BOSTON— A multi-agency task force in Massachusetts charged with recovering money lost in the underground economy has collected more than $15.6 million. Massachusetts Labor Secretary Rachel Kaprielian said the money included unpaid wages, back taxes, unemployment insurance premiums, fines and penalties.» Read More
U.S. consumers cut spending in February and the labor market continued to weaken, suggesting the household-spending pillar that had supported the economy's expansion may be giving way.
If investor Jim Rogers woke up as Ben Bernanke, he'd quit and close up the Federal Reserve for providing 'socialism for the rich,' he told CNBC Europe.
The U.S. economy could start to see a recovery as soon as April, despite current conditions indicating a greater risk for contraction, a senior U.S. Treasury official told CNBC Europe Tuesday.
Apparently the U.S. job market isn’t completely reverting to 10,000 B.C. The online job recruiting site Jobfox says some jobs are still in high demand: Software Development (I guess it’s not all going to India), Nursing, Accounting/Finance Execs (I bet!) Sales Reps, and Administrative Assistants.
U.S. wholesale inventories rose 0.8 percent in January, while sales leapt 2.7 percent, thelargest increase in nearly four years, the Commerce Department said.
An emergency interest rate cut from the Federal Reserve is possible ahead of its March 18th policy meeting, according to a Goldman Sachs research note on Monday.
Treasurys were mildly higher Friday, after being buffeted by a complex mix of news developments, including heavy monthly job losses on the one hand and a generally successful stock sale by bond insurer Ambac Financial Group on the other.
Stocks were mostly lower Friday as a second straight drop in nonfarm payrolls and hopes that the worst is over tugged the market in both directions.
A second straight month of job losses all but ended the debate over whether the U.S. economy has slipped into recession. Now the question is how to get out.
The Federal Reserve needs to take a more active role in stemming the housing crisis, possibly by exchanging Treasury notes for mortgage notes, Pimco Bonds Chief Information Officer Bill Gross said on CNBC.
Stocks recovered Friday as investors quickly moved past the second straight drop in employment payrolls and focused on better times ahead.
U.S. employers cut payrolls for a second straight month during February, slashing 63,000 jobs for the biggest monthly job decline in nearly five years.
The U.S. Federal Reserve took very "deliberate action" when it lowered key interest rates rapidly but this does not necessarily mean more of the same is in store, a top Fed official said on Friday.
Today's jobs report is unlikely to offer a ray of hope amid the gloom over the US economy as the trend for a weakening jobs market is expected to become clearer, analysts said.
The Fed is cutting rates to bolster the economy and keep the credit crunch from getting worse. But in the process, the central bank is creating other problems--including higher inflation
Fewer workers applied for unemployment benefits last week, but the number remaining on jobless aid stood at the highest level in nearly two and a half years.
U.S. home foreclosures and the rate of homes entering the foreclosure process rose to record highs in the fourth quarter. Pending sales of previously owned homes were unchanged in January.
The global credit crisis creates big downside risks to an already softening economy that require bold action from the U.S. central bank, Cleveland Federal Reserve President Sandra Pianalto said on Wednesday.
Federal Reserve districts all saw decelerating economic growth in early 2008, even as prices pressed upward almost everywhere, the central bank's "Beige Book" report on economic conditions said on Wednesday.
The full text of the Beige Book released by the Federal Reserve on March 5, 2008 and based on information collected on or before February 25, 2008.