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Fed Chief Sees Upturn But Just Can't Predict When Or How Strong; Backs Dividend Tax Relief; Greenspan tells House Congress should renew its budget restraint rules.(A)
Byline: JOSEPH GUINTO
Federal Reserve Chairman Alan Greenspan said Wednesday he believes the economy is poised to expand. But he's not sure when, or how fast.
The Fed chairman also repeated his support for an end to taxes on stock dividends, but he again called on Congress to show budget restraint and re-enact fiscal controls that recently expired.
"The economy is positioned to expand at a noticeably better pace than it has during the past year," Greenspan told the House Committee on Financial Services, "though the timing and the extent of that improvement remains uncertain."
Wednesday's economic data underscored that uncertainty. The National Association of Purchasing Management-Chicago's index of Midwestern manufacturing activity fell for the second straight month in April.
The index, which is a weighted measure of everything from hiring to output, stood at 47.6 in April, down from 48.4 in March. Readings below 50 signal contraction among Midwestern factories.
A national manufacturing report, from the Institute of Supply Management, is due out Thursday. Most analysts expect it will also show a decline.
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