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President Barack Obama says Congress should make passing a long-languishing aid package to small business its first order of business when it gets back from summer vacation.
He said in remarks in the Rose Garden Monday that he’ll also have other specific ideas on the nation’s teetering economy in the days and weeks ahead. Get the full story »
There is a “significant” chance the U.S. economy will slip back into recession in the next two years though a reversal is unlikely in the next few months, researchers at the San Francisco Federal Reserve Bank said Monday.
The probability of another recession over the next 18 to 24 months is higher than that of expansion, researchers said in the latest issue of the regional Fed bank’s Economic Letter. Get the full story »
U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010. Gross domestic product expanded at a 2.4 percent annual rate, the Commerce Department said in its first estimate on Friday, after an upwardly revised 3.7 percent growth pace in the January-March quarter.
Financial markets had forecast GDP, which measures total goods and services output within U.S. borders, growing at a 2.5 percent rate in the second quarter from a previously estimated a 2.7 percent rate for the first three months of this year. Get the full story »
The U.S. economic recession was more severe than previously estimated, the government said Friday in a series of data revisions that also showed growth at the end of last year was weaker than previously thought.
Benchmark revisions issued by the Commerce Department showed gross domestic product contracted 2.6 percent last year and the economy did not grow at all in 2008. It had previously estimated output fell 2.4 percent in 2009 after expanding 0.4 percent the prior year. Get the full story »
New orders for long-lasting U.S. manufactured goods unexpectedly fell for a second straight month in June, posting their largest decline since August, according to a government report Wednesday that was further evidence economic growth cooled in the second quarter.
The Commerce Department said durable goods orders fell 1.0 percent after a revised 0.8 percent drop in May. Get the full story »
Greece will cut its deficit to reach the target this year without taking any further austerity measures, the country’s central banker said Tuesday.
“I believe we will achieve the deficit target of 8.1 percent of GDP from 13.7 percent (last year),” Bank of Greece governor George Provopoulos told Greek television Mega Channel. Get the full story »
The Federal Reserve acknowledged a faltering pace of U.S. economic recovery on Wednesday as it renewed its vow to hold benchmark interest rates exceptionally low for an extended period.
In a statement at the end of a two-day meeting, the Fed scaled back its assessment of the pace of recovery, taking note of pockets of weakness, and issued a cautionary note about volatile financial markets in light of Europe’s debt woes. But it stuck to its expectation that the economy will continue to gradually emerge from the worst recession in decades. Get the full story »
