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Thursday, May 26, 2022

US economy growing but faces international headwinds

WASHINGTON (AP) — A report from the president’s economic advisers says more Americans gained work and experienced pay raises last year. But it says the United States faced global headwinds that will continue this year.

The annual report from the president’s Council of Economic Advisers makes recommendations to reduce income inequality. Many of the recommendations rely heavily on cooperation from a GOP-led Congress and state and local governments.

For example, the advisers support an increase in the minimum wage, which GOP lawmakers generally oppose.

The report also says that the expansion of state licensure requirements has made it harder for workers to switch jobs.

It says falling oil prices had less of an impact on economic growth than many projected, boosting gross domestic product by just 0.2 percent last year.

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