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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...

2009-07-13 13:49:10

University of Maryland economist Peter Morici called on President Obama to abandon the conventional wisdom of the left to pull the country out of recession. Just as President (George W.) Bush's blind adherence to conservative ideology threw America into crisis, Obama must unshackle his policies from liberal group think to succeed, Morici said. Morici said the U.S. trade deficit with China needs to be addressed because until imports are paid for with exports, "inventories pile up and layoffs...

2009-07-08 14:21:02

The U.S. House Appropriations Committee agreed to a measure that would force General Motors Corp. and Chrysler LLC to keep auto dealerships open. The automakers have attempted to sever connections with about 3,000 auto dealers in their bankruptcy proceedings. GM has plans to cancel contracts with nearly 1,400 dealerships, while Chrysler closed 789 dealerships last week as part of its restructuring plans. The measure, which would overturn the closures, was approved as an amendment to the...

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2009-06-30 09:58:34

The home prices index for 20 U.S. metropolitan regions dropped in April for the 33rd consecutive month, a closely watched housing index said. The 20-city index fell 0.5 percent in April compared to March, a smaller decline than most recent months. But the index has fallen 32.6 percent since August 2006, when the prices began their descent. The S&P/Case-Shiller home price indexes report, released in Washington, noted house prices declined sharpest in the pre-recession building boom areas...

2009-06-25 07:05:20

The U.S. Federal Reserve said it would continue to buy Treasury bonds and mortgage-backed securities despite hopeful signs of a recovery. The Fed leaned on almost positive sound bites Wednesday, pointing out financial markets had generally improved, and consumer spending had shown further signs of stabilizing. The slowdown is slowing down, the Fed said. In reaction, the Open Market Committee will keep bank-to-bank lending rates near 0 percent and maintain its plan to purchase $1.25 trillion...

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...

2009-06-16 08:51:17

U.S. markets rose slightly Tuesday morning after the Commerce Department said housing starts rose 17.2 percent in May compared to the previous month. In mid-morning trading, the Dow Jones industrial average gained 2.95 points, or 0.03 percent, to 8,615.08. The Standard & Poor's 500 rose 0.15 percent, 1.36 points, to 925.08. The Nasdaq composite index added 3.72 points, 0.2 percent, to 1,820.10. The benchmark 10-year U.S. Treasury bond fell 5/32 to yield 3.735 percent. The euro rose to...

2009-06-12 07:10:34

Employment data show the recession has taken its toll on U.S. workers who have jobs, as well as those who do not. The amount of time put in by those with jobs slipped to 33.1 hours a week, the lowest average work week since 1964 when the Bureau of Labor Statistics began tracking the figure, USA Today reported Friday. In fact, the bureau says the recession has set several records. But they are not records likely to cheer up workers or economists. Overtime hours are at a record low, while the...

2009-06-09 09:43:43

Slovenia's economy declined at an annual rate of 8.5 percent in the first quarter, mainly due to a 21 percent drop in exports, the statistics office said. This is the biggest contraction since the nation joined the European Union in 2004 and it formally qualifies Slovenia as a country in recession with two quarters of economic decline in a row, the Ljubljana news agency STA reported Tuesday. Slovenia's gross domestic product in the last quarter of 2008 dropped at an annual rate of 0.8...


Word of the Day
call-note
  • The call or cry of a bird or other animal to its mate or its young.
'Call-note' is newer than 'bird-call,' which originally referred to 'an instrument for imitating the note of birds' but now also refers to 'the song or cry of a bird.'
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