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Falling U.S. deficit renews ‘austerity or growth?’ debate
Austerity or growth? Europe’s struggling economies have faced the question without fully answering it in recent years, but the United States is on track to do both. Projections unveiled this week by the Congressional Budget Office indicate the US deficit will shrink more than 40 percent during fiscal 2013, returning…
Ben Bernanke: Economy ‘clearly still far from’ desired state
Federal Reserve Chairman Ben Bernanke said Monday that the US economy still has far to go to recover to an acceptable state of health. “Today the economy is significantly stronger than it was four years ago, although conditions are clearly still far from where we would all like them to…
Economy grows faster than expected in third quarter at 3.1 percent
The US economy grew 3.1 percent in the third quarter, faster than previously estimated, the Commerce Department said Thursday. Gross domestic product growth in the July-September period was revised upward from prior estimates of 2.7 percent and 2.0 percent, the department said. The higher figure reflects upward revisions to consumer…
Recovery is more jobless for black Americans than others
by Mychal Denzel Smith, guardian.co.uk When pressed about whether or not he feels an obligation to address the crisis of black unemployment, President Obama has supplied a reliably consistent answer over the past four years: a rising tide lifts all boats. That is to say, he is of the belief that…
Romney says Fed action would not make a difference in creating jobs
Republican White House challenger Mitt Romney said in an interview broadcast Sunday that a Federal Reserve boost to the economy would do little to create US jobs in the short term. “I don’t think that easing monetary policy is going to make a significant difference in the job market right…
Romney says Federal Reserve action would not boost job growth
WASHINGTON — Republican White House challenger Mitt Romney said in an interview broadcast Sunday that a Federal Reserve boost to the economy would do little to create US jobs in the short term. “I don’t think that easing monetary policy is going to make a significant difference in the job…
China’s manufacturing slumps in August
China’s manufacturing activity slumped in August to a nine-month low, official figures showed Saturday, in the latest sign of serious weakness in the world’s second-largest economy. The government’s purchasing managers’ index (PMI) fell to 49.2 in August from 50.1 in July, according to a statement released by the China Federation of Logistics…
Presidential race a dead heat as conventions kick off: poll
President Barack Obama and the man who wants his job, Republican Mitt Romney, are locked in a neck-and-neck battle for the White House, with the challenger one point ahead in a new poll out Monday. As the two head into their parties’ conventions, beginning this week with the Republicans, the…
S&P: Double-dip recession risk rises in United States
The odds the United States will slip back into recession next year have risen, ratings agency Standard & Poor’s said, citing risks from the European debt crisis and budget tightening at year-end. The US ratings firm raised the chance of the US falling into recession to 25 percent, up from…
Dollar surges and Euro sinks after U.S. jobs data announcement
The dollar surged and the euro sank again Friday after US labor data for June showed the economy was not pumping out the jobs needed to bring down the high unemployment rate. The data told investors that the United States was as stuck in low-growth mode as the rest of…
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