The U.S. economy grew slightly more than previously reported in the second quarter, helped by consumer spending and export growth that was stronger than earlier estimated, according to a government report on Thursday that pointed to slow growth rather than a recession. Gross domestic product grew at annual rate of 1.3 percent, the Commerce Department said ...
President Barack Obama’s jobs plan could help prevent a 2012 recession, economists said in a new survey. Obama’s $447 billion American Jobs Act would create thousands of jobs and would expand the economy, economists surveyed by Bloomberg News found, in a report released Wednesday. The plan, they said, would push down the jobless rate in 2012, ...
Sales of new U.S. homes fell to a six-month low in August. The fourth straight monthly decline during the peak buying season suggests the housing market is years away from a recovery.The Commerce Department said Monday that new-home sales fell 2.3% to a seasonally adjusted annual rate of 295,000. That's less than half the roughly ...
European stocks and U.S. index futures fell, reversing earlier gains, and commodities dropped as a pledge by Group of 20 nations to tackle rising risks failed to ease concern the global economy is on the brink of another recession. Ten-year Treasury notes erased declines. The Stoxx Europe 600 Index slipped 1.9 percent at 8:20 a.m. in ...
European shares fell on Friday after a fresh pledge of support from leading global economies to shore up the financial sector failed to placate markets, leaving them on course for a fifth straight month of losses. Adding to the gloom were comments from Deutsche Bank (DBKGn.DE) suggesting European lenders could face a bigger than expected writedown ...
U.S. stock futures erased overnight gains to turn sharply lower Friday morning, extending recent heavy losses, as weakness in overseas markets fueled investor fears of a economic slowdown. Dow Jones Industrial Average futures dropped 128 points to 10522, after being up more than triple digits at the overnight high. The Dow dropped 391 points on Thursday ...
Oil hovered above $89 a barrel on Friday on continued optimism that European leaders would be able to get the continent's sovereign debt crisis under control. Five central banks on Thursday gave their banks far greater access to U.S. dollars in a move aimed at shoring up confidence in Europe's financial system.The move will buy some ...
Swiss banking giant UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. Police in London said they arrested a 31-year-old UBS trader, Kweku Adoboli, in the alleged fraud. UBS declined to confirm his name. Switzerland's largest bank warned ...
The nation's poverty rate spiked to 15.1 percent in 2010, the highest level since 1993, the Census Bureau reported on Tuesday, providing vivid new evidence about the country's inability to escape the lingering effects of the recession. About 46.2 million Americans lived in poverty last year, marking an increase of 2.6 million over 2009 and the ...
President Barack Obama bluntly challenged Congress on Monday to act immediately on his new jobs plan, brandishing a copy of the legislation in the Rose Garden and demanding, "No games, no politics, no delays." Surrounded by police officers, firefighters, teachers, construction workers and others he said would be helped by the $447-billion package, the president said ...
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