U.S. economic growth was a touch higher in the second quarter than previously estimated due to upward revisions to consumer spending and business inventories, but a surge in imports kept the recovery on a weak path, a government report showed on Thursday. Get the full story »
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Fed divided on whether it should ease support
U.S. Federal Reserve officials on Wednesday offered differing views on whether the U.S. central bank should do more to support the economy and what impact more easing could have. Get the full story »
U.S. business groups sue SEC over proxy access
The U.S. Chamber of Commerce and the Business Roundtable sued the Securities and Exchange Commission Wednesday over its rule giving shareholders an easier way to influence corporate boards. Get the full story »
CEOs less willing to hire; sales a worry
U.S. chief executive officers’ view of the economy darkened in the third quarter, with top executives saying they were less willing to hire new workers as they fear sales growth will slow. Get the full story »
Census says Illinois poverty rate up 24% since 1999
The poverty level in Illinois increased 24 percent over the past decade — to 13.3 percent in 2009, according to new data released by the U.S. Census Bureau this morning.
Fed: Midwest manufacturing slows in August
Manufacturing activity slowed in the Midwestern U.S. during August, as automakers chose to stop building up inventories, the Federal Reserve Bank of Chicago reported Monday. Get the full story »
Bernanke: Policy has not delivered robust recovery
Federal Reserve Chairman Ben Bernanke acknowledged the economics profession has a lot to answer for after the financial crisis of 2007-2009, including why economists have been unable so far to engineer a healthy recovery. Get the full story »
Durable goods orders fall, business spending up
New orders for long-lasting U.S. manufactured goods fell more than expected in August to post their largest decline in a year as bookings for aircraft and motor vehicles tumbled, but business spending rebounded strongly, a government report showed on Friday. Get the full story »
U. of C. law professor stops blogging after outcry
Todd Henderson. (University of Chicago photo)
A law professor at the University of Chicago, where President Barack Obama once taught, is sorry he ever complained about the president’s tax policies.
Todd Henderson last week wrote on a blog about the effect the expiring Bush tax cuts would have on his family. He said his family, whose household income is north of $250,000, could not afford higher taxes. His wife is a doctor at the University of Chicago Hospitals.
“A quick look at our family budget, which I will happily share with the White House, will show him that like many Americans, we are just getting by despite seeming to be rich. We aren’t,” Henderson wrote on the blog “Truth on the Market.” Get the full story »
Fed firm on monetary policy, but ready to act
The Federal Reserve said Tuesday it stood ready to provide additional support to bolster a modest economic recovery, suggesting it may be preparing to do more to keep unemployment from rising and prices from falling. Get the full story »
Unemployment rises in 27 states; falls in Illinois
More than half of U.S. states saw their unemployment rates rise in August, the largest number in six months, as hiring weakened across the country. The jobless rate in Illinois, however, fell 0.2 percentage points to 10.1 percent last month.
Oil slips to $74 a barrel before Fed meeting
Oil prices slipped to near $74 a barrel Tuesday in Asia as traders looked to a key U.S. central bank meeting later in the day for possible new polices to help boost economic growth.
Benchmark crude for October delivery was down 59 cents, to $74.27, a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.20, to settle at $74.86, on Monday. Get the full story »
Sep. 20, 2010 at 4:49 p.m.
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Filed under: Economy, Housing, Mortgages, Real estate, Updated U.S. homebuilder sentiment stays in doldrums
U.S. home-builder sentiment remained stuck at a 1-1/2-year low in September, the latest suggestion the sector is in for a painful and prolonged climb back to health.
The National Association of Home Builders and Wells Fargo said Monday that their Housing Market Index for single family homes held for the second straight month at 13 — the lowest level since March 2009. Economists had expected the index to edge up to 14.
A reading above 50 indicates that more builders view sales conditions as good than poor. The index has not been above 50 since April 2006. Get the full story »
Economic panel says recession ended in June 2009
Michigan residents at a job fair in Southfield, Mich., Aug. 25, 2010. (AP Photo/Paul Sancya)
The Great Recession ended in June 2009, according to the body charged with dating when economic downturns begin and end. But the news comes amid rising fears of a double-dip recession.
The National Bureau of Economic Research, an independent group of economists, released a statement Monday saying economic data now clearly points to the economy turning higher last summer. That makes the 18-month recession that started in December 2007 the longest and deepest downturn for the U.S. economy since the Great Depression. Get the full story »
