Yahoo! News: Economy News
Economy News
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Panel steps up criticism of Treasury over TARP: report (Reuters)
Reuters - A report being released on Friday alleges that the U.S. Treasury has failed to reveal its strategy for stabilizing the financial system, not answered questions asked by a government watchdog, and has done nothing to help struggling homeowners, the Wall Street Journal said.
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Job losses stack up as recession deepens (AP)
AP - Trying to survive a deepening recession, employers are cutting their work forces to the bone, leaving more Americans unemployed and with dim prospects of finding a new job any time soon.
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Obama seeks bold action as rates, retail sales fall (Reuters)
Reuters - South Korea followed Britain by cutting interest rates to record low levels on Friday, while Wal-Mart and other U.S. retailers reported disappointing sales as the global economic crisis drains consumer confidence and jobs.
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Great Depression jobs parallel may not be far flung (Reuters)
Reuters - When economists tell us the current U.S. slump could never turn into another Great Depression, they all point to one thing: one of four Americans was out of work in the 1930s.
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Dems quarrel over stimulus plan (Politico)
Politico - On the day Barack Obama sounded a dire warning on the U.S. economy, Democrats of every stripe – governors, mayors and members of Congress – joined in criticizing Obama’s plan to put $300 billion in tax cuts ahead of bricks-and-mortar projects.
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Recession more severe than thought: Fed's Rosengren (Reuters)
Reuters - The U.S. recession looks to be longer and more severe than originally thought, but there are signs that the economy will improve in the second half of 2009, a top Federal Reserve official said on Thursday.
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Will Americans put on "recession pounds"? (Reuters)
Reuters - Americans may reduce the amount they spend on food in response to a sour economy but some experts fear they may pick up weight in the process.
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Fed's Rosengren says recession more severe than thought (Reuters)
Reuters - The U.S. recession looks to be longer and more severe than originally thought, but there are signs that the economy will improve in the second half of 2009, a top Federal Reserve official said on Thursday.
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Democrats skeptical on stimulus tax breaks (Reuters)
Reuters - U.S. Senate Democrats on Thursday raised concerns that the economic stimulus plan the incoming Obama administration has outlined could fail in its central mission to create jobs, especially because of some of the tax cuts being proposed.
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Wal-Mart and other U.S. retailers warn after dismal holiday (Reuters)
Reuters - Wal-Mart Stores Inc and other top U.S. retailers delivered disappointing December same-store sales and profit warnings on Thursday, sparking fresh recession concerns that hit stock and currency markets.
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Obama: Congress must act boldly and now on economy (AP)
AP - President-elect Barack Obama implored Congress to "act boldly and act now" on Thursday to fix an economy growing perilously weaker, and leading lawmakers set an informal goal of mid-February for enacting tax cuts and government spending that could cost as much as $1 trillion.
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European pessimism grows; U.S. jobs, retail slump (Reuters)
Reuters - Economic weakness in Europe worsened and U.S. jobless rolls swelled as disappointing sales from Wal-Mart, the world's largest retailer, and other retailers on Thursday showed that consumers are still wary about opening up their pocketbooks in an uncertain economy.
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Top Democrats skeptical on stimulus tax breaks (Reuters)
Reuters - Top U.S. Senate Democrats on Thursday raised concerns about some of the tax breaks that may be included in a stimulus plan aimed at boosting the stricken economy, questioning if they would have a significant impact.
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Pinched Americans stay on treadmill, but seek deals (Reuters)
Reuters - Americans squeezed by the economic crisis are still forking out money for gym memberships and dieting centers but health clubs are having to hold down their fees to keep customers coming in.
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Oil prices down on global economic concerns (AFP)
AFP - Oil prices fell Thursday amid concerns over a US stockpile buildup and worries that the global economic slump will further dampen demand.
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Finding a new job becomes harder as layoffs mount (AP)
AP - The number of laid-off workers who are continuing to draw unemployment checks jumped more than expected to 4.6 million at the end of December and is likely to keep climbing this year ? fresh evidence that people are finding it increasingly difficult to get a new job amid a deepening recession.
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Consumer credit posts record drop in November (Reuters)
Reuters - Consumer borrowing dropped by a record $7.94 billion in November, a Federal Reserve report showed on Thursday, the latest evidence that households were unwilling or unable to take on more credit.
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Dow Jones plans to freeze salaries: memo (Reuters)
Reuters - News Corp's Dow Jones & Co, which owns The Wall Street Journal, plans to freeze employee salaries because of the prolonged economic downturn, according to a memo sent to workers on Thursday.
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Obama's green energy plans build hopes, skepticism (Reuters)
Reuters - Proponents of alternative energy and energy efficiency were elated on Thursday by President-elect Barack Obama's economic stimulus speech, but some analysts warned his energy agenda could hit turbulence in Congress or from the slow economy.
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Obama pushes stimulus, warns on recession (Reuters)
Reuters - President-elect Barack Obama warned on Thursday that the U.S. economy could stay mired in recession for years without bold action and he urged lawmakers to work day and night to pass a massive stimulus plan.
Yahoo! News: Economy News
