The U.S. economy is weak but does not appear to be in a recession, according to a key forecasting gauge, the Conference Board reported.
United Auto Workers officials Sunday urged American Axle & Manufacturing Holdings workers to ratify a contract that would cut wages by almost 40 percent, shutter three plants and end a three-month-old strike with a subsidy of $218 million from General Motors.
Financial market turmoil underscores the need for "generous" capital cushions, and banks need to actively raise money as needed, Federal Reserve Chairman Ben Bernanke said Thursday.
The United States and China both need to fend off a troubling rise in economic nationalism in order to keep their economies strong, U.S. Commerce Secretary Carlos Gutierrez said on Thursday.
Bond fund leader Pimco's Mohamed El-Erian on Wednesday said the Federal Reserve does not have the tools to deal with the U.S. housing crisis and rapidly rising consumer prices, leaving it to lawmakers to avert a severe recession.
The U.S. economy will barely expand in the second quarter and the chances of it shrinking have risen, following sluggish growth early in the year, said a Philadelphia Federal Reserve survey released Tuesday.