Jason Furman

The United States will press China during a state visit by President Xi Jinping to avoid "quick fixes" for its economy such as devaluing its currency to boost exports, White House chief economist Jason Furman said on Tuesday.

The US economy had its best year since 2010 last year even as the growth rate slowed in the final three months of 2014 with weak investment and surging imports along with other factors offsetting a burst in consumer spending.

The recent government shutdown and debt default crisis hurt the US so badly that it cost the world's largest economy 120,000 jobs and wiped out 0.25 per cent of economic growth for the fourth quarter, the White House said.

The White House warned today that the idea of a self-inflicted national default was "a terrible" scenario that would damage America's democracy, credit and global standing for years.

President Barack Obama nominated adviser Jason Furman to be his new chief economist on Monday, elevating a former campaign aide and Clinton administration official to oversee an agency with wide influence over US economic policy.

The United States will press China during a state visit by President Xi Jinping to avoid "quick fixes" for its economy such as devaluing its currency to boost exports, White House chief economist Jason Furman said on Tuesday.

The US economy had its best year since 2010 last year even as the growth rate slowed in the final three months of 2014 with weak investment and surging imports along with other factors offsetting a burst in consumer spending.

The recent government shutdown and debt default crisis hurt the US so badly that it cost the world's largest economy 120,000 jobs and wiped out 0.25 per cent of economic growth for the fourth quarter, the White House said.

The White House warned today that the idea of a self-inflicted national default was "a terrible" scenario that would damage America's democracy, credit and global standing for years.

President Barack Obama nominated adviser Jason Furman to be his new chief economist on Monday, elevating a former campaign aide and Clinton administration official to oversee an agency with wide influence over US economic policy.