The unemployment rate zoomed to a five-year high of 6.1 percent in August, proof of the mounting damage the economy is inflicting on workers and businesses alike.
The following is the full text of the Beige Book released by the Federal Reserve on September 3, 2008 and based on information collected on or before August 25, 2008:
Little attention has been paid to what a recession and spike in unemployment would do to an already battered housing market.
The head of the European Central Bank should be running the Federal Reserve because he is doing a better job at protecting his economy, investor Jim Rogers, CEO of Rogers Holdings, told "Squawk Box Europe" on Friday.
Thunder rolled across Las Vegas in a sudden downpour Monday, a literal representation of the perfect storm that has rocked Sin City.
Below is the minutes released by the Federal Open Market Committee after its July 24 meeting on interest rate policy:
Most Fed officials thought interest rates weren't too low at the August meeting, but they also expected their next move would be to boost rates, minutes show.
As U.S. Fed chiefs met in Jackson Hole, Wyoming to discuss ways of preventing another credit crisis, CNBC's Steve Liesman asked top economic minds for their insight on the government's actions.
Federal Chairman Ben Bernanke indicated the Fed should be able to keep interest rates low for some time, as the recent drop in commodity prices should reduce the threat of inflation.
Warren Buffett may make some brief appearances in a new documentary film that paints a bleak picture of America's financial future, but he didn't quite follow the script in a live discussion beamed to hundreds of movie theaters for the film's premiere.
Warren Buffett will make multiple live appearances throughout the three hours of CNBC's Squawk Box this coming Friday morning, August 22. He'll be sitting down with our own Becky Quick, who is traveling to Omaha for the premiere the night before of a new anti-deficit documentary that includes an appearance by Buffett.
Bill Gross, founder and chief investment officer of Pimco, does not believe the U.S. Federal Reserve will raise interest rates, he told CNBC on Friday.
The number of U.S. workers filing new claims for jobless benefits fell by 10,000 last week but remained at levels that show labor markets under severe strain.
Costlier energy and food helped push July prices up, but oil prices have begun to decline and analysts hope that the worst might be over.
We're facing increased inputs, but it's a good time to be a farmer, said Larkin Martin, chairman of the board for the Federal Reserve Bank of Atlanta, and also a seven generation farmer.
The U.S. economy may yet slip into recession, but inflation is an even bigger risk given the "exceptionally'' stimulative stance of monetary policy, Richmond Federal Reserve President Jeffrey Lacker said Tuesday.
Oil inflicts heavy economic pain on the way up, but a slower and smaller benefit on the way down.
Economists have soured on the U.S. economy's prospects for the second half of 2008 and have cut growth forecasts for next year as well, a closely watched survey released Monday showed.
Just the potential for a U.S. recovery will bring "enormous" amounts of under-invested cash back into the stock market, the head of an investment group said.
The number of newly laid off people signing up for jobless benefits last week climbed to its highest point in more than six years as companies cut back given the faltering economy.