Factory activity in the U.S. Mid-Atlantic region contracted for a fifth straight month in April, a survey released on Thursday showed.
The number of US workers applying for unemployment benefits rose by 17,000, which was marginally less than expected, while those of workers remaining on jobless benefits were at the highest level in almost four years, a government report showed on Thursday.
Measuring inflation without including food and energy costs no longer makes sense, PIMCO Chief Investment Officer Bill Gross told CNBC.
G7 finance ministers are meeting in Washington this weekend to discuss the sub-prime credit mess and ways to coordinate measures aimed at backstopping the world financial system against various credit strains and systemic risks.
U.S. chief executives have lowered their expectations for domestic growth this year, but held their overall business outlook steady.
Federal Reserve Chairman Ben Bernanke said the U.S. economy could face a mild recession but that growth should pick up as the impact of aggressive interest rates cuts are felt.
The U.S. economy has "turned down sharply" and is at risk of weakening further because of the slump in housing, Treasury Secretary Henry Paulson said.
The US trade deficit widened unexpectedly in February as imports of consumer and other goods set a record and grew faster than exports, which hit a record for the 12th consecutive month, a government report showed on Thursday.
The Federal Reserve will stop cutting interest rates once it is assured that the economic contraction is limited to the financial sector, PIMCO CEO Mohamed El-Arian told CNBC.
Wall Street banks are the first to be blamed for the credit crunch. Central banks come a close second, but as the Federal Reserve's image is suffering, the European Central Bank looks as solid as a rock.
U.S. stocks closed lower Wednesday after UPS projected an earnings shortfall and oil prices surged.
U.S. stocks fell to session lows Wednesday after a report showing larger-than-expected decline in crude inventories sent oil prices climbing, and corporate news from Morgan Stanley and UPS dragged on shares.
The Federal Reserve is mulling further steps to address liquidity problems in financial markets should measures taken to date fail to gain traction, a Fed official confirmed Wednesday.
Former Federal Chairman Alan Greenspan told CNBC he had little to do with the housing bubble or credit crisis despite criticism the Fed kept interest rates too low under his watch.
Former Federal Reserve Chairman Alan Greenspan has defended himself from charges that easy U.S. monetary policy created the current credit crisis by inflating a housing bubble, and instead blamed professional investors.
Worries about a deep recession--not a shallow one--drove Fed policymakers to slash interest rates again last month, according to minutes of their meeting.
The following is the text of the minutes from the Federal Open Market Committee's meeting of March 18, issued on Tuesday:
A gauge of small business optimism in the United States sunk in March to a 22-year low, as small business owners clamped down on plans to create new jobs and expand business operations, a survey released Tuesday showed.
Martin Feldstein, who heads the group that is considered the arbiter of U.S. recessions, told CNBC that he believes the U.S. has been sliding into a recession.
Major stock indexes ticked higher Friday though the market was broadly mixed. General Motors skidded, while UBS shares advanced.