The number of Americans filing for new unemployment benefits unexpectedly fell to a near four-year low last week, suggesting the labor market recovery was quickening. Other data on Thursday showing solid expansion in factory activity in the Mid-Atlantic area this month and builders breaking more ground on new residential projects in January offered more evidence…
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Category Archives: Economics
Fed Watchers See Risks in Rate Plan
Many economists believe the Federal Reserve risks making a big mistake if it sticks to its recent guidance about keeping interest rates super low for the next three years. The Fed said last month that it expected to keep short-term interest rates near zero until at least late 2014 to bolster the slow recovery. Among…
Student Loan Debts Could Trigger Next Financial Crisis
A recent survey of U.S. bankruptcy attorneys found a major jump in student loan debtors seeking their help, pointing the way to a possible mortgage-style debt crisis. Now that state attorneys general across the country have reached a $25 billion deal with the major banks on their investigation into “robo-signing” and other foreclosure abuses, the…
Housing market shows wider improvement
The housing sector is showing improvement in a growing number of metropolitan areas.
The list of housing markets showing measurable improvement expanded by 29 metros in February to 98 on the National Association of Home Builders/First American Improvi…
Unemployment drop still leaves low skill workers behind
The nation’s jobless rate has declined to its lowest level in three years, a fact that has left Jamie Bean, an unemployed air-conditioner repairman, feeling more left out than ever. Bean, 36, lost his job in December. Now he is scrambling to keep up with child-support payments to his wife, who is also unemployed. “As…
ADP Sees Private Sector Add 170,000 Jobs in January
Private sector employers added 170,000 jobs in January, according to the monthly national employment report from payroll giant ADP, which saw most of the gains in small and midsized businesses come in the service sector. Small businesses with between one and 49 employees added 95,000 jobs in January, while midsized businesses with between 50 and…
CBO projects $1.08 trillion deficit, 8.9 percent jobless rate in 2012
The Congressional Budget Office on Tuesday predicted the deficit will rise to $1.08 trillion in 2012. The office also projected the jobless rate would rise to 8.9 percent by the end of 2012, and to 9.2 percent in 2013. These are much dimmer forecasts than in CBO’s last report in August, when the office projected…
Fed Interest Rate Pledge May Send Investors to Risky Choices
The Federal Reserve is trying to help savers by stimulating the economy with low interest rates. It may actually push them toward riskier investments for yield. The Federal Open Market Committee said yesterday that economic conditions are likely to warrant “exceptionally low levels for the federal funds rate at least through late 2014.” The benchmark…
Federal Reserve’s ‘beige book’ confirms improving U.S. economy
The Federal Reserve’s latest report on the nation’s regional economies showed that the pace of activity around the country is picking up, with the notable exception of the housing market. The Fed report, dubbed the beige book, confirmed that consumer spending was strong at the end of last year, with most parts of the country indicating…
Americans Expect 2012 to be Difficult Financially
Fewer than two out of five American adults plan to make positive financial changes in 2012 as many of them expect to go through another tough financial year. Only 39 percent plan to pay down their debt this year and only 36 percent anticipate they will be able to save more money, according to a…
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