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Economy grew at 2 percent rate in third quarter
WASHINGTON — The U.S. economy grew more slowly over the summer than the government had earlier estimated because businesses cut back more sharply on restocking of shelves. The Commerce Department said Tuesday that the economy expanded at an annual rate of 2 percent in the July-September quarter, lower than an initial 2.5 percent estimate made […]
Oil price again flirting with $100 per barrel
NEW YORK — Oil prices climbed to near $100 per barrel Tuesday following a series of positive reports about the U.S. economy. In midday trading benchmark crude rose 36 cents to $98.50 per barrel in New York. Crude jumped as high as $99.34 at one point. Brent crude, which is used to price many foreign […]
U.S. economy added 103,000 jobs in September
WASHINGTON — The United States added 103,000 jobs in September, an improvement over this summer and just enough to calm fears of a new recession that have hung over Wall Street and the nation for weeks. The Labor Department also said Friday that the nation added more jobs than first estimated in July and August. […]
U.S. economy continues to grow modestly
WASHINGTON — The nation’s economy is managing to grow modestly, reports Monday showed, despite high U.S. unemployment and growing alarm about Europe’s debt crisis. Manufacturing expanded in September more than in August, though the pace of growth remains weak, according to a survey by the Institute for Supply Management. The ISM said its manufacturing index […]
Businesses boost orders for equipment, machinery
WASHINGTON — Companies ordered more machinery, computers and communication equipment in August, a positive sign for the slumping U.S. economy. An increase in demand for those kind of longer-lasting factory goods suggests businesses are sticking with their investment plans, despite slow growth and weak consumer spending. Overall orders for durable goods slipped 0.1 percent last […]
Facebook’s impact on U.S. economy
Faculty members of the Robert H. Smith School of Business at the University of Maryland, College Park have for the first time been able to quantify that the combination of Facebook and mobile technology applications has added at least 182,000 new jobs and contributed more than $12.19 billion in wages and benefits to the U.S. […]
30-year mortgage falls to 4.12 pct., record low
WASHINGTON (AP) — Fixed mortgage rates fell this week to the lowest levels in six decades. But few Americans can take advantage of the rates to refinance or buy a home. The average rate for the 30-year fixed mortgage fell to 4.12 percent, down from 4.22 percent, Freddie Mac said Thursday. It’s the lowest level […]
Service firms grew at slightly faster pace
WASHINGTON — Service firms that employ 90 percent of the U.S. work force expanded at a slightly faster pace in August. But the sector remains too weak to help an economy that is barely growing and struggling to create jobs. The Institute for Supply Management said Tuesday that its index for service companies rose to […]
Dow up for a fourth day, turns positive for 2011
NEW YORK — It’s a quiet end to a wild month for financial markets. Stocks edged higher Wednesday on a report that factory orders surged in July. The Dow Jones industrial average turned higher for the year. The Dow’s four-day winning streak ended a tumultuous August that had the most 400-point swings in the history […]
Obama to address Congress next week on jobs
WASHINGTON — President Barack Obama will lay out his jobs plan in a prime television time address next week to a rare joint session of Congress, the White House said Wednesday. Obama sent a letter to House Speaker John Boehner and Senate Majority Leader Harry Reid asking to speak to both chambers on Sept. 7 […]
Dollar rises against euro ahead of Fed minutes
NEW YORK — The dollar is rising against the euro ahead of minutes to be released from the Federal Reserve’s latest meeting. The minutes, or meeting protocols, could offer some insight into the Federal Reserve’s outlook for the U.S. economy, currency analysts said. But data released Tuesday showed that worries about the economy are lowering […]
Economy grew at slower 1 pct. rate this spring
WASHINGTON — The U.S. economy grew at a meager 1 percent annual pace this spring, a slower rate than previously estimated. The downward revision will likely increase fears that the economy is at risk of another recession. Fewer exports and weaker growth in business stockpiles led the Commerce Department to lower its estimate for the […]
