Businesses at the wholesale level trimmed their stockpiles in November for the first time in nearly a year, even though sales rose for a fifth consecutive month.
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Fed turns record profits over to Treasury
The Federal Reserve is turning over a record $78.4 billion to the U.S. Treasury Department after its swollen securities portfolios generated big profits in 2010, the central bank said on Monday. Get the full story »
JPMorgan: Rising food prices are fueling inflation
Rising food prices are stoking global inflation with many agricultural commodity markets on the rise, driven by adverse weather in key producing countries, a senior trader at JPMorgan said on Monday. Get the full story »
Midwest business growth less than thought
Business activity in the U.S. Midwest expanded less robustly in December than originally thought, an industry association reported on Monday, with employment and new orders registering less growth than earlier reported. Get the full story »
Those with jobs spending more freely
A steady decline in layoffs is giving the vast majority of adults who have jobs the confidence to spend more freely and help energize the economy. They no longer worry so much about losing their jobs.
Their renewed confidence has boosted retail sales — just what’s needed to spark what economists call a “virtuous cycle”: Higher consumer spending raises company profits, which spurs hiring, which fuels more spending and growth. Get the full story »
Fed’s Evans: U.S. economic growth lags
The sluggish U.S. economy shows signs of gaining strength but still needs a lot of help from the Federal Reserve to get back on track, a top Fed policy maker said on Friday. Get the full story »
U.S. budget deficit narrows in fiscal 1Q
The U.S. budget deficit narrowed slightly in the first three months of the fiscal year as revenue grew at a faster rate than outlays, the nonpartisan Congressional Budget Office estimated Friday.
The government recorded a deficit of $371 billion in October, November and December, $18 billion less than a year earlier, CBO said.
Duke: Recovery, not Fed moves, raising interest rates
U.S. economic recovery may have started to gain traction and market expectations for stronger recovery have bid up interest rates, Federal Reserve Gov. Elizabeth Duke said Friday.
Duke, in prepared remarks to the Maryland Bankers Association, said she believes expectations will remain subdued despite signs economic recovery is gaining momentum. Get the full story »
Obama names Gene Sperling top economic adviser
President Barack Obama appointed Gene Sperling as his director of the National Economic Council Friday, placing a Washington veteran with a bipartisan track record in the White House as the administration contends with a divided Congress.
Sperling’s appointment coincided with the release of the December jobs report that showed the unemployment rate dropping to 9.4 percent, its lowest level in nearly two years. But job growth fell short of expectations, and Obama said that Sperling, along with other newly appointed members of the economic team, have a challenging task ahead. Get the full story »
Bernanke: It will take years for jobs to come back
Federal Reserve Chairman Ben Bernanke sketched a more optimistic outlook for the economy, but said a $600 billion bond-buying program is needed because it will take up to five more years to bring unemployment back to healthy levels. Get the full story »
U.S. unemployment falls to 9.4% in December
Employers across the country added a modest 103,000 jobs to their payrolls in December, the government said Friday, closing out the year with a bit of whimper instead of the bang that some economists were expecting.
The Labor Department report, however, showed that the unemployment rate dropped dramatically last month to 9.4 percent, from 9.8 percent in November. The drop was likely due at least in part to statistical adjustments, as the government’s count of unemployed workers fell by 556,000 to 14.5 million. Get the full story »
G20 to tackle soaring food prices
The Group of 20 leading economies will discuss ways to tackle soaring food prices that are stoking fears of a repeat of the 2008 food crisis, as some Asian countries sought to reassure nervous consumers on Friday.
Global food prices hit a record high last month, outstripping the levels that sparked riots in several countries in 2008, and key grains could rise yet further, the United Nations’ food agency said this week. Get the full story »
Boehner: Debt-limit hike must have spending cuts
U.S. House Speaker John Boehner said Thursday that any move to increase the United States’ $14.3 trillion debt limit must be accompanied by spending cuts. Get the full story »
U.S. jobless claims up, but still trending down
New U.S. claims for unemployment benefits rose more than expected last week, but a decline in the four-week average to a fresh low in more than two years indicated the labor market improvement remained intact.
Initial claims for state unemployment benefits increased 18,000 to a seasonally adjusted 409,000, the Labor Department said on Thursday, above economists’ expectations for 400,000. The prior week’s figure was revised up to 391,000 from the previously reported 388,000. Get the full story »
Non-manufacturing sector grows in December
The U.S. non-manufacturing sector grew in December at it fastest pace in more than 4 years, according to an industry report released on Wednesday. Get the full story »
