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U.S. economy grew at modest 1.9 percent rate in 1Q of 2012
WASHINGTON — The U.S. economy expanded at a 1.9 percent annual rate in the first three months of the year, a weak pace that few economists see changing much this year. The Commerce Department on Thursday made no change in its third and final estimate for growth in the January-March quarter. Slower growth in consumer […]
Fed extends ‘Twist’ program to drive rates lower
WASHINGTON — The Federal Reserve acted Wednesday to lift an economy that’s being held back by a weakened job market. It’s extending a program designed to spur borrowing and spending through lower long-term U.S. interest rates. The Fed also reiterated its plan to keep short-term rates at record lows until at least late 2014. And […]
Small business optimism rose in April but is still weak
NEW YORK — Small business owners recovered some of their optimism during April, but they’re still wary about the economy. The National Federation of Independent Business said Tuesday that its index of small business optimism rose 2 points last month, bringing it to 94.5. That makes up for the 2 points lost in March, but […]
Federal Reserve officials worried job gains could fade
WASHINGTON — Federal Reserve policymakers are worried that recent strong gains in hiring could fizzle if U.S. economic growth doesn’t pick up. Minutes of the Fed’s March 13 meeting show that members expressed those concerns before sticking with a plan to keep interest rates at record lows until at least late 2014. A couple of […]
Jobless claims fall to lowest level in 4 years
WASHINGTON — The number of people seeking U.S. unemployment benefits dropped last week to the lowest level in four years, adding to evidence that the job market is strengthening. Applications for weekly unemployment benefits fell by 5,000 to a seasonally adjusted 359,000, the Labor Department said Thursday. That’s the fewest applicants since April 2008. The […]
More CEOs plan to hire as outlook brightens
WASHINGTON — A growing number of chief executives at large U.S. companies say they are more optimistic about the economy and plan to step up hiring. The brighter view from the boardroom comes after the best three months of job growth in two years. The Business Roundtable said Wednesday that a survey of its CEO […]
U.S. trade deficit up to $48.8 billion in December
WASHINGTON — Monthly U.S. exports to Europe grew in December, a hopeful sign after a steep decline the previous month. But, some economists remain concerned that the region’s debt crisis will still weigh on the U.S. economy this year. The Commerce Department said Friday that the overall trade deficit widened to $48.8 billion in December […]
U.S. job market ends year in better shape
WASHINGTON (AP) — The long-suffering job market is ending the year better off than it began. The number of people applying for unemployment benefits each week has dropped by 10 percent since January. The unemployment rate, 8.6 percent in November, is at its lowest level in nearly three years. Factory output is rising, business owners […]
Trade deficit shrinks for fourth straight month
WASHINGTON — The U.S. trade deficit narrowed in October to its lowest point of the year after Americans bought fewer foreign cars and imported less oil. The shrinking trade gap boosted growth over the summer and may do so again in the final three months of the year. But economists worry the trend could reverse […]
Stocks soar after big holiday shopping weekend
NEW YORK — Hopes for a more far-reaching solution to Europe’s debt crisis and a strong start to the U.S. shopping season sent stocks sharply higher Monday. Initial reports show a record number of shoppers hit the mall or bought gifts online during the holiday weekend. Thanksgiving weekend is a make-or-break time for many retailers. […]
Rate on 30-year mortgage below 4 pct. for second time
WASHINGTON — The average rate on the 30-year fixed mortgage fell below 4 percent for just the second time in history. Freddie Mac said Thursday the rate on the 30-year fixed loan fell to 3.99 percent, down from 4 percent last week. Five weeks ago, it dropped to a record low of 3.94 percent, according […]
Applications for unemployment aid drop to 390,000
WASHINGTON — The number of people who applied for unemployment benefits last week fell to the lowest level since April, a sign that employers could be stepping up hiring. The Labor Department said Thursday that weekly applications dropped to a seasonally adjusted 390,000. It was the third decline in four weeks. The four-week average, a […]
