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Independent voices from the The Washington Times Communities
Topic - Michael Gapen
The Federal Reserve likely will put its plans to start withdrawing stimulus from the U.S. economy off until well into 2014 as a result of a report Tuesday that showed the economy posted only tepid job growth in September, even before the federal shutdown and debt crisis weighed on the economy.
The biggest downsizing of state and local government in modern history has proved to be a big drag on the U.S. economy since 2009 and a primary reason the four-year-long recovery is more sluggish than other recoveries since World War II, economists say.
U.S. home prices accelerated in November compared with a year ago, pushed higher by rising sales and a tighter supply of available homes.
The number of people seeking unemployment benefits rose last week after three weeks of decline.
"The recent pace of payroll growth is unlikely to satisfy" members of the Fed's interest rate-setting committee, including Fed Chairman Ben S. Bernanke and Vice Chairman Janet Yellen, both of whom would like to see a stronger employment market before they allow the Fed to change course, said Michael Gapen, an economist at Barclays Research.
"The bulk of the downward revisions was driven by changes in public-sector payrolls, as government payrolls in June and July were revised down a net 38,000," accounting for about half of the 74,000 fewer jobs reported by the department in its updated numbers, said Michael Gapen, an economist at Barclays Research.