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2009-08-13 07:29:50

The U.S. Federal Reserve signaled a turning point in the recession, saying it would scale back on buying government bonds, a retreat from its recovery program. So begins the delicate act of reversing expensive recovery efforts that, without the undertow of the Great Recession to slow them down, could accelerate inflation and undermine the value of the dollar. The Fed Wednesday said the economy would remain weak for a time, in a statement that had far less ominous tones than the bank's...

2009-07-31 09:47:20

The U.S. gross domestic product fell 1 percent in the second quarter beating expectations soundly, the Bureau of Economic Analysis reported Friday. The figure, the broadest measure of U.S. economic activity, fell as expected, showing the economy was still in a slump. But the 1 percent drop beat expectations by 0.4 percentage points and seemed a far cry from the 6.4 percent drop in the first quarter of the year. Even automobiles contributed, adding 0.2 percentage points to the second quarter...

2009-07-30 06:51:21

The U.S. economy is showing tentative signs of a recovery, beginning with hints the slowdown is not as severe as it used to be, the Federal Reserve said. The Fed's Beige Book report released Wednesday said the economy remained weak, but most districts indicated that the pace of decline has moderated since the last report or that activity had begun to stabilize, albeit at a low level. The report hardly said the glass is half full, but indicates, the economy is transitioning, Bernard Baumohl,...

2009-07-16 00:50:01

China Thursday announced its second-quarter GDP grew 7.9 percent from the same period of last year, thanks to huge fiscal pump-priming and record lending. The National Bureau of Statistics said the measures helped spur the economy from its less robust 6.1 percent growth in the first quarter, blamed on declining exports. The new number put the world's third-largest economy after the United States and Japan closer to achieving overall annual growth of 8 percent this year. China's GDP in the...

2009-07-08 15:35:05

U.S. consumer credit dropped at an annual rate of 1.5 percent in May, the Federal Reserve Bank said Wednesday. Revolving loans, which refer to credit card borrowing, fell by an annual rate of 3.75 percent in the month, as consumers have pared back on spending in the midst of a prolonged recession. Non-revolving debt, which includes automobile loans, fell by an annual rate of 0.25 percent. Revolving loans dropped by $3.3 billion, while non-revolving loans declined by $400 million, the Fed said.

2009-07-06 07:12:12

A market lull turned volatile Thursday before the Independence Day break, with U.S. markets plunging on an uptick in unemployment. The grim numbers are increasingly familiar: Manufacturing jobs declined 136,000 in the month of June on a decrease of 1.9 million since the recession began. Construction shrank by 79,000 jobs in the past 30 days and by 1.3 million in the past 19 months. The professional and business service sector shed 118,000 jobs in June, 1.5 million since December 2007....

2009-06-26 08:48:54

Personal income rose faster than consumer spending and faster than inflation in May, the U.S. Commerce Department reported Friday. Personal income gained 1.4 percent, well ahead of expectations, which called for an increase of 0.3 percent. Spending rose 0.3 percent, in line with expectations, while prices rose 0.3 percent, following a drop of 0.1 percent in April. Core prices, which exclude food and energy costs, rose 0.1 percent, in line with expectations. In May, prices rose at an annual...

2009-06-24 10:06:37

The Organization for Economic Co-operation and Development in Paris said the recession was approaching a weak and fragile recovery in developed nations. Recovery is likely to be weak and fragile, and the economic and social change caused by the crisis will be long-lasting, the OECD said in its semiannual economic forecast, released Wednesday. The report upgraded the U.S. economic forecast, from a previous prediction of a 4 percent decline in 2009 to a decline of 2.8 percent. The Chinese...

2009-06-22 11:33:06

The global recession is cutting sharply into investment capital for developing countries, the World Bank in Washington said Monday. The World Bank said capital inflows to developing countries dropped to $707 billion in 2008, from a record $1.2 trillion in 2007. This year, foreign capital flowing to developing countries is expected to plummet to $363 billion, the bank said in a statement. The bank warned that slower growth will require tighter and more effective oversight of the financial...

2009-06-04 12:32:35

The Bank of Canada said Thursday it was maintaining its .05 percent interest rate and expressed concern with the Canadian dollar's increased value. The bank last set its rate on April 21, and the Canadian dollar has risen 12 percent against the U.S. dollar since. A release from the bank said that rise could hamper recovery from the recession. In recent weeks, financial conditions and commodity prices have improved significantly, and consumer and business confidence have recovered modestly,...


Word of the Day
Cthulhu
  • A gigantic fictional humanoid alien god being described with a head resembling an octopus and dragon wings and claws, around whom an insane cult developed.
  • Pertaining to the mythos of Cthulhu and additional otherworldly beings created by H. P. Lovecraft or inspired by his writings and imitators.
This word was invented in 1926 by H.P. Lovecraft for his short story, 'The Call of Cthulhu.' 'Cthulhu' may be based on the word 'chthonic,' which in Greek mythology refers to the underworld.
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