Manufacturing activity in the state of New York “improved in May, but at a slower pace than in April,” according to this morning’s update of the Empire State Manufacturing Survey from the New York Fed. Meanwhile, the outlook for U.S. economic growth softened a bit according to economists surveyed by the National Association for Business Economics. “NABE panelists revised their projections for economic growth in 2011 downward compared with their February projections,” says Richard Wobbekind, NABE president in a statement. “Real GDP is expected to grow at a moderate pace of roughly 3 percent in the current year and only slightly faster in 2012.”
Daily Archives: May 16, 2011
Strategic Briefing | 5.16.2011 | US Debt Ceiling
Debt ceiling drama starts today
CNNMoney | May 16
Monday’s the day: The federal debt will hit its legal limit and Congress doesn’t plan to do anything about it. That leaves Treasury Secretary Timothy Geithner in a bit of a pickle. It now falls to him to jump through hoops every day to keep the world’s largest economy from defaulting on its legal obligations. Geithner told Congress that he estimates he has enough legal hoop-jumping tricks to cover them for another 11 weeks or so. But then he said that’s it. If lawmakers don’t get it together by Aug. 2, the United States will no longer be able to pay its bills in full.