Stocks open higher as investors digest update on GDP, employment dataSeptember 30th, 2009 Stocks open higher after GDP, employment dataWall Street advanced Wednesday on the last day of the quarter, as investors received another sign the recession is ending. The Commerce Department's latest reading on second-quarter gross domestic product showed the economy sank at a pace of just 0.7 percent in the spring.
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.
Summary Box: Unemployment rate jumps to 26-year high, though job cuts slowSeptember 4th, 2009 Summary Box: Unemployment reaches 26-year highTHE BAD NEWS: The jobless rate jumped to 9.7 percent in August, the Labor Department said Friday, from 9.4 percent in July. That's the highest rate since June 1983.
OECD says economies to rebound earlier than predicted, though recovery remains fragileSeptember 3rd, 2009 OECD predicts earlier recovery than forecastPARIS — The world economy is headed for an earlier recovery than previously forecast, although the pace of the rebound will likely remain modest for some time to come, the OECD said Thursday. The Paris-based watchdog of industrialized nations said recessions this year in Japan and the euro zone will be less severe than the organization forecast in June, while the outlook for the U.S.
Richmond Fed chief evaluating mortgage securities program, sees 'slow, uneven' recoveryAugust 27th, 2009 Fed's Lacker eyes mortgage securities programDANVILLE, Va. — The Fed should continue its program designed to drive down mortgage rates at least until the economy begins to grow, the president of the Federal Reserve Bank of Richmond said Thursday.
Summary Box: Bernanke sees economy nearing a recovery, but financial problems persistAugust 21st, 2009 Summary Box: Bernanke sees economy near recoveryWHAT HAPPENED?: Federal Reserve Chairman Ben Bernanke offered his most optimistic view on the economy since the financial crisis struck. He said there's a good chance the economy will start growing again soon.
Meltdown 101: Why the worst lies ahead for the labor market, even if a recovery is under wayAugust 10th, 2009 Meltdown 101: Why unemployment will lingerThere is a growing sense among economists that the worst of the recession might be over. Unfortunately, the same can't be said for the labor market.
Caterpillar sees long-term profitability under various economic scenarios; affirms outlookAugust 4th, 2009 Caterpillar sees long-term profitabilityHeavy equipment maker Caterpillar said Tuesday its cost cuts and strategic planning had positioned the company for long-term profitability whether the global economy improves or remains mired in recession. The world's largest maker of construction and mining equipment affirmed its 2009 forecast and said it expects profit of $8 to $10 per share within five years if the world economy recovers and $2.50 per share annually if the recession continues.
Vice President Biden touts recovery act at National Urban League conference in ChicagoJuly 31st, 2009 Biden touts recovery act at Chicago conferenceCHICAGO — Vice President Joe Biden touted the $787 billion federal stimulus effort on Friday, saying he sees signs that the recession could end soon, but also called the package "the most misunderstood" piece of legislation. "What part of this act is about was not keeping people from falling through the cracks, but keeping them from falling in a deep black hole," he said in a speech at the National Urban League conference.
Obama budget director defends $787B stimulus, says unemployment to stay 'stubbornly high'July 22nd, 2009 Budget boss defends stimulus, sees joblessness upNEW YORK — The Obama administration's budget director defended its $787 billion stimulus package, saying the heavy spending was necessary to rescue the economy and that the plan is "on schedule" to produce the intended results. In prepared remarks to the Council of Foreign Relations in New York, Peter Orszag said it was "misleading" to judge the effectiveness of the stimulus package based on the rise in unemployment — which hit a 26-year high of 9.5 percent in June — and which he expects will stay high for the "next few quarters."
"Only a very small part of the total job creation expected from the Recovery Act would take place by the end of the second quarter," Orszag said.
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.
Unemployment in OECD countries to approach 10 percent in 2010, OECD saysJune 23rd, 2009 OECD warns unemployment will rise in 2010PARIS — Unemployment in the 30 most developed market democracies of the world will continue to rise next year to reach almost 10 percent by the end of 2010, the Paris-based Organization for Economic Cooperation and Development said Tuesday. More than 57 million people will be unemployed in the 30 countries making up the OECD at the end of 2010, up from 37.2 million at the end of 2008, the international body said in a report.
Total unemployment insurance rolls drop for first time since early JanuaryJune 18th, 2009 Total jobless rolls drop sharply to nearly 6.8MWASHINGTON — The total number of people on the unemployment insurance rolls has dropped for the first time since early January, while first-time claims for benefits rose slightly. The Labor Department says the total unemployment insurance rolls fell by 148,000 to 6.76 million, the largest drop in more than seven years and a sign that layoffs are easing.
Boeing chief sees aviation recovery from 2010 onwardsJune 15th, 2009 PARIS - Boeing sees a recovery of the aviation market by middle of next year, chief executive Scott Carson predicted Monday at the Paris Air Show. But its not clear how steep the recovery will be, Carson warned at the world's largest aviation exhibition.
Obama economic adviser predicts 2nd quarter contraction, increases in unemploymentApril 30th, 2009 Obama adviser sees increase in unemploymentWASHINGTON — Unemployment will increase in the next several months, but the pace of the nation's economic slide will moderate and level out in the second half of the year, a top Obama economic adviser told Congress Thursday. Christina Romer, the chairwoman of Obama's Council of Economic Advisers, predicted another economic contraction in the second quarter of the year and delivered a downbeat assessment about unemployment.
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