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Fed holds rate steady

June 25, 2008

The Federal Reserve Board held the economy’s key interest rate at 2% today in a bid to keep inflation in check. The decision to keep the federal funds rate unchanged ended a streak of seven consecutive meetings that resulted in cuts. Since...

Sales of new single-family homes fall

June 25, 2008

Sales of new single-family homes fell 2.5% last month to an adjusted annual rate of 512,000, according to the Department of Commerce. May home sales declined from April’s revised rate of 525,000 homes sold. Economists surveyed by MarketWatch...

Economy looking up for ’09, say experts

June 24, 2008

U.S. economic growth will be subdued this year, but the economy will begin to pick up in 2009, according to the Securities Industry and Financial Markets Association’s Economic Advisory Roundtable. “The round table expects economic growth...

Consumers see economy stuck in ‘low gear’

June 24, 2008

Consumer confidence plummeted this month to its fifth lowest reading on record as consumers fretted over worsening business conditions and a weakening job market. “Consumers’ assessment of present-day conditions continues to grow more negative...

Not your average bear market, analyst says

June 23, 2008

Rising food and energy costs, an ailing financial sector and a hobbled consumer are evidence that the economy has a "worse-than-average recession" and potentially the worst economic decline in more than three decades, wrote Brian Belski, U.S....

Inflation unchecked in May

June 13, 2008

The consumer price index, a key measure of inflation, rose 0.6% in May as skyrocketing food and energy prices boosted inflation by the largest amount since November, according to data from the Department of Labor. Wall Street economists surveyed...

Consumer confidence hits all-time low

June 5, 2008

Confidence among U.S. consumers hit an all-time low this month, as consumers fretted about falling housing prices, rising food and energy prices, and a softening job market, a new reading of consumer attitudes showed. The RBC Consumer Attitudes...

Home prices still heading south

May 27, 2008

House prices continued to plunge in the first quarter, with new data revealing record declines across the country. The Standard & Poor's/Case-Shiller home price index, which tracks single-family house prices, tumbled 14.1% in the first quarter,...

Economist: Recession fears unfounded

May 20, 2008

Following the Federal Reserve’s rescue of The Bear Stearns Cos. Inc. of New York, the economy will probably avoid going into recession, said Marci Rossell, a former chief economist for CNBC Inc. television. She credited the Fed chairman with...

Recession is upon us, Americans say

May 6, 2008

A whopping 79% of Americans believe that the United States is in a recession, a poll released today suggests. That’s up from 74% in March and 66% in February, according to a national CNN/Opinion Research Corp. poll conducted April 28-30. ORC...

Economy slowing down 401(k) contributions

April 30, 2008

Due to the current economic climate, 8% of investors have halted or reduced their contributions in 401(k) plans in recent months, according a study to be released next week. The study from Cogent Research LLC of Cambridge, Mass. showed that...

Bush faults Congress for soured economy

April 29, 2008

President Bush today called on Congress to implement measures that would help alleviate economic hardships for Americans, including rapidly escalating energy prices, mortgage prices and tuition bills. The president blasted congressional leaders...

Nervous Americans put lives on hold

April 7, 2008

Four in 10 American adults were holding off on major life decisions because they were worried about the economy, according to a poll released today. Forty-one percent of adults had delayed making major life decisions such as home ownership,...

Yellen: Housing woes have stalled economy

April 4, 2008

Recent market shocks have “all but stalled and could contract” the U.S. economy, said Janet L. Yellen, president of the Federal Reserve Bank of San Francisco. “Until recently, the deflating housing bubble had not spilled over to the rest...

Bernanke paints bleak picture

April 2, 2008

The economy is weakening and may be headed for recession, Federal Reserve Chairman Ben Bernanke said in testimony today before the Joint Economic Committee of Congress. “It now appears likely that real gross domestic product will not grow much,...

Wary consumers glum on economy

March 7, 2008

U.S. consumers continued to frown on the state of the economy, as falling home values, an increasing number of foreclosures and $100-per-barrel oil pushed consumer confidence downward this month. The RBC CASH Index fell to a reading of 33.1...

Foreclosures up, home sales stable

March 6, 2008

In a mixed bag of indicators for the housing market, pending home sales were unchanged in January while foreclosure rates hit a new record high during the fourth quarter. The number of contracts for pending home sales was unchanged in January,...

Financial sector bleeds jobs in '08

March 5, 2008

New economic data released today reinforced the downward tack of the U.S. economy, as declining jobs, diminishing factory orders and a shrinking service sector painted a bleak picture for the U.S. economy. The U.S. Commerce Department reported...

Bernanke: Lenders should give helping hand

March 4, 2008

Financial services companies and mortgage companies must do more to reduce preventable home foreclosures, Federal Reserve chairman Ben S. Bernanke said today. "Measures to reduce preventable foreclosures could help not only stressed borrowers...

U.S. personal income edges up

February 29, 2008

A slight increase in personal income was overshadowed by rising inflation, according to the Commerce Department. Personal income rose 0.3% in January, down from 0.5% in December of 2007. Inflation as measured by the personal consumption expenditures...

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