Economic Digest
Does foreclosure deal go far enough?
Washington Post - The current settlement was never intended to cure all the ills of the housing crisis — or to prevent separate investigations into other areas such as how mortgages were bundled and sold to investors — but rather to change abusive business practices and get relief to as many homeowners as possible, as soon as possible. Read more ...
Fed chief warns Congress against hampering growth while cutting debt
Washington Post - Bernanke’s comments reflect the heightening concern among lawmakers and on the presidential campaign trail about how to keep the economic recovery on track while trying to rein in the federal debt in the long term. A report this week from the Congressional Budget Office laid bare the consequences if the government moved forward with plans to raise some taxes while slashing funding. Read more ...
Spending Was Stagnant in December, Though Incomes Rose
New York Times - Economists noted that income rose last month largely because of strong hiring. In December, the economy added 200,000 jobs, meaning more income available to spend. On Friday, the government is expected to report another solid month of hiring in January. Despite the added income last month, Americans increased their savings. The savings rate rose to 4 percent of after-tax incomes in December, up from 3.5 percent in November. Read more ...
Where the Job Growth will be in this Decade
At the occupational level, the positions with the fastest projected growth are registered nurses (expected to add 712,000 jobs), retail sales workers (707,000), home health aides (706,000) and personal care aides
(607,000). The industry with the biggest projected job losses between 2010 and 2010 is the federal government, which is expected to eliminate a net 372,000 jobs. Read more ...
Washington area economy to outpace the nation, but 2012 may be an ‘anxious year’
Washington Post - The Washington area economy is predicted to grow 2.7 percent this year, outpacing the nation’s anticipated 2 percent growth rate, according to a new forecast by the Center for Regional Analysis at George Mason University.
That pace is likely to slow in the coming years, as federal lawmakers move to curtail government spending, a principal economic driver in the region. Other parts of the local economy could pick up the slack, but it may not be enough to fully offset federal budget cuts, said economist Stephen Fuller, who heads the center. Read more ...
