WASHINGTON (AP) — The U.S. economy is on sounder footing than it was a year ago but is still being restrained by government spending cuts and tax increases, the International Monetary Fund said Friday.
The IMF's annual report on the U.S. economy noted that the underlying fundamentals are gradually improving: Home prices and construction are rising, household finances have strengthened and employers are steadily adding jobs. The outlook was much more optimistic than IMF's 2012 report.
"There are signs that the U.S. recovery is gaining ground and becoming more durable," Christine Lagarde, the IMF's managing director, said in a written statement.
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