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US Economy

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  • Working for tips: It's worse than the minimum wage Thursday, 10 Jul 2014 | 4:46 PM ET

    A new study calls for an end to the $2.13 an hour federal tipped minimum wage.

  • Earlier selloff masks real concern for stocks Thursday, 10 Jul 2014 | 4:43 PM ET

    Stocks sold off on concerns about the global economy, but the real worry for the market is the second-quarter earnings season.

  • Kentucky ends 2014 with $90 million shortfall Thursday, 10 Jul 2014 | 4:25 PM ET

    FRANKFORT, Ky.— Kentuckians are buying more stuff, they just aren't paying as much in taxes. That's why the state ended the 2014 fiscal year on June 30 with a $90 million shortfall in its general fund. Even during the depths of the recession the past three years, Kentucky's income tax collections grew by 8.3 percent, 2.8 percent and 6 percent, respectively.

  • Federal judge orders IRS to explain lost emails Thursday, 10 Jul 2014 | 1:29 PM ET

    WASHINGTON— A federal judge on Thursday ordered the IRS to explain under oath how it lost a trove of emails to and from a central figure in the agency's tea party controversy. He said the IRS declaration must be signed, under oath, by the appropriate IRS official. The IRS says it lost the emails in 2011 when Lois Lerner's computer crashed.

  • House, Senate committees advance highway aid plans Thursday, 10 Jul 2014 | 12:15 PM ET

    Dave Camp, R- Mich., that cobbles together $11 billion in pension tax changes, customs fees and money from a fund to repair leaking underground fuel storage tanks to shore up the federal Highway Trust Fund through May 2015. In the Senate, the Finance Committee, also on a voice vote, approved a compromise worked out between the committee's chairman, Sen.

  • France pleads for new EU economic strategy Thursday, 10 Jul 2014 | 12:01 PM ET

    PARIS— France's economy minister is blaming European authorities for the lack of growth in France and Europe, and says it's time for a new economic policy that shuns austerity. France, with Europe's No. 2 economy, is holding back the rebound across the continent.

  • NEW DELHI, July 10- India's new government on Thursday unveiled a first budget that seeks to revive growth and curb borrowing, but left open questions on how it will reduce the fiscal deficit and restore investor confidence.

  • Saudi America? Close...but no cigar: Analysts Thursday, 10 Jul 2014 | 10:53 AM ET
    Construction of the Keystone Pipeline in Prague, Okla., (L) and an oil pipeline in northeastern Saudi Arabia.

    The U.S. is producing vast amounts of oil—but isn't quite in Saudi Arabia's league just yet, according to experts.

  • Workers at large firms can expect 3% raises Thursday, 10 Jul 2014 | 10:31 AM ET
    Employees assemble 2.0 liter ecoboost engines on the production line at the Ford Motor Co. Cleveland Engine Plant in Brook Park, Ohio.

    US workers at large companies can expect median base salary increases of 3% next year, USA Today reports.

  • World leaders need to worry about water: Gorbachev Thursday, 10 Jul 2014 | 10:15 AM ET
    Former leader of the Soviet Union Mikhail Gorbachev.

    By 2025, 1.8 billion people will live in regions with water scarcity. The international community needs to act now, says Mikhail Gorbachev.

  • May US inventories gain, stoke new growth hopes Thursday, 10 Jul 2014 | 10:02 AM ET
    An employee operates a forklift at the distribution center of the Oregon Freeze Dry Inc. facility in Tangent, Oregon.

    U.S. wholesale inventories rose in May, reinforcing the view that economic growth should surge following a weak first quarter.

  • Corbett signs budget, takes on lawmakers, pensions Thursday, 10 Jul 2014 | 9:40 AM ET

    Tom Corbett signed the state budget 10 days late on Thursday and used his line-item veto power to spotlight what he called the Legislature's failure to sacrifice with the rest of government or to curb rising public-sector pension costs that are fueling school tax increases.

  • European banking scare sends stocks lower Thursday, 10 Jul 2014 | 9:21 AM ET

    Fears emerged overnight about the financial stability of Espirito Santo International, a holding company that is the largest shareholder in a group of firms, including the parent of Portugal's largest bank, Banco Espirito Santo.

  • Portuguese bank fears rekindle euro market tension Thursday, 10 Jul 2014 | 7:41 AM ET

    Worries over the health of Portugal's biggest bank on Thursday raised fears that the country might run into financial trouble again— just weeks after emerging from a bailout— and trigger a flare-up in the market crisis Europe thought it had quelled.

  • Indians balk at $33 million statue in new budget Thursday, 10 Jul 2014 | 7:25 AM ET

    NEW DELHI— In a country grappling with poverty, sluggish growth and a daunting deficit, India's new budget has set aside 2 billion rupees for a colossal iron-and-bronze statue almost twice the size of the Statue of Liberty.

  • BEIJING, July 10- U.S. and Chinese leaders have agreed that China will reduce its intervention in the currency market when conditions are ripe, reaching an understanding on a prickly issue that has hurt ties between the world's two biggest economies for years.

  • NEW DELHI, July 10- Indian Prime Minister Narendra Modi's new government on Thursday unveiled a first budget of structural reforms aimed at reviving growth, winning praise from investors despite a lack of clarity over how he would cap the big fiscal deficit.

  • Fed's independence questioned by Republicans again Thursday, 10 Jul 2014 | 5:49 AM ET
    The Federal Reserve building.

    A surge of Republican pressure is bringing the Fed's long-held independence into question again.

  • China committed to cutting FX intervention -Lew Thursday, 10 Jul 2014 | 3:41 AM ET

    BEIJING, July 10- China is committed to reducing its intervention in the foreign exchange market and is preparing to increase the transparency of its currency policy, U.S. Secretary of State John Kerry said separately that China and the United States had a frank exchange about cyber security issues and agreed to continue those discussions.

  • Firm to get $260M in aid to build plant in Camden Thursday, 10 Jul 2014 | 3:31 AM ET

    TRENTON, N.J.— New Jersey officials on Thursday approved tax incentives worth $260 million over 10 years for a company to bring 395 jobs— many of them in manufacturing— to Camden, a city in dire need of employment options.

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