Last year was a difficult one for the economy of the United States. The slowdown in the growth of economic activity that had become apparent in late 2000 intensified in the first half of 2001, as businesses slashed investment spending and declines in manufacturing output steepened. Foreign...

The U.S. economy continued to expand at a solid pace over the first half of 2005 despite the restraint imposed on aggregate demand by a further rise in crude oil prices. Household spending trended up, propelled by rising wealth and income and by low interest rates, and business outlays received...