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Strong auto sales and a healthy recovery in housing are spurring more hiring and economic growth. Builders started work on the most homes last year since 2008. New-home sales jumped 16 percent in January to the highest level since July 2008. And home prices, meanwhile, rose by the most in more than six years in the 12 months ending in January, according to real estate data provider CoreLogic. Companies are laying off fewer workers despite concerns about the impact of higher taxes and government spending cuts. Social Security taxes rose two percentage points Jan. 1, reducing the typical household's income by $1,000. And $85 billion in across-the-board government spending cuts kicked in March 1 after the White House and Congress failed to reach a deal to avoid the reductions. The cuts could slow economic growth and cost 700,000 jobs, according to the Congressional Budget Office. They could also reduce unemployment benefit checks for those out of work for more than six months by about 11 percent, according to the National Employment Law Project. Benefits average about $320 per week nationwide.
[Associated
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