Americans have been holding on to their wobbly washing machines and sagging sofas even longer than their grandparents did 50 years ago, setting the stage for a rebound in consumer spending as old household goods wear out.
The economy probably slowed in the third quarter and employers hired fewer workers in October, indicating the U.S. expansion was losing momentum even before the partial government shutdown, economists project reports to show this week.
The U.S. economy isn’t recovering fast enough to restore the level of jobs seen before the recession started in December 2007, said John Silvia , chief economist at Wells Fargo & Co. in Charlotte, North Carolina.
The recent rebound in hiring doesn’t mean the U.S. is experiencing a robust economic expansion, and further stimulus measures wouldn’t remove obstacles to growth, said John Silvia, chief economist at Wells Fargo Securities LLC.
The U.S. government can avoid a default for at least a month after the Aug. 2 deadline to lift the debt ceiling set by the Treasury Department, said John Silvia, chief economist at Wells Fargo Securities LLC.