Cleaning & Restoration Breaking News

U.S. Treasury maintains economy still on pace for 3 percent growth

July 15, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON, July 15 (Reuters) - Even as U.S. stock markets continued to slump on Monday, a U.S. Treasury Department spokeswoman said Treasury Secretary Paul O'Neill was sticking with his robust economic growth forecast.

"You've heard the secretary say it over and over again: we're on track for 3, 3.5 percent growth rate by the end of the year. He still believes that. If you take a look at the numbers, they back that up," spokeswoman Michele Davis told reporters in a weekly briefing.

As stock prices have slid in the wake of various corporate accounting scandals, Treasury has maintained that the fundamentals of the economy are still intact. Earlier this month, in an interview with Reuters, Treasury's assistant secretary for economic policy Richard Clarida said it was "unusual" to have the economy growing and the market falling. "But quite frankly, it's also unusual, indeed unprecedented, to have the earnings restatements that have occurred in the last year," he said.

Davis said O'Neill does not make a connection between the weakness in stock markets and the potential for problems in the broader economy.

"The Secretary has said he doesn't see a link there. Whether it's housing or automobiles or anything else, the signs are all strong," she said.

The U.S. economy grew at a blistering 6.1 percent annual rate in the first quarter of the year but has slowed considerably since then. The housing market, aided by low interest rates, has remained strong and automakers, using incentives, have managed to keep vehicle sales steady.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Arguably, sending out a client newsletter is the No. 1 key to a reliable cleaning business. In this episode of The Hitman Advertising Show, John Braun covers the true value of mail newsletters, how to send them, how often to send them and more.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 October

The October issue of ICS features stories on the 2015 ICE Expo, differentiation, deodorizing, upholstery cleaning, facebook advertising, up-selling, rug cleaning, the rug tour, and cool products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view