White House: CBO Report Shows ‘Urgent Need’ for Congressional Action
Comstock/Thinkstock(WASHINGTON) — The White House is pointing the finger at Republicans in Congress after the Congressional Budget Office warned that the looming “fiscal cliff” could push the economy into recession.Wednesday’s report…
White House: CBO Report Shows ‘Urgent Need’ for Congressional Action
Comstock/Thinkstock(WASHINGTON) — The White House is pointing the finger at Republicans in Congress after the Congressional Budget Office warned that the looming “fiscal cliff” could push the economy into recession.Wednesday’s report…
After CBO Report, Romney Shifts Back to Economic Message
J.D. Pooley/Getty Images(BETTENDORF, Iowa) — Mitt Romney bounded into the battleground state of Iowa today, aided by a new, non-partisan government report that painted a grim picture of the state of the economy. Romney used the new data to return his …
Existing Home Sales Jump in July
iStockphoto/Thinkstock(WASHINGTON) — The housing market is on a slow road to recovery.Sales of existing homes climbed 2.3 percent to a seasonally adjusted annual rate of 4.47 million in July, according to the National Association of Realtors. Ho…
Airlines Cut Leg Room in Effort to Boost Profits
John Foxx/Thinkstock(WASHINGTON) — If you’re on the tall side, the view from the cheap seats may be blocked by your knees on your next airline flight.In an effort to generate more revenue, some airlines are cutting even further into available le…
Home Sales and Goods Orders Most Likely Increased in July
Ryan McVay/Thinkstock(NEW YORK) – Economists said ahead of reports this week that home sales and durable goods orders most likely increased in July, indicating that the country is beginning to strengthen after a slowdown in the second quarter, Bl…
State Unemployment Worst in Nevada, Lowest in North Dakota
Spencer Platt/Getty Images(WASHINGTON) — Nevada continues to have the highest unemployment rate in the nation at 12 percent, according to state data for July released today by the Bureau of Labor Statistics. Rounding out the top three are Rhode Island…
IKEA to Open Budget Hotels
PHILIPPE HUGUEN/AFP/GettyImages(NEW YORK) — IKEA, the Swedish budget furniture retailer, plans to open 100 hotels across Europe for cost-conscious travelers. The first hotel is expected to open in Germany. The location is to be announced in the coming…
Gold-Medal Olympic Gymnasts Ring Closing Bell; Stocks Helped by Consumer Spending
Jason Kempin/Getty Images(NEW YORK) — Tuesday’s session was largely positive for U.S. markets, with advancements for companies dependent on disposable spending by consumers helping stocks to trade higher.Gabby Douglas and her teammates on the Olympic …
Retail Sales Jump 0.8% in July; First Increase in Four Months
Comstock/Thinkstock(WASHINGTON) — Retail sales increased 0.8 percent last month with department stores, auto dealerships and electronics outlets reporting stronger than expected sales, according to a report from the U.S. Commerce Department. It is the…
Obama Highlights Federal Response to Drought in Iowa
JIM WATSON/AFP/Getty Images(BOONE, Iowa) — Touring drought-stricken Iowa, President Obama Monday showcased the power of incumbency as he touted his administration’s response to the drought and announced new federal aid to help farmers and ranch…
US Stocks Fall on Disappointing Global Economic Reports
Hemera/Thinkstock(NEW YORK) — Stocks fell Monday with a report from Japan showing slower than expected economic growth. China also flattened investor hopes after it failed to roll out new stimulus measures over the weekend.The Dow lost 39 points on Mo…
Google Purchases Frommer’s Travel Guides
JOHANNES EISELE/AFP/Getty Images(NEW YORK) — Google says it is acquiring the travel brand Frommer’s from John Wiley & Sons, Inc. Terms of the deal were not disclosed.“The Frommer’s team and the quality and scope of their content will b…
Does President Obama Want to Take Over Other Industries?
MANDEL NGAN/AFP/GettyImages(WASHINGTON) — It’s no secret President Obama is proud of the taxpayer-funded government intervention that rescued U.S. automakers GM and Chrysler back in 2009. He regularly takes credit for the companies’ resurg…
Cost of Weddings Declining; Couples Are Still Going Over Budget
Altrendo images/Thinkstock(NEW YORK) — While $27,000 can buy a nice car or be used as a down payment on a house, newlyweds in the U.S. would sooner spend it on their special day.Since you only get married once — well, that’s the general intenti…
Seniors Have Both High Hopes and Major Concerns About the Future
Digital Vision/Thinkstock(NEW YORK) — Despite tough economic times, at least one group of Americans is bullish about their future. They’re the baby boomers born between 1946 and 1964.In a poll conducted of 2,250 people ages 60 and older by the N…
Fears Mount as China Reports Weak Trading Data in July
iStockphoto/Thinkstock(BEIJING) — Worries are mounting over the strength of the global economy after China, the world’s second largest economy, reported worse than expected trade data on Friday.In July, China’s exports rose by 1 percent from a y…
Firms Paying Dividends Highest in Decade
iStockphoto/Thinkstock(NEW YORK) — The number of S&P 500 companies that have paid dividends to their shareholders, 402, is the highest since 1999.The number of dividend payers is the highest it’s been in the 21st century, which is good news …
Stocks Mixed at Close; US Consumers More Budget Conscious
Hemera/Thinkstock(NEW YORK) — Stocks traded in a narrow range, teetering between gains and losses for most of the day. Wednesday the Dow and the S&P finally settled slightly higher, while the Nasdaq slipped. The Dow edged up seven points and …
Obama Authorizes $30 Million More in Drought Aid
iStockphoto/Thinkstock(WASHINGTON) — The Obama administration is authorizing an additional $30 million to help farmers and ranchers in areas hit by the severe drought.“This has been an all-hands-on-deck response…But obviously, we’ve…