Lew says economy still facing major challenges

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Associated Press

Posted on June 11, 2014 at 9:07 AM

Updated Wednesday, Jun 11 at 10:09 AM

WASHINGTON (AP) — Treasury Secretary Jacob Lew says the economy should grow at much stronger rates the rest of this year as the country overcomes the impact of a harsh winter.

But Lew says millions of Americans continue to struggle as unemployment remains too high and economic growth is too slow.

In a speech to the Economic Club of New York, Lew calls for actions on the part of government and the private sector to boost hiring of the long-term unemployed and increase investment in productivity-enhancing equipment and critical infrastructure projects such as roads, railways and ports.

Lew says the country also needs a stronger commitment to education in the areas of science, technology, engineering and math to make sure students have the skills they need to compete in the new economy.

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