Treasury Secretary Timothy Geithner says the administration is encouraged to hear Republicans say they would support President Barack Obama’s plan to extend tax cuts to the middle class.
Filed under: Economy
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Wholesale inventories rise 1.3% in July
Inventories held by wholesalers surged in July by the largest amount in two years, while sales rebounded after two straight declines.
Fed buys another $1.35B of Treasurys
Bloomberg News | The Federal Reserve bought another $1.35 billion in of Treasurys as part of a program begun Aug. 17 to reinvest money from the mortgage securities to keep liquidity in the financial system. This brings the total Fed investment to $14.24 billion.
Sep. 9, 2010 at 9:56 a.m.
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Filed under: Economy, Government, International, Investigations, Investing, Regulations Brits hit Goldman with $27M nondisclosure fine
Britain’s financial watchdog fined Goldman Sachs Group Inc. 17.5 million pounds ($27 million) for failing to tell the regulator it was the subject of a U.S. probe, reviving disclosure headaches for the Wall Street powerhouse.
The fine — one of the biggest imposed in Britain — stemmed from Goldman’s troubled Abacus mortgage-security product, which was the focus of an investigation by the U.S. Securities and Exchange Commission. Get the full story »
30-year mortgage rates rise slightly
Mortgage rates mostly edged up last week as investors’ fears about the economy eased.
Mortgage buyer Freddie Mac says the average rate for a 30-year fixed loan was 4.35 percent, up from 4.32 percent the week before. It was only the second rise in 12 weeks. Last week’s was the lowest number since Freddie Mac began tracking rates in 1971. Get the full story »
Beige Book blue about Midwest, East
The U.S. economy has shown “widespread signs” of slowing over recent weeks, the Federal Reserve said Wednesday in a report suggesting the recovery was faltering along the East Coast and in the Midwest.
The Fed said in its Beige Book compilation of anecdotal reports that modest growth was the most common characterization of economic activity in Fed districts, primarily those in the western and middle portions of the country such as San Francisco, Dallas and Kansas City. Get the full story »
2 Fed banks sought hike in discount rate
Two regional Federal Reserve banks, Kansas City and Dallas, pushed again for a modest increase in the rate charged to banks for emergency loans, according to minutes from an August policy meeting released Tuesday.
The Fed — the U.S. central bank — kept the discount rate unchanged at 0.75 percent at its Aug. 10 meeting. The Dallas and Kansas City Fed boards requested an increase to 1 percent, while the other 10 regional Fed banks sought no change. Get the full story »
Unemployment rate climbs to 9.6%
Students seek employment during a U. of I. job fair in Springfield. (AP/Seth Perlman)
The nation’s jobless rate worsened slightly last month, edging up to 9.6 percent from 9.5 percent in July, the government said Friday in a report that had little for workers to cheer about this Labor Day weekend.
Overall, the American economy lost 54,000 net jobs in August, as another 114,000 temporary Census workers were dismissed from the federal government’s payrolls. Get the full story »
Illinois employment could improve later this year
Employment in Illinois may accelerate in the last quarter of the year, according to one survey by a California-based staffing firm.
A report released Thursday by Robert Half International said a net 12 percent of Illinois executives expect to hire more employees in the fourth quarter, an increase of 11 percentage points over sentiment measured in the third quarter. The company’s survey showed 19 percent of executives planned to staff up, while 7 percent were expecting to cut staff. Subtracting the 7 percent from the 19 percent generated the net 12 percent figure.
The Illinois figure reflects rosier sentiment in the state than nationally. Robert Half’s broad survey indicated that a net 6 percent of executives plan to increase hiring in the fourth quarter, up three percentage points from the third quarter. Get the full story »
Mortgage rates hit another low; now at 4.32%
A woman fills out a form to receive more information after touring a new home for sale in St. Louis, Aug. 25, 2010. Mortgage rates continue to drop. (AP Photo/Jeff Roberson)
U.S. mortgage rates fell in the past week to the latest in a series of record lows as yields on government debt dropped, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.
Rock-bottom rates offer a glimmer of hope for a housing market that has failed to find footing in the aftermath of the expiration of popular home buyer tax credits.
Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.32 percent for the week ended September 2, down from the previous week’s 4.36 percent and its year-ago level of 5.08 percent, according to the survey. Get the full story »
Productivity shows workers little more to give
Productivity in the spring fell by the largest amount in nearly four years while labor costs rose, signals that companies may have reached the limits of squeezing more work out of fewer workers.
U.S. retailers’ August sales beat estimates
U.S. retailers posted better-than-expected sales in August as consumers sought out bargains during the key back-to-school selling season. Get the full story »
Manufacturing grew faster in August than in July
Manufacturing companies grew faster in August as the industrial sector continues to lead the recovery, and managers’ desire to hire shot up to the highest level in nearly 30 years.
The Institute for Supply Management said Wednesday its manufacturing index rose to 56.3 in August from 55.5 in July. A reading above 50 indicates growth. The manufacturing sector has expanded for 13 straight months.
