economy was showing a "mixed" picture and was expected to be stronger later in the year after some of the effects of the housing market slump and high oil prices worked through it.
"The economy is expected to be stronger in the latter half of the year," White House spokesman Tony Fratto said. "I think that's reflective of what private-sector forecasts are also showing as we work through this transition in housing and dealing with higher energy prices."
The slump in the housing market and oil prices that hit $100 a barrel this week have raised concerns about the impact on the economy.
U.S. government data released Friday showed the U.S. economy created a scant 18,000 jobs in December, far fewer than the 70,000 that economists had predicted, and the unemployment rate jumped to 5 percent, the highest since November 2005.
"We're seeing mixed results," Fratto said. He said there was continued job growth and the unemployment rate was still low by historic standards.
"It's a mixed economy, we're seeing mixed data and we're paying close attention to it," Fratto said.
Core inflation was "remaining low," but there were higher prices in energy and health care, he said. There was slower growth domestically, but strong export growth, Fratto said.
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