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US economy hobbles toward brighter 2011

WASHINGTON – Fresh data on Thursday showed the US economy limping toward the end of 2010, its fitness much improved in the last year, but with the recovery still hobbled by high unemployment. When President Barack Obama gave an end-of-year press conference on Wednesday, he insisted the world’s largest economy…

Economic stress falls to 18-month low

Job gains help reduce nation’s economic pain to an 18-month low, AP stress map shows Job gains around the country offset higher foreclosures and helped reduce the nation’s economic stress in October to an 18-month low, according to The Associated Press’ monthly analysis. Stress fell in 56 percent of the…

GOP, Dems nearing deal on taxes, jobless benefits

GOP, Democrats nearing deal on jobless benefits, temporary extension of Bush-era tax rates An outline of a bipartisan economic package is emerging that would temporarily extend the Bush-era tax rates for all taxpayers, while extending jobless benefits for millions of Americans. Differences remained over details, including White House demands for…

GOP Sen. Mark Kirk: Extending jobless benefits ‘misguided,’ but tax cuts for the rich necessary

Republican Mark Kirk, hours away from being sworn in as a US senator, said Monday that efforts to extend jobless benefits are misguided but argued it is imperative to extend Bush’s tax cuts for wealthy Americans. On MSNBC’s Morning Joe Monday, Kirk said current proposals to extend unemployment benefits “take…

Senate not scheduled to vote on extending jobless benefits

UPDATE: Republicans in the House have blocked a bill that would have extended unemployment benefits until the end of February, the Associated Press reports. Two Democratic senators urged Congress to extend unemployment benefits for another year Wednesday, but no vote has been scheduled and the annual Thanksgiving recess is only…

Fed Chairman Ben Bernanke defends $600 billion shadow stimulus

Federal Reserve Chairman Ben Bernanke defended the Fed’s new $600 billion program to aid the economy on Saturday, rejecting concerns that it will spur runaway inflation. Critics, including some Fed officials, fear that all the money being injected into the economy could ignite inflation or speculative bubbles in the prices…

Employers add 151K jobs, most since May

Economy adds 151K jobs, most in 5 months; unemployment rate remains 9.6 percent Employers added the most jobs in five months in October, with the education and health care sectors leading the way. But the unemployment rate, measured by a separate survey of households, remained stuck at 9.6 percent for…

Amidst record unemployment, US companies hoard $1 trillion of cash

NEW YORK (Reuters) – U.S. companies are hoarding almost $1 trillion in cash but are unlikely to spend on expanding their business and hiring new employees due to continuing uncertainty about the strength of the economy, Moody’s Investors Service said on Tuesday. As the economy stabilizes companies are also more…

Rand Paul says he ‘admired’ Jim Bunning, who repeatedly blocked unemployment benefits

Republican US Senate nominee Rand Paul of Kentucky said Monday night he “admired” outgoing Sen. Jim Bunning (R-KY), who was hoisted into the national spotlight this year for repeatedly blocking attempts to extend unemployment benefits. “I got started in this race actually to defend Jim Bunning against attacks,” Paul said…

What unemployment? Wall Street pay expected to climb to $144 billion

Just a day after the National Association of Business Economists lowered its forecast for US economic growth across the entire economy, the nation’s leading business newspaper reveals that traders on Wall Street are still riding high. While the US unemployment rate remains stuck at 9.6 percent, pay on Wall Street…

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