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Latest Articles: Economy
Fed Retains Pledge to Keep Rates Low for ‘Extended Period’
Post Date: 2010-03-16 14:16:26 by war
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March 16 (Bloomberg) -- Federal Reserve officials retained their pledge to keep the main interest rate near zero for an “extended period” and confirmed that $1.25 trillion in purchases of mortgage-backed securities will end this month. “Economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period,” the Federal Open Market Committee said in a statement today in Washington. Fed Chairman Ben S. Bernanke is trying to determine how long to hold down borrowing costs to strengthen the recovery from the worst slump ...
Obama Aides See Jobless Rate Elevated for ‘Extended Period’
Post Date: 2010-03-16 10:13:51 by war
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March 16 (Bloomberg) -- U.S. employers won’t hire enough workers this year to lower the jobless rate much below the level of 9.7 percent reached in February, three Obama administration economic officials said today. The percent of Americans who can’t find work is likely to “remain elevated for an extended period,” Treasury Secretary Timothy F. Geithner, White House budget director Peter Orszag and Christina Romer, chairman of the Council of Economic Advisers, said in a joint statement. The officials said unemployment may even rise “slightly” over the next few months as discouraged workers start job-hunting again. “We do not expect further declines in ...
Housing Starts in U.S. Declined 5.9% in February - Snowfall
Post Date: 2010-03-16 08:32:48 by war
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March 16 (Bloomberg) -- Housing starts in the U.S. fell in February as record snowfall in parts of the country hampered construction, while fewer building permits signaled demand is stagnating. Builders broke ground on 575,000 homes at an annual rate last month, down 5.9 percent from January’s revised 611,000 pace that was higher than initially estimated, Commerce Department figures showed today in Washington. Building permits, a sign of future construction, decreased for a second month. Mounting foreclosures are making it harder to clear inventories, keeping pressure on prices and discouraging new construction. The economy has yet to create the sustained job growth that could ...
Trade Gap in U.S. Unexpectedly Falls as Oil, Auto Imports Drop
Post Date: 2010-03-11 08:37:15 by war
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March 11 (Bloomberg) -- The trade deficit in the U.S. unexpectedly narrowed in January as demand for foreign oil and automobiles dropped. The gap decreased 6.6 percent to $37.3 billion from a revised $39.9 billion in December as Americans imported the fewest barrels of crude oil in a decade, Commerce Department figures showed today in Washington. Exports decreased 0.3 percent, the first decline since April, on fewer shipments of commercial aircraft and autos. Imports may rebound in coming months as oil prices climb, consumer spending improves and a growing economy prompts companies to replenish depleted inventories. By the same token, the recovery in global growth and a weaker dollar is ...
Jobless Claims in U.S. Decreased 6,000 Last Week to 462,000
Post Date: 2010-03-11 08:32:58 by war
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March 11 (Bloomberg) -- The number of Americans filing first-time claims for jobless benefits fell for a second week to a level that indicates companies are nearing the end of payroll reductions as the economy recovers. First-time jobless applications dropped by 6,000 to 462,000 in the week ended March 6, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance increased, while those getting extended benefits fell. Companies are cutting fewer jobs as manufacturing improves and the economy recovers from the deepest recession since the 1930s. An increase in payrolls is needed for an additional boost to consumer spending that accounts for ...
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