Jobless Rate Climbs to 5.7% as 51,000 Jobs Lost in July By LOUIS UCHITELLE Payrolls contracted for the seventh consecutive month, but the loss was less than the 75,000 jobs that economists had expectedVisit New York Times Website
G.D.P. Grows at Tepid 1.9% Pace Despite Stimulus The economy grew less than expected from April to June, the government said on Thursday, and it shrank in the final months of 2007, dimming the outlook for a quick recovery.Visit New York Times Website
The buck doesn't stop here; it just keeps falling WASHINGTON - Things in the U.S. sure are tough. Brother, can you spare a euro? Signs saying "We accept euros" are cropping up in the windows of some Manhattan retailers...Visit Associated Press Website
Employers Cut Workers for a Sixth Month About 62,000 jobs disappeared in June, the government reported Friday, the sixth consecutive month that payrolls have declined, as businesses laid off workers amid the worst economic climate in a generation...Visit New York Times Website
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent Recent information indicates that overall economic activity continues to expand, partly reflecting some firming in household spending. However, labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, and the rise in energy prices are likely to weigh on economic growth over the next few quarters.
Fed Keeps Rates Steady, but Notes Inflation Worries Caught between inflationary pressures and a weakening economy, the Federal Reserve’s policy makers voted on Wednesday to deal primarily with the weakening economy by keeping interest rates at their present levelVisit New York Times Website
G-8 Finance Ministers Statement After Osaka Talks For a long time the world economy enjoyed a combination of robust growth and low inflation, but it now faces headwinds. We will work to ensure that the conditions are in place for continued strong world economic growth.
Group of Eight Calls Commodity Prices a `Serious' Threat to World Economy Finance ministers from the Group of Eight nations said surging food and fuel prices have replaced the credit squeeze as the biggest threat to the world economy.Visit Bloomberg Website
Inflation jumps by biggest amount in 6 months WASHINGTON - Soaring energy costs pushed inflation up in May at the fastest pace in six months. Food costs kept rising, too, and all signs are pointing to more bad news on gasoline, oil and food in the months ahead....Visit Associated Press Website
Dollar Climbs to Three-Month High as Bernanke Sees Lower Risks to Economy The dollar rose to a three-month high against the yen and climbed versus the euro after Federal Reserve Chairman Ben S. Bernanke said economic risks have faded, spurring traders to boost wagers interest rates will rise...Visit Bloomberg Website
Dow Plunges More Than 400 Points The markets opened lower on Friday and then just kept falling, hit by a remarkable rise in the price of crude oil and a spike in the unemployment rate.Visit New York Times Website
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT In the week ending May 31, the advance figure for seasonally adjusted initial claims was 357,000, a decrease of 18,000 from the previous week's revised figure of 375,000. The 4-week moving average was 368,500, a decrease of 2,750 from the previous week's revised average of 371,250.
Dow Falls Almost 300 Points as Oil Prices Jump $7 Crude oil prices rose and the stock markets fell sharply Friday morning, as new reports renewed concerns about the state of the economy.Visit New York Times Website
Unemployment Rate Hits 5.5% as 49,000 Jobs Lost The unemployment rate surged to 5.5 percent in May from 5 percent, the largest monthly spike in more than two decades, as the economy shed 49,000 jobs for a fifth month of decline, the Labor Department reported on Friday...Visit New York Tmes Website
Many consumers spend early rebates on soaring cost of living CHICAGO - Many Americans allowed themselves to fantasize about large-screen TVs, European vacations and other luxuries when they learned of the federal rebates they'd be getting this spring and early summer....Visit Associated Press Website
Ford plans involuntary layoffs of salaried workers DETROIT - Ford Motor Co. plans to conduct involuntary layoffs of salaried employees by August as part of a restructuring in the face of slumping sales and record-high gas prices, a spokeswoman said Wednesday....Visit Associated Press Website
Fed's Geithner Says World Economy Is Coping With U.S. Slowdown ``The world is much better positioned to deal with consequences of the slowdown in the United States,'' Geithner said...Visit Bloomberg Website
US official says credit crunch easing TOKYO - A U.S. Treasury official said Monday the global credit crunch is gradually calming following efforts by the Federal Reserve and other central banks....Visit Associated Press Website
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