Latest Economic history Stories

2009-09-10 13:41:43

U.S. Treasury Secretary Timothy Geithner told the House Oversight Panel that an economic recovery needed more time, but an outright meltdown had been avoided. We still have a long way to go before true recovery takes hold, Geithner told the congressional panel charged with monitoring the nation's recovery effort. "September 2009 is a far cry from the crippling fear and panic of September 2008, Geithner said. Forceful interventions sidestepped a catastrophic systemic meltdown, he said,...

2009-09-08 16:47:58

Outstanding consumer credit fell by $26.1 billion in July, far greater than economists predicted, the U.S. Federal Reserve said Tuesday. Revolving credit, including credit card loans, fell $6.1 billion, while non-revolving credit dropped $15.4 billion. On an annual basis, credit plunged 10.5 percent, as banks increased lending restrictions and consumers cut spending. Consumer credit fell for the sixth consecutive month. In June, outstanding credit dropped by $15.5 billion, the Fed said....

2009-09-04 11:10:00

Economic analysts said the $787 billion economic stimulus package was beginning to show up in the U.S. gross domestic product. In a speech at the Brookings Institution in Washington, Vice President Joe Biden said the Recovery Act had a significant role in changing the trajectory of our economy. Instead of talking about the beginning of a depression, we are talking about the end of a recession, he said. It's a gigantic amount of fiscal stimulus and anyone who tells you it has had no impact,...

2009-08-14 08:54:37

Hong Kong's economy posted positive numbers in the second quarter compared to the first, an indication that the recession in Asia was in retreat. Hong Kong's economy grew 3.3 percent in the second quarter, although it shrank 3.8 percent compared to the second quarter of 2008, The New York Times reported Friday. Singapore also reported growth in the second quarter, as did South Korea. China, the world's third largest economy, is aiming for growth of 8 percent this year. Economists predict...

2009-08-12 15:43:28

U.S. markets turned higher Wednesday, following a two-day skid that showed the economic recovery is more tentative than some experts expected. The Bureau of Economic Analysis said the U.S. trade gap rose in June to $27 billion, up from May's $25.9 billion, but not as high as the $28.4 billion economists had predicted. By close, the Dow Jones industrial average gained 120.16 points, 1.3 percent, to 9,361.61. The S&P 500 added 11.46 points, 1.15 percent, to 1,005.81. The Nasdaq index rose...

2009-08-10 14:54:38

University of Maryland economist Peter Morici said the Great Recession will return once stimulus money from the American Recovery and Reinvestment Act is spent. The reason, he said, is the size of the U.S. trade deficit. The deficit is currently 2.2 percent of gross domestic product, he said. At that size, the trade deficit subtracts about more from demand for U.S.-made goods and services than President Obama's stimulus package adds, said Morici, a former chief economist of the U.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...

2009-07-27 06:19:19

The corporate reporting season, a trudge through Wall Street's second quarter results, has been met with vigorous approval, it seems, in Asian markets. While U.S. markets turned in a mixed day Friday, Asian markets continued to post positive numbers Monday with the Nikkei 225 in Japan rising for the ninth straight session and closing above the 10,000-point mark for the first time since mid-June. The Nikkei index added 144.11 or 1.45 percent, to 10,088.66, while the Shanghai composite index...

2009-07-20 14:35:44

U.S. lawmakers say they are at odds with the Obama administration over the General Motors Co. and Chrysler Group LLC dealership closings. Lawmakers want to know the role the Obama administration played in GM's and Chrysler's decisions to close more than 3,000 auto dealerships combined and shutter factories, costing tens of thousands of jobs, The Detroit News reported. The House Judiciary Committee, chaired by U.S. Rep. John Conyers, D-Mich., is to start a two-day hearing Tuesday, with...

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...

Word of the Day
  • Remarkable; prodigious.
  • Audacious; gutsy.
  • Completely; extremely.
  • Audaciously; boldly.
  • Impressively great in size; enormous; extraordinary.
This word is probably from the dialectal 'boldacious,' a blend of 'bold' and 'audacious.'