US Fed sees recovery, but long wait for unemployment dropOctober 14th, 2009 WASHINGTON - The Federal Reserve said Wednesday that economic activity in the US has picked up over the last few months and will continue improving through next year. But the recovery will not be strong enough to lower unemployment, which currently sits at a 28-year high of 9.8 percent, according to minutes of the central bank's last board meeting in September.
Lockhart: No rush for Fed to raise rates, warns of lethargic recoverySeptember 30th, 2009 Lockhart: No rush for Fed to raise ratesWASHINGTON — A Federal Reserve official sees no need to rush to boost interest rates and rein in the extraordinary support for the economy, suggesting there are still dangers to the unfolding recovery. In a speech in Mobile, Ala., Federal Reserve Bank of Atlanta President Dennis Lockhart says: "I think it may well be some time before (a) comprehensive exit need be under way."
In recent days, other Fed officials have raised the prospect of having to raise rates quickly once the economy gains traction to ward off inflation.
Obama not ready to say recession is over, says jobs picture could worsen in coming monthsSeptember 20th, 2009 Obama not yet prepared to declare recession overWASHINGTON — President Barack Obama isn't ready to close the book on the recession. Only last week Federal Reserve Chairman Ben Bernanke said the worst recession since the 1930s was probably over.
US economy stepped back from the brink: ObamaSeptember 9th, 2009 WASHINGTON - The US economy has stepped back from its worst recession in seven decades and is on the road to recovery, President Barack Obama said in a rare address to Congress Wednesday night. In a speech before both houses of Congress that was largely devoted to health care, Obama took credit for pulling the world's largest economy out of a deep crisis but warned there was more pain to come.
US central bank sees economic recovery in coming monthsSeptember 2nd, 2009 WASHINGTON - The US Federal Reserve sees an end to the economic crisis in the second half of the year even as problems are expected to remain on the job market, according to minutes of the central bank's last meeting released Wednesday. Still the majority of the central bankers said at the Aug 11-12 meeting that they expected recovery to be slow and stressed that the economy was "still vulnerable to adverse shocks".
Obama: Manufacturing growth an important sign of recovering economySeptember 1st, 2009 Obama: Manufacturing growth a good signWASHINGTON — President Barack Obama says a promising report on the state of U.S. manufacturing is a sign that the hurting economy is moving in the right direction.
Worst of economic downturn may be over in US, say economistsAugust 13th, 2009 WASHINGTON - US economists are generally agreed that America's worst economic downturn since the Great Depression is over, but an average American is unlikely to feel things are significantly better anytime soon. The Wall Street Journal's survey of top economists, published Wednesday, found that 57 percent believe the recession is already over, while another 23 percent believe that the economy will turn in the next month or two.
Obama says $787 billion stimulus program is reason economy beginning to turn itself aroundJuly 31st, 2009 Obama credits stimulus for economy's progressWASHINGTON — President Barack Obama says the $787 billion economic stimulus program he enacted within weeks of taking office is helping the economy begin to pull itself out of the recession. The Commerce Department reported Friday that the economy contracted at a pace of just 1 percent in the second quarter.
Obama insists economy is 'back from the brink'July 23rd, 2009 WASHINGTON - US President Barack Obama has said the country's struggling economy is on its way to recovery, but warned that the job market will be the last thing to return to normal. In an evening press conference at the White House Wednesday, Obama defended his own prescriptions for nursing the economy back to health and urged the US public to give his plans more time to work.
New manager of government's bank bailout program says he sees signs economy is on the mendJune 24th, 2009 TARP chief sees sun peeking through economic stormWASHINGTON — The new manager of the government's $700 billion bank bailout program says he sees signs the economy is on the mend even though high unemployment and falling home prices remain a threat. In prepared testimony for a congressionally appointed panel, Herbert Allison said Wednesday it is critical for the government to remain vigilant and "press ahead" with recovery efforts.
Buffett forecasts end to recession but uncertain on timingMay 4th, 2009 Buffett sees end to recession, uncertain on timingWASHINGTON — Billionaire Warren Buffett says the latest recession really shook up Americans' confidence but he sees the economic slide ending. The head of Berkshire Hathaway Inc.
Obama says $3.4 trillion budget moves 'economy from recession to recovery'April 30th, 2009 Obama hails passage of $3.4 trillion budgetWASHINGTON — President Barack Obama says the $3.4 trillion budget that Congress wrapped up builds on the steps he's taken to move the economy from recession to recovery and eventually prosperity. Shortly after the Senate voted to pass the measure Wednesday, Obama said the budget builds what he's done in his first 100 days.
Fed leaves rate at record low; sees signs recession easing but warns economy will remain weakApril 29th, 2009 Fed says it sees signs recession may be easingWASHINGTON — The Federal Reserve says it sees signs the recession may be easing but warns the economy is likely to remain weak. Against that backdrop the Fed held its key lending rate at a record low of between zero and 0.25 percent.
Fed leaves rate at record low; sees signs recession easing but warns economy will remain weakApril 29th, 2009 Fed sees signs recession may easingWASHINGTON — The Federal Reserve says it sees signs the recession may be easing but warns the economy is likely to remain weak. Against that backdrop the Fed held its key lending rate at a record low of between zero and 0.25 percent.
Obama urges action as White House sees continuing recessionJanuary 16th, 2009 WASHINGTON - US president-elect Barack Obama Friday called for urgent action to stem the country's economic decline, lending his backing to a $825-billion stimulus package introduced by lawmakers Thursday. The outgoing Bush administration said it expects the US recession to continue through at least the first half of 2009 and unemployment to surge to 7.7 percent this year, according to a White House forecast issued Friday.
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