US economy

Stories 461 - 480 | << Prev   Next >>

Congress to Grill Bernanke on Bear Stearns

Questions will likely focus on timing and intensity of Fed's actions in brokering deal

(Newser) - Federal Reserve Chairman Ben Bernanke steps onto a tightrope today for two days of Congressional testimony focusing on the central bank’s starring role in the Bear Stearns bailout. Bernanke likely will be taken to task for not stepping in earlier, and more forcefully, to avert economic chaos, reports the...

Lehman Is Selling $3B in Shares
 Lehman Is Selling $3B in Shares 
Mar 31, 2008 7:25 PM CDT

Lehman Is Selling $3B in Shares

Firm seeks to calm fears of another Bear Stearns disaster

(Newser) - Lehman Brothers is selling $3 billion in new shares to allay fears after its stock dropped 42% this year, Bloomberg reports. "We still maintain that we don't need capital, but we've realized that perception is the dominant issue in today's markets,'' said CFO Erin Callan. Lehman fell up...

GDP Growth Weakest Since '02
 GDP Growth Weakest Since '02 
Mar 27, 2008 12:46 PM CDT

GDP Growth Weakest Since '02

0.6% increase matches estimates; markets still focused on credit issues

(Newser) - The US economy sputtered—as expected—in the fourth quarter of 2007, growing at the slowest rate since 2002, MarketWatch reports. Estimated growth of the US gross domestic product was 0.6% for the last three months of 2007, matching economists' forecasts. Consumer spending grew 2.3%, and exports increased...

Feds Must Ward Off Stagnation, Clinton Says

Says buying mortgages might be necessary to avoid prolonged skid

(Newser) - The government should step into the mortgage mess on a broader scale, Hillary Clinton told the Wall Street Journal yesterday, suggesting monetary policy alone can’t ignite a recovery and warning that procrastination could lead to stagnation similar to Japan’s weary economy. Clinton said the Federal Housing Administration should...

Boomers Move Back Home
 Boomers Move Back Home 
Mar 24, 2008 3:06 PM CDT

Boomers Move Back Home

Shaky economy has more children living with their parents—even at age 50

(Newser) - Young people have long fled recessionary job markets by moving back home, but the current crisis has a new demographic scurrying there: the middle-aged. "This is not like, 'OK, my son just graduated from college and needs to move back in' type of thing," says one financial planner,...

Fed Cuts Bank Discount Rate to Boost Liquidity

Latest step to stem worsening credit crisis and bolster panicky markets

(Newser) - The Federal Reserve raced to buck up an anxious financial sector today by cutting its discount rate to banks by a quarter point, to 3.25%, the AP reports. It also created a new lending facility to aid investment banks with short-term loans. The moves are "designed to bolster...

Consumer Prices Flat in Feb.
 Consumer Prices Flat in Feb. 
Mar 14, 2008 8:41 AM CDT

Consumer Prices Flat in Feb.

Lack of increase means Fed has an open door to a big rate cute next week

(Newser) - Consumer prices were flat for February, pleasantly surprising economists who expected a 0.2% increase, reports the Wall Street Journal. This morning’s consumer price index eases concerns that inflation is accelerating as the economy slows, and it gives the Federal Reserve more reason to float a large interest rate...

Fed Pours $200B Into Global Credit Relief Push

Central banks around the world try to ease liquidity problem

(Newser) - The Fed will inject huge quantities of cash into financial markets as part of a coordinated global attack on the credit crisis, Ben Bernanke announced today. The central bank will loan out another $200 billion, this time on a 28-day basis rather than overnight, the AP reports. The effort will...

Shops Shut as Wind Goes Out of Sales

Store closings rise along with gas prices, foreclosures

(Newser) - Soaring gas prices and a still-boiling housing crisis are taking their toll on America's smaller retailers, with store bankruptcies and vacancy rates rising steadily as customers avoid impulse-buys that once fueled the industry's rapid expansion, reports AP. Vacancies hover between 7% and 8%, up from 5% just six months ago—...

Commercial Real Estate Will Slow, Not Tank

Malls, offices won't be hit nearly as hard as housing, experts say

(Newser) - The commercial real estate market has slowed dramatically, but won’t rival the housing implosion, reports the Wall Street Journal. Prices will likely fall just 20%, compared with 40%-plus for homes in some markets, and commercial property owners—unlike record numbers of homeowners facing foreclosure—have largely been able to...

Part-Time Work Jumps 16% as Many Jobs Contract

Some 4.79 million worked part time in February; 1.8 million held two or more jobs

(Newser) - Tough economic times—and a drop in full-time jobs in some sectors—are pushing more people into part-time work, the Wall Street Journal reports. The Labor Department says 16% more workers—some 4.79 million people—are working part-time jobs this year than last, the highest total since 1993.

Oil Hits $104; OPEC Won't Budge
Oil Hits $104; OPEC Won't Budge
UPDATED
Mar 5, 2008 3:57 PM CST

Oil Hits $104; OPEC Won't Budge

Cartel president blames 'mismanagement' of US economy for rising prices

(Newser) - Crude oil rose to a record $104.52 a barrel today after OPEC decided to hold production steady. “The oil market is currently stable,” said Saudi Arabia’s oil minister. “There is no need to increase even one barrel of oil.” The cartel blamed sky-high prices...

Gift Cards Not Looking So Sharp
Gift Cards Not Looking So Sharp
Mar 4, 2008 11:00 AM CST

Gift Cards Not Looking So Sharp

Bankrupt retailer isn't honoring $25M in gift cards

(Newser) - Consumers holding Sharper Image gift cards are out a collective $25 million after the gadget retailer stopped honoring the cards when it filed for bankruptcy in February, MarketWatch reports. With the shaky economy likely to produce more bankruptcies over the next year or two, consumers would be wise to redeem...

One Million Going Bankrupt
One Million Going Bankrupt
Mar 4, 2008 4:28 AM CST

One Million Going Bankrupt

Record spike in bankruptcy filings, more ahead

(Newser) - More than a million Americans are headed for bankruptcy in 2008, mostly due to crippling household debt, according to the American Bankruptcy Institute. There were 76,120 bankruptcy filings last month—a 37% increase over February last year, and the biggest monthly spike since the change in personal bankruptcy laws...

US Car Sales Sink in Slow Economy
US Car Sales Sink in Slow Economy
Mar 3, 2008 9:45 PM CST

US Car Sales Sink in Slow Economy

GM, Ford, Chrysler, and Toyota saw sales fall last month

(Newser) - A tumbling US economy hit Ford, General Motors, Chrysler, and Toyota today as all four posted declining sales for last month, Bloomberg reports. Chrysler fell 14% as Ford dropped nearly 7% and GM suffered almost a 20% drop in light truck sales. "Primarily it's driven by the weak economy,...

McCain Outlines More Specific Fiscal Stance

Candidate looks to cut taxes, project fiscal responsibility

(Newser) - How would John McCain run the economy, really? In an interview with the Wall Street Journal, the candidate tried to answer that question, positioning himself as a fiscally responsible defender of the Bush tax cuts. But the candidate’s tax proposals don’t quite add up, the Journal notes, and...

Corn May Be Recipe for Disaster
Corn May Be Recipe for Disaster
Mar 3, 2008 12:05 PM CST

Corn May Be Recipe for Disaster

Drought would ripple through US economy

(Newser) - The US is becoming so dependent on corn that a drought would have catastrophic effects that would ripple throughout the economy, reports the LA Times. Corn is essential as staple livestock feed, artificial sweetener, and a basic component of ethanol. A "corn shock" could lead to $5 gas and...

Consumer Spending Stalls Again
Consumer Spending Stalls Again
Feb 29, 2008 12:03 PM CST

Consumer Spending Stalls Again

Confidence is falling as inflation rises

(Newser) - Consumer spending rose more than expected in January—but only because prices did so as well, Bloomberg reports. Adjusted for inflation, spending remained flat for the second straight month. With fuel costs rising, banks restricting loans, and property values falling, “consumers are clearly hard-pressed to maintain their standard of...

Dollar's Slide Pushing Oil Prices Higher

Economic data hammers the greenback as worries about US economy deepen

(Newser) - The dollar continued its fall as unrelentingly dismal economic data eroded confidence in the US economy, Bloomberg reports. The greenback set a new low of $1.52 against the euro this morning and hit a three-year bottom against the Japanese yen. Oil surged more than $2 a barrel to $103....

Bernanke Signals New Rate Cuts
Bernanke Signals New Rate Cuts
Feb 27, 2008 9:15 AM CST

Bernanke Signals New Rate Cuts

Says central bank 'will act as needed' to further minimize economic risks

(Newser) - Federal Reserve Chairman Ben Bernanke today said that the board stands ready to cut interest rates again to give the economy "adequate insurance against downside risks," reports the Wall Street Journal. The move, which follows 2.25% in cuts to the key rate since September, is widely expected...

Stories 461 - 480 | << Prev   Next >>