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America Is Back, Ready to Lead Growth in 2015

CBN

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After the long stuggle to get out of the Great Recession, the U.S. economy is on an extended winning streak and is getting closer to full health.

The United States is expected to grow at its fastest pace in a decade. The acceleration of U.S. growth is a key reason the global economy is expected to grow.

According to a survey by the National Association for Business Economics, the ecomony is expected to expand 3.1 percent next year. This marks the first year of 3 percent growth since 2005.

Plunging oil prices are a big reason for the growth. In some areas of the country, gasoline prices have slipped below $2 a gallon.

Experts say economic growth in other countries isn't looking so bright. China's economy is slowing as is transitions from investing to consuming.

Japan is also in a recession, Russia looks like its headed for one, and Europe's economy is barely growing.

Meanwhile for Americans, the new year is bringing new wages for 2.4 million minimum wage workers in 21 states. In 2015 those workers will get a $1 raise.

Right now the minimum wage is $7.25, the changes bring the national average minimum wage to $8 and a high of $9.25.

The pay raise highlights the impact of a national movement to boost the earnings of low-paid workers

 

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