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Business activity increased in July after experiencing two-consecutive months of a slow momentum, according to a monthly survey of members of the Institute for Supply Management-Chicago.
The Chicago Business Barometer, a measure of manufacturing and non-manufacturing activity, rose to 62.3 from 59.1 in June. July marks the tenth consecutive month of a reading above 50, which indicates expansion. Get the full story »
The U.S. economic recession was more severe than previously estimated, the government said Friday in a series of data revisions that also showed growth at the end of last year was weaker than previously thought.
Benchmark revisions issued by the Commerce Department showed gross domestic product contracted 2.6 percent last year and the economy did not grow at all in 2008. It had previously estimated output fell 2.4 percent in 2009 after expanding 0.4 percent the prior year. Get the full story »
Habit, the nationally recognized Chicago boutique dedicated to championing emerging Chicago designers, is closing its doors on Saturday after five years.
Habit owner Lindsey Boland sent an email notice to customers Wednesday announcing that she was shutting down the shop.
Boland, a clothing designer who trained with Cynthia Rowley in New York, opened the store at 1951 W. Division St. in September 2005 with high hopes of turning the spotlight on local talent. Her mission was to carry independent, high-crafted designs created in small quantities, making sure to stock half the store with inventory from Chicago-based companies.
Habit joins a growing number of high-profile, independent Chicago boutiques that have closed this year in the wake of the recession as well-heeled shoppers cut back on spending. Get the full story »
A Federal Reserve official says the central bank should revive a crisis-era program to buy government debt if the country seems headed toward a bout with deflation. Get the full story »
Overall U.S. economic activity is still increasing but not robustly and in a few districts has lost steam over the past several weeks, the Federal Reserve said Wednesday.
The Fed’s latest Beige Book summary of national economic conditions, based on information before July 19, pointed to a less-than-booming recovery with sluggish housing markets and sales of costly items like new cars weakening. Get the full story »
Even affluent Chicagoans believe they’re going to have to put off retirement.
About 47 percent of affluent Chicago residents now expect to retire later than they originally planned, compared with 45 percent a quarter ago, and only 29 percent in January 2010, according to a study released Wednesday by Merrill Lynch Wealth Management.
But rising health-care costs are what they’re most concerned about, with 70 percent expressing major worries about those expenses. In fact, among the 54 percent of local respondents who say they lose sleep over a financial concern, 51 percent said it’s because of worries about health-care costs. Get the full story »
White House budget chief Peter Orszag said on Wednesday it would be “foolish” to cut the U.S. deficit while economic growth was still frail, but it would be equally foolish not to significantly curb the deficit by 2015.
Orszag told an audience at The Brookings Institution, a Washington think-tank, that failing to take real steps toward closing the record U.S. budget gap would do as much harm to the economy has choking off fiscal stimulus now. Get the full story »
Small businesses are facing the most difficult business climate in three years, according to a report released today.
Among the most troubling signs: Four out of every 10 small business owners are unable to secure adequate financing, according to the National Small Business Association’s mid-year economic report.
Indeed, it has been 17 years since this many small businesses have had such a difficult time getting loans, said Todd McCracken, president of the Washington D.C.-based organization. Get the full story »
New orders for long-lasting U.S. manufactured goods unexpectedly fell for a second straight month in June, posting their largest decline since August, according to a government report Wednesday that was further evidence economic growth cooled in the second quarter.
The Commerce Department said durable goods orders fell 1.0 percent after a revised 0.8 percent drop in May. Get the full story »