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Despite emergency stimulus measures, small business lending continues to fall. In the just-ended quarter, the Small Business Administration's flagship program backed 30% fewer loans than it did a year ago, and 55% fewer loans than it did in 2007, before the recession set in.
Stocks tumbled Thursday, with the Dow losing 212 points, after a worse-than-expected jobs report hammered hopes that the economy is close to stabilizing.
The dollar rose against major currencies Thursday after bleak U.S. jobs data renewed concerns about the economy and enhanced the greenback's safe-haven appeal.
President Obama on Thursday called the nation's latest unemployment figures sobering, but said the economic recession is slowing.
One year ago, on July 3, 2008, oil prices settled at a record high -- a once-unthinkable $145.29 a barrel
It looks like someone may have sprayed a healthy dose of Ortho Weed B Gon on those economic green shoots.
In his latest astutely staged gesture as grand economic reformer, President Obama this week directed his Treasury Department to deliver to Congress a 153-page bill creating a new agency to protect unwitting consumers against devious lenders.
Home mortgage rates retreated last week, with the 30-year fixed slipping to 5.7% from 5.8% the week prior, according to a report from a financial data aggregator released Thursday.
The battered U.S. labor market took a step backwards last month as employers trimmed more jobs from their payrolls in June, according to a government report Thursday.
A battle is brewing over U.S. state sales taxes on online purchases. Internet retailers Amazon.com and Overstock.com are scaling back their operations in states that demand they collect these taxes. While this won't dent their revenues much, it foreshadows a larger clash over the taxation of internet commerce. Cash-strapped states are firing the first shots.
Despite emergency stimulus measures, small business lending continues to fall. In the just-ended quarter, the Small Business Administration's flagship program backed 30% fewer loans than it did a year ago, and 55% fewer loans than it did in 2007, before the recession set in.
Stocks tumbled Thursday, with the Dow losing 212 points, after a worse-than-expected jobs report hammered hopes that the economy is close to stabilizing.
The dollar rose against major currencies Thursday after bleak U.S. jobs data renewed concerns about the economy and enhanced the greenback's safe-haven appeal.
President Obama on Thursday called the nation's latest unemployment figures sobering, but said the economic recession is slowing.
One year ago, on July 3, 2008, oil prices settled at a record high -- a once-unthinkable $145.29 a barrel
It looks like someone may have sprayed a healthy dose of Ortho Weed B Gon on those economic green shoots.
In his latest astutely staged gesture as grand economic reformer, President Obama this week directed his Treasury Department to deliver to Congress a 153-page bill creating a new agency to protect unwitting consumers against devious lenders.
Home mortgage rates retreated last week, with the 30-year fixed slipping to 5.7% from 5.8% the week prior, according to a report from a financial data aggregator released Thursday.
The battered U.S. labor market took a step backwards last month as employers trimmed more jobs from their payrolls in June, according to a government report Thursday.
A battle is brewing over U.S. state sales taxes on online purchases. Internet retailers Amazon.com and Overstock.com are scaling back their operations in states that demand they collect these taxes. While this won't dent their revenues much, it foreshadows a larger clash over the taxation of internet commerce. Cash-strapped states are firing the first shots.
As Congress prepares to do battle over health reform, a parallel dispute is shaping up among small-business groups that are staking out opposing positions on a key element of reform proposals: whether Uncle Sam will take on a bigger role in offering insurance coverage or leave the field to the private market.
Colleges aren't getting any cheaper, but federal student loans are.
The Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part.
Auto seating supplier Lear Corp. said on Wednesday it would file for Chapter 11 bankruptcy protection in a reorganization supported by key secured lenders and bondholders and that it had obtained $500 million in bankruptcy financing.
The dollar fell to a three-week low against the euro Wednesday, pressured by news China has asked to debate proposals for a new global reserve currency at next week's Group of Eight summit.
Most major automakers reported weaker than expected U.S. sales for June, proving yet again that the industry's pain hasn't ended. But there are some glimmers of hope.
Today the government will begin offering a repayment plan that lets graduates reduce their monthly student loan payments based on their income. It's called the income based repayment plan and it's available to borrowers who took out federal loans or used a federal consolidation loan to combine their debt.
With gas prices rising and car sales in the dumps, Hyundai is offering new car buyers gas at $1.49 a gallon for a year.
In 2008 a lucky engineering firm snagged the top spot on a list of leading small business contractors to the federal government. Based in Alexandria, Va., the company had signed an impressive 39 contracts with government entities ranging from the U.S. Navy to the Department of Energy. The catch? The "small business" in question, VSE Corp., employs 1,920 workers and posted $1 billion in revenues last year.
The pace of U.S. job losses has slowed but the labor market is expected to remain weak, according to reports released Wednesday.
Mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30%, data from an industry group showed Wednesday.
Treasurys drifted lower Tuesday as investors responded to a stronger than expected report on the housing market and a slower decline in regional manufacturing activity.
The dollar gained against a basket of currencies Tuesday after a report showing an unexpected drop in U.S. consumer confidence for June, prompting investors to seek shelter in the greenback.
The unemployment crisis is a nationwide concern, but the collapse of the auto industry has made joblessness in Detroit particularly painful.
Many owners of our country's bonds are worried that the federal government is spending like inebriated sailors on shore leave to try and get the nation out of this economic mess.
Consumer confidence fell unexpectedly in June after two straight months of gains as Americans' optimism over business and job conditions weakened.
Home prices continued to tumble in April, falling 18.1% from a year earlier -- but the change from March narrowed sharply, indicating that housing markets may be starting to turn.
The dollar and euro climbed against the yen Monday, as gains in oil prices and U.S. stocks along with better-than-expected sentiment in Europe rekindled hopes of a global economic recovery.
Tina Ames owns the Craftsmen Cafe, a Clarence, N.Y. eatery that specializes in organic comfort fare such as chicken soup and apple pie. Recently she needed to replace her restaurant's roof, a $7,000 job. Ames was loath to part with that much cash and didn't want to take out a loan.
One of the world's hottest spots for raising capital is back in business.
Treasuries rose Friday, sending benchmark yields to their lowest in nearly four weeks as sagging stocks and signs of subdued inflation allowed bonds to bask in the glow of well-received debt auctions.
The ever-present derivatives threat for big banks eased a bit in the first quarter.
Don't look now. But the dollar is starting to weaken again against the euro, pound and yen, leading some to wonder if its days as the world's No. 1 currency are numbered.
The dollar fell against major currencies Friday after China renewed its call to create a super-sovereign reserve currency and as improving appetite for risk dented the greenback's safe-haven allure.
The dollar fell against most major currencies Thursday, tracking a change in U.S. stocks, which rose as investors expressed optimism that economic deterioration was ebbing.
U.S. Treasurys rose Thursday, as benchmark yields touched their lowest levels in four weeks following strong demand in an auction of new seven-year notes and as an unexpected jump in jobless claims revived economic worries.
Federal Reserve Chairman Ben Bernanke denied accusations Thursday that he pressured Bank of America to follow through on its purchase of Merrill Lynch late last year or risk having top management removed.
Known for his early warnings on Bear Stearns and Lehman Brothers, analyst Martin Weiss of Weiss Research is now sounding the alarm about state of California municipal bonds.
The U.S. Federal Reserve on Thursday extended a number of its emergency funding facilities and swap lines with central banks around the world to Feb. 1, 2010, saying that while conditions in financial markets have improved recently, some markets remain impaired and seem "likely to be strained for some time."
If you're looking for signs that the market and economy are slowly returning to normal, it is somewhat encouraging that demand for new stocks is finally perking up again.
One of the enduring mysteries about Ken Lewis' decision to proceed with Bank of America's $50 billion acquisition of Merrill Lynch last fall is why Lewis did not disclose Merrill's growing weekly multi-billion dollar losses to his shareholders before they voted on the deal on December 5. Was he pressured to close the deal by Federal Reserve Chairman Ben Bernanke and then Treasury Secretary Hank Paulson? Or was Lewis determined to add the investment bank to BofA's financial empire come heck or high water?
The number of Americans filing for initial unemployment insurance rose unexpectedly last week, to the highest level in more than a month, according to government data released Thursday.
The Nasdaq trimmed gains Wednesday and the Dow dipped after the Federal Reserve kept a key short-term interest rate near zero, but said nothing about expanding a program meant to keep long-term rates from spiking.
Treasurys mostly fell Wednesday after a successful auction and a Federal Reserve policy statement that said the economy will continue to be weak for months to come.
The Federal Reserve kept its key interest rate near zero Wednesday, and said in a statement that although the U.S. economy remains weak, there are signs of a recovery.
The dollar rose against rival currencies Wednesday as investors took shelter in the U.S. currency after the Federal Reserve said the economy would "remain weak for some time."
Oil prices fell Wednesday after the Federal Reserve held interest rates near zero and said the nation's pace of economic contraction is slowing, but that the economy will stay weak for coming future.
This statement was posted on the Federal Reserve Web site on June 24, 2009.
California, which is struggling to close a $24.3 billion budget gap, faces the prospect of a "multi-notch" downgrade in its credit rating if the state's legislature fails to act quickly to produce a budget, Moody's Investors Service warned Friday.
U.S. Treasurys fell Wednesday in volatile trading dominated by repositioning ahead of an auction of five-year notes and the Federal Reserve's upcoming policy statement.
Since it is chillingly clear that U.S. financial institutions have for a good while been regulated no more stringently than, say, demolition derby drivers, Washington has belatedly locked the garage door and begun to debate strict new rules. The blueprint at hand is President Obama's sweeping proposal in mid-June to revamp the responsibilities of government agencies and impose new regulations on the financial establishment. Nothing about this plan will fall easily into place: Too many government agencies will dig in their heels. Too many financial companies will battle every aspect of reform that threatens their bottom lines.
The European Union and United States accused China of restricting the export of key raw materials used in the production of steel and other industrial products in a complaint filed Tuesday with the World Trade Organization.
U.S. stocks were poised for a higher open Wednesday as investors reacted to a stronger-than-expected report on durable goods orders and waited to hear what Federal Reserve policy makers say about the economy.
U.S. travel over the Independence Day holiday weekend will drop 1.9% this year compared to 2008, a casualty of higher fuel prices and economic worries, travel and auto group AAA projected Wednesday.
One of the great headaches of the American dream is about to get less painful.
As a graduate from Syracuse University with a master's degree in international relations, Jana Morgan was hoping to help victims of human rights violations caused by resource wars.
Stocks struggled Tuesday, with the Dow touching a fresh three-week low, as investors eyed a weaker-than-expected housing market report and geared up for the latest from the Federal Reserve.
Desperate for a job? How does CEO with a six-figure salary and flexible hours sound?
U.S. Treasury debt prices rose Tuesday as the market repositioned itself a day ahead of the Federal Reserve's policy statement, gaining additional support from a strong kick-off to the week's record bond auctions.
Concepts like "smart grids" and "intelligent metering" are difficult for the non-expert brain to grasp. So instead, wrap your mind around a simpler set of facts. Utilities experience peak demand -- for example, on blistering hot days when air conditioners are pumping all out -- just 2% of the year.
President Obama offered a passionate defense of the Federal Reserve on Tuesday, explaining his proposal to put the central bank in charge of monitoring broad risks facing the financial system.
Existing home sales rose in May, as increasingly affordable home prices and a first-time tax credit attracted hesitant buyers.
Should the Federal Reserve be more worried about the threat of inflation on the long-term horizon, or deflation in the short-term?
In today's challenging economy, odds are you belong to one of two camps: You have already lost your job or you're worried that you could. Either way, you're feeling the stress of the highest unemployment rate in more than a quarter of a century and wondering what you should be doing now to improve your career prospects.
The number of mass layoffs by U.S. employers rose last month to tie a record set in March, according to government data released Tuesday that suggested the labor market has yet to stabilize.
The U.S. dollar fell broadly Tuesday as stabilizing equity markets in Europe and the United States eroded safe-haven flows into the greenback.
Louis Sirico had no reason to suspect that he was flooding his customers' email inboxes with content they "didn't really care" about. Sirico is the founder of IndustryWizards.com, a San Jose, Calif.-based professional online network that connects industry experts with one another and provides its 50,000 members with high tech-related content, product reviews, and research via blogs, discussion forums and monthly e-newsletters.
Moody's Investors Service said on Tuesday that the U.S. government's triple-A credit rating was safe but added that it could be at risk if Washington were unable to bring its public debt back to a downward trajectory.
Stocks were headed for a higher opening on Tuesday morning as investors reacted to Moody's saying it will maintain the United States' credit rating at triple-A. They also awaited the beginning of the two-day meeting of the Federal Reserve.
Stocks sank Monday, ending at three-week lows, as the World Bank's weak outlook on global growth and a selloff in commodity prices sent investors heading for the exits.
The U.S. government's response to the credit crisis has been, on the whole, successful in warding off financial Armageddon. But as the banking system stabilizes, the Federal Reserve's emergency loan and market-support programs could start to inadvertently subsidize unwise risk-taking. To avoid having taxpayers once again on the hook for Wall Street excesses, the government needs a clear strategy for winding the schemes down.
Government debt prices jumped Monday as Wall Street experienced a massive sell off and the government bought back $7.5 billion in debt.
President Barack Obama had better be ready for fisticuffs. Though the administration's plan to overhaul U.S. financial regulation appears designed to avoid some big battles, the president's careful political calculus won't spare him from sparring with lawmakers and financial firms.
The U.S. dollar rose against the euro Monday on concerns over the euro zone's economic and fiscal outlook, while higher-yielding currencies slipped on worries about global growth prospects.
After three months of rallying, the stock market seems to have hit the wall.
The Nasdaq surged Friday and the broader market struggled at the end of the first down week in a month for Wall Street.
Treasury prices rebounded Friday ahead of a week full of auctions, government purchase operations, and the Federal Reserve's two day meeting.
Forty-eight states and the District of Columbia recorded unemployment rate increases in May, the government reported Friday. One state registered a rate decrease, and one state had no rate change.
The dollar and yen fell Friday, while higher-yielding currencies such as the Australian dollar rose as more upbeat U.S. data and gains in equities boosted hopes that a global economic recovery was on track.
Investors are kicking themselves for failing to spot the twin bubbles in the stock and housing markets when the laws of economic gravity for both became spectacularly unhinged. Now, America should be on red alert for another bubble that's destined to pop -- outrageously overpriced government bonds, the flipside being outrageously low interest rates.
Sales in the decimated housing market may finally be bottoming, but don't expect home prices to stop dropping before mid-2010 at the earliest, analysts and economists say.
Treasury prices tumbled Thursday after the government announced $104 billion in debt auctions and mostly positive economic data sent stocks higher.
At the sound of a bell's "ding!," the floor of a cavernous expo hall swirls with movement as entrepreneurs in power suits scurry to find their next assigned table. There, a small business procurement officer waits to hear their pitch. The next bell will be in 20 minutes -- a brief window of time, but long enough to potentially kick off a lucrative business relationship.
Treasury Secretary Timothy Geithner testified before lawmakers Thursday, defending a sweeping set of proposals put forth just a day earlier by President Obama aimed at overhauling the nation's financial system.
Hop on your favorite broom. Let out your best cackle. Cuddle up with a black cat and twitch your nose like Samantha. Quadruple witching day is almost here!
Home mortgage rates sank sharply last week, retreating from a recent run-up that peaked the previous week. The 30-year fixed slipped to 5.76% from 5.95%, according to a report released Thursday.
The dollar fell against the euro and higher-yielding currencies Thursday as generally positive U.S. economic data bolstered hopes the world's largest economy was on a stable path to recovery.
The number of Americans filing for initial unemployment insurance rose slightly last week, while the number filing ongoing claims fell for the first time since the start of the year, according to government data released Thursday.
U.S. stocks were poised for a slightly higher open Thursday, after a government report showed a slight uptick in jobless claims.
Eddie Bauer Holdings Inc. filed for Chapter 11 bankruptcy protection Wednesday, citing an inability to pay back debt.
President Obama on Wednesday unveiled his long-anticipated plan to restructure how banks and other firms are regulated in the hope of preventing another financial collapse.
Treasury prices were mixed Wednesday as a five-day day rally cooled, with longer-term bonds erasing earlier gains, as stocks moved higher amid tempered inflation worries.
Gas prices have risen for 50 days in a row and the pain at the pump is taking a toll on household budgets across the nation.
Package delivery giant and U.S. economic bellwether FedEx Corp said the next two quarters will be "extremely difficult" as the recession and higher fuel prices bite into its bottom line, but it also said the pace of economic decline appears to be slowing.
The U.S. dollar fell against the euro and yen Wednesday as news of an unexpectedly small rise in U.S. inflation renewed hopes that a global recovery was under way, cutting demand for dollars as a safe haven.
Can reinvigorated financial watchdogs take a bite out of surging oil prices?
A key index of prices paid by consumers showed the largest year-over-year decline since April 1950, primarily due to sinking energy prices, the government said Wednesday.
U.S. stocks were set to open mixed Wednesday, showing little reaction to the latest figures on inflation, as investors awaited more details about President Obama's plan to overhaul financial regulation.
When President Obama takes the podium on Wednesday to talk about his proposals for avoiding the next financial crisis, he is expected to unveil one idea that speaks directly to consumers and their pocketbooks.
Question: Should I contribute more to my 401(k) than I have to in order to get the company match? --Terry, Kennett, Missouri
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