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Fed cuts rate to stanch market bleed-out

January 22, 2008

In an surprise move, the Federal Reserve cut interest rates — the rate at which banks borrow from other banks — from 4.25% to 3.50%, as world financial markets were roiled by concerns that the U.S. economy is teetering on the brink of a recession....

Mortgage apps skyrocket in New Year

January 16, 2008

The number of mortgage applications filed increased by 28.4% for the week ended Jan. 11, compared to the previous week, as the weakening economy has pushed mortgage interest rates down, according to data from the Washington-based Mortgage Bankers...

Confidence at all-time low, says survey

January 11, 2008

In another sign of a weakening economy, consumer confidence fell to an all-time low this month. The RBC CASH Index, fell to 56.3 for January, down from a reading of 69.5 in December, marking the worst showing since the index was first compiled...

Rising oil prices fuel U.S. trade gap

January 11, 2008

The U.S. trade deficit widened to $63.1 billion last November, an increase of 9.3% over October according to a report released by the U.S. Department of Commerce today. The gap, the largest in 14 months, was mainly due to the rising cost of...

Recession has arrived, say analysts

January 7, 2008

The U.S. economy is in a recession, a Merrill Lynch & Co. Inc. economist wrote in a research note to clients this morning. "Friday's economic report confirmed our suspicions that the economy was transitioning into an official recession towards...

Millionaires, affluent upbeat in new year

January 2, 2008

Confidence among investors with more than $500,000 in investable assets increased in December, rebounding from sharp losses during the previous month. The Spectrem Affluent Investor Index, which measures the confidence of investors with $500,000...

No recession in '08, says Bear analyst

December 26, 2007

Despite the drubbing the financial services industry has taken this year, America will avoid a recession in 2008. "It is increasingly clear that the U.S. consumer did not roll-over during the holiday shopping season,'' said The Bear Stearns...

Federal budget 'unsustainable' says CBO

December 13, 2007

The United States is operating on an unsustainable federal budget that is bound to seriously damage the economy as federal debt grows much faster than the economy, the Congressional Budget Office said today. Unless the federal government significantly...

SIMFA predicts slow economic growth

December 10, 2007

The U.S. economy will grow a sluggish 2.1% in 2008 as a result of a contraction in the housing sector and credit-market turbulence, according to a forecast by the Securities Industry and Financial Markets Association's Economic Advisory Roundtable....

Sinking dollar sends oil sky high

November 20, 2007

The dollar slid to a new low against the euro today, sending the price for a barrel of crude oil to a new record high. The value of the dollar slumped to $1.481 euros, following the release of the Federal Reserve's October meeting revealed that...

Confidence plummets after rebound

November 9, 2007

Consumer confidence fell to the lowest level in more than two years in November, due to record oil prices, continued unrest in the housing market and inflation. The RBC Cash Index showed that consumer confidence fell to a reading of 64, down...

Dollar continues its plunge

November 7, 2007

The dollar fell to historic lows against the euro driven by concerns that China would move reserves out of the U.S. economy. Cheng Siwei, vice president of the Standing Committee of the National People's Congress, was quoted by wire services...

GDP, other economic gauges revive

October 31, 2007

Real gross domestic product out-performed economists’ expectations, raising 3.9% in the third quarter, after economists in a Bloomberg survey predicted a 3.1% increase. Real GDP—the output of goods and services produced by labor and property...

Consumer confidence drops

October 26, 2007

Falling home prices and higher food and fuel prices drove consumer confidence lower this month. The Reuters/University of Michigan Index of Consumer Sentiment fell to 80.9 this month from 83.4 in August and September. This is a significant drop...

U.S. bracing for recession, survey says

October 25, 2007

Americans have become even gloomier about the economy, according to a survey by Bloomberg/Los Angeles Times. Sixty-five percent of the 1,209 adults polled expect a recession, with only 29% disagreeing, according to Bloomberg. Meanwhile, 51%...

'Full recovery' a ways off, says Bernanke

October 16, 2007

“Uncertainty remains unusually high” in U.S. markets as a result of the subprime- mortgage meltdown, Federal Reserve Chairman Ben Bernanke said last night. The market is in better shape than it was over the summer, partly due to the Fed’s...

Three Americans win economic Nobel

October 15, 2007

Americans Leonid Hurwiez, Eric Maskin and Roger Myerson were awarded the Nobel Memorial Prize in Economic Sciences, “for having laid the foundations of mechanism design theory,” the Nobel Foundation announced today. Mr. Hurwiez, 90, a Russian-born...

Richest get even richer

October 12, 2007

The wealthiest Americans took a record slice of the income pie in 2005, a bigger helping than in the late-1990s bull market. A new report from the Internal Revenue Service revealed that two years ago, the top 1% of earners took home 21.2% of...

Good news on jobs front

October 5, 2007

The United States added 110,000 new jobs last month, following a significant upward revision for the two prior months, the Department of Labor said. The department also revised its statistics for new jobs during July and August: 89,000 new positions...

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