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U.S. factories are fielding more orders. Higher home sales and prices are signaling a steady housing recovery. And employers added 175,000 jobs last month, in line with the average job growth over the past 12 months. Steady job growth has lowered the unemployment rate to 7.6 percent, down from 10 percent in 2009. And this week the Conference Board said a better job market helped lift Americans' confidence in the economy rose to the highest level in 5 1/2 years. Still, on Wednesday the government downgraded its estimate for growth in the January-March quarter to a 1.8 percent annual rate, sharply below its previous estimate of a 2.4 percent rate. The main reason for the revision was consumer spent less than initially estimated. Some economists said the revision suggested that an increase in Social Security taxes this year was squeezing consumers more than expected. The tax increase has lowered take-home pay for most Americans. A person earning $50,000 a year has about $1,000 less to spend this year. A high-earning couple has up to $4,500 less to spend.
[Associated
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