Uncertainty weighs heavily on US economy - leatherbiz: Leading news si Leatherbiz

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Uncertainty weighs heavily on US economy

20/03/2003

Weighed down by fears of a war with Iraq, the US economy has faltered in recent weeks. Retail sales fell 1.6% and the economy shrank by more than 300,000 jobs, with 400,000 people a week filing for unemployment benefits.

 

Despite the poor economic outlook and sluggish growth, the Federal Reserve Tuesday maintained rates at 1.25%, electing to sit tight and lower rates if the economy weakens further.

 

Federal Reserve chairman, Alan Greenspan said the intensification of geopolitical risks makes predicting the economic path extremely difficult.

 



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