More than 100 U.S. banks failed to pay an Aug. 16 dividend on bailout money they borrowed from the U.S. government, signaling that the number of banks struggling to meet obligations under the program is rising. Get the full story »
Filed under: Economy
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Americans’ wealth drops for 1st time since early ‘09
Americans’ wealth shrank in the spring for the first time since early 2009 as financial turmoil eroded stock portfolios.
The Federal Reserve says household net worth fell 2.7 percent — or $1.5 trillion — in the April-to-June quarter. The decline left Americans’ net worth at $53.5 trillion. Get the full story »
U.S. consumer prices rise in August
U.S. consumer prices increased slightly more than expected in August as food prices rebounded and energy costs remained elevated, but core prices were flat, a government report showed on Friday. Get the full story »
Gold prices set record high on economic worries
Gold prices were driven to a record high Thursday as worries returned about sluggish economic growth. Gold for December delivery added $5.10 to settle at $1,273.80 an ounce, which was a record high. Earlier in the day, it traded as high as $1,279.50 an ounce. It was the second time this week gold has set a record high, and some analysts believe the price could top $1,300 an ounce.
Illinois jobless rate dips to 10.1%
The Illinois unemployment rate dropped by 0.2 points, to 10.1 percent, in August, making it the eighth consecutive month of steady or declining rates, according the Illinois Department of Employment Security.
In August, the national unemployment rate went up 0.1 point, to 9.6 percent. Get the full story »
New jobless claims fall to lowest in 2 months
The number of newly laid-off workers seeking unemployment benefits dropped slightly last week to its lowest level in two months, a sign that employers are cutting fewer jobs.
The Labor Department said Thursday that new claims for jobless benefits fell by 3,000 to a seasonally adjusted 450,000, the third decline in four weeks. Many economists had expected an increase. Get the full story »
Dollar soars versus yen after Japan intervenes
The dollar surged on Wednesday to its highest level against the Japanese yen in September after the Bank of Japan unexpectedly moved to weaken the yen.
OfficeMax reiterates its third-quarter sales outlook
OfficeMax Inc. maintained its third-quarter sales forecast on Tuesday and said customers were budget conscious in their back-to-school spending.
Analyst downgrades W.W. Grainger
An FBR Capital Markets analyst on Tuesday cut his rating on shares of W.W. Grainger Inc., saying the facilities maintenance company’s stock is too expensive in light of slowing economic growth and an expectation for tougher sales comparisons for the rest of the year.
Gold’s price could rise to new record in 2010
Gold could rally above $1,300 an ounce this year, setting successive all-time highs, as uncertainty about economic recovery and a sovereign debt crisis stoke investment interest, according to a closely watched industry report released Tuesday. Get the full story »
Sep. 14, 2010 at 11:21 a.m.
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Filed under: Economy, Semiconductors, Small business, Technology IBM to help small businesses compete for contracts
Tech giant IBM said Tuesday it will set up a website at supplier-connection.net early next year with a single, standard application for small companies to bid on contracts at AT&T Inc., Citigroup Inc., Bank of America Corp., Pfizer Inc. and UPS Inc. That means small businesses won’t have to invest the time and money in preparing multiple bids.
August retail sales gain largest in 5 months
Sales at U.S. retailers increased more than expected in August, notching their largest gain in five months on strong receipts at gasoline stations and clothing outlets, according to a government report that further assuaged fears of a double-dip recession. Get the full story »
Gender pay gap is the smallest on record
From USA Today | Women earned 82.8 percent of the median weekly wage men do in the second quarter of 2010, the smallest pay gap ever recorded by the Bureau of Labor Statistics. The dramatic gains in the last decade — women earned 76.1 percent of men’s wages in the same period a decade ago — has been attributed, in part, to hits men’s wages are taking in the recession. Get the full story >>
United-Continental to keep Cleveland operations
United and Continental Airlines agreed on Monday to maintain a hub in Cleveland for at least five more years, as Ohio Attorney General Richard Cordray ended his antitrust investigation of the mega-merger.
The announcement clears one of the last remaining roadblocks to the tie-up, which will create the world’s largest carrier. The Justice Department, which had been expected to provide the closest scrutiny of the deal, concluded its antitrust probe last month.
United and Continental shareholders will vote on Friday to formally approve the financial union of the two airlines. The deal is slated to close on Oct. 1, when Continental CEO Jeff Smisek will become chief executive of the new United. Get the full story »
