Federal Reserve payed government $88.9 billion in 2012

BY: Associated Press
POSTED: January 10, 2013
Tags: Banks, Ben Bernanke, Economy, federal reserve, Government, mortgages, Recession

WASHINGTON — The Federal Reserve says it paid the federal government a record $88.9 billion in 2012. The central bank earned the money from the Treasury bonds and mortgage-backed securities it has purchased to drive interest rates lower and boost the economy. The 2012 payment was up 17.9 percent from 2011 when it paid the [...]

Job openings barely grew in November

BY: Associated Press
POSTED: January 10, 2013
Tags: Business, Economy, employment, job opening, jobs, Recession, Unemployment

WASHINGTON — U.S. employers advertised about the same number of jobs in November as in October, suggesting hiring will stay modest over the next few months. The Labor Department says job openings ticked up 11,000 last month to 3.67 million. That’s about 12 percent more than were advertised in the same month a year ago. [...]

Service firms grow by most in 10 months

BY: Associated Press
POSTED: January 4, 2013
Tags: Economy, factory orders, hiring, jobs, Recession, service firms

WASHINGTON — A gauge of U.S. service firms’ activity expanded in December by the most in nearly a year, driven by a jump in new orders and hiring. The Institute for Supply Management said Friday that its index of non-manufacturing activity rose to 56.1 in December from 54.7 in November. That’s the highest level since [...]

Americans seeking unemployment aid rises by 17,000

BY: Associated Press
POSTED: December 20, 2012
Tags: Economy, jobs, Recession, Unemployment

WASHINGTON — The number of Americans applying for unemployment benefits rose last week by 17,000, reversing four weeks of declines. But the number of people seeking aid is consistent with a job market that continues to grow modestly. Unemployment claims rose the week of Dec. 15 to a seasonally adjusted 361,000 from a revised 344,000 [...]

Wells Fargo’s deal with Justice Dept. grows after review 

BY: Beth Moszkowicz
POSTED: December 19, 2012
Tags: Banks, Business, Economy, George Nilson, Government, Recession, subprime loans, wells fargo

Residents of Baltimore and seven other cities will share an extra $60 million in compensation from Wells Fargo Bank N.A., according to a document filed Wednesday in the Justice Department’s civil lawsuit against the lender. The money stems from an internal review Wells Fargo agreed to undertake as part of the historic $125 million settlement [...]

Fed sends clearer signal on keeping rates low

BY: Associated Press
POSTED: December 12, 2012
Tags: Ben Bernanke, bonds, Economy, fed, federal reserve, growth, Recession, Unemployment

WASHINGTON — The Federal Reserve sent its clearest signal to date Wednesday that it will keep interest rates super-low to boost the U.S. economy even after the job market has improved significantly. The Fed says it plans to keep its key short-term rate near zero until the unemployment rate reaches 6.5 percent or less — [...]

Fed survey: Economy growing at steady pace

BY: Associated Press
POSTED: November 28, 2012
Tags: beige book, Ben Bernanke, Economy, fed, federal reserve, fiscal cliff, growth, huricane sandy, Recession

WASHINGTON — A pickup in consumer spending and steady home sales helped lift economic growth in October and early November in most parts of the United States, according to a Federal Reserve survey released Wednesday. The one exception was the Northeast, which was slowed by Superstorm Sandy. Growth improved in nine of the Fed’s 12 [...]

Bernanke warns Congress to avoid ‘fiscal cliff’

BY: Associated Press
POSTED: November 20, 2012
Tags: Ben Bernanke, Business, Congress, Economy, federal reserve, fiscal cliff, great recession, growth, Recession

NEW YORK — Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year. Without a deal, the measures known as the “fiscal cliff” will take effect in January. Bernanke also said Congress must [...]

Average credit card debt per borrower up in 3Q

BY: Associated Press
POSTED: November 19, 2012
Tags: credit card debt, credit cards, debt, Economy, Recession

LOS ANGELES — Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer-credit data shows. The average credit card debt per borrower in the U.S. grew 4.9 percent in the July-to-September [...]

Service economy weakens slightly, but hiring is up

BY: Associated Press
POSTED: November 5, 2012
Tags: Economy, Recession, service firms

WASHINGTON — U.S. service companies grew at a slightly weaker pace in October than September because sales and new orders slowed. But a measure of employment rose, indicating services firms hired more. The Institute for Supply Management said Monday that its index of non-manufacturing activity fell to 54.2. That’s down from a six-month high of [...]

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