President Obama's fiscal 2015 budget request would boost US tax revenues by nearly $1.4 trillion over 10 years if fully enacted, the CBO said.» Read More
The U.S. economy likely shed jobs for the fifth straight month in May as flagging consumer confidence and the worst housing bust in generations discouraged hiring.
The number of laid-off workers filing claims for unemployment benefits showed an unexpected improvement last week although a key indicator of unemployment hit a four-year high.
The United States will not experience a protracted period of economic weakness like Japan did in the 1990s, but the U.S. financial system is hurt by a lack of clear information about banks, Atlanta Federal Reserve Bank President Dennis Lockhart said Wednesday.
U.S. mortgage applications fell for a third consecutive week, reaching its lowest level in over six years as demand for home refinancing loans plunged, an industry group said Wednesday.
Many Americans allowed themselves to fantasize about large-screen TVs, European vacations and other luxuries when they learned of the federal rebates they'd be getting this spring and early summer.
Two Federal Reserve policy-makers warned on Wednesday that interest rate increases might be needed before too long to curb inflation, even as the United States struggles with a weak economy.
A rise in fees has led to growing dissatisfaction with retail banks, which may be sacrificing long term growth in favor of short-term gains, J.D. Power and Associates said in a study.
There are several signs that the financial crisis that has long plagued the market is winding down, according to one expert.
Former Federal Reserve chairman Alan Greenspan was quoted on Tuesday as saying the United States was still more likely than not to have a recession despite relative stabilization in the economy in recent weeks.
Blame for the sub-prime crisis lies at the feet of banks who took too many risks in mortgage lending, Warren Buffett told a Madrid newspaper. Earlier, the billionaire investor said he expected a "long, deep" recession.
U.S. Treasury Secretary Henry Paulson told CNBC Thursday that rising oil prices are not driven by market speculation but instead reflect tight supplies and growing global demand.
Wall Street appears resigned to the idea that the Federal Reserve is done cutting interest rates, but a patchy economy could force policy-makers to keep their scissors handy.
High food prices will continue for at least a decade even if they drop from the levels that sparked street protests or riots in Africa, Asia and the Caribbean in recent months, government-backed international agencies say.
The US mortgage market will recover slowly from a wave of bad loans that threw financial markets into crisis and the lending system will need repairs, Federal Reserve Governor Randall Kroszner said Thursday.
The number of U.S. workers filing initial claims for jobless benefits unexpectedly fell by 9,000 last week to its lowest level in a month, the government said Thursday, but remained at elevated levels to underscore a sluggish jobs market.
Goldman Sachs Senior Investment Strategist Abby Joseph Cohen told CNBC Wednesday that she sees U.S. interest rates climbing, though not necessarily in the short term.
The following is the text of the minutes from the Federal Open Market Committee's meeting of April 29 to 30, issued on Wednesday.
The Fed cut its economic growth forecast and warned of higher inflation and unemployment but signaled more rate cuts are unlikely. "If you had any doubt that the Fed is signaling a pause, that doubt is gone," said one economist.
US interest rates seem to be at the right level to help the sputtering economy without sparking inflation, but policy-makers need to be ready to adjust quickly in the face of a highly uncertain outlook, Federal Reserve Vice Chairman Donald Kohn said Tuesday.
US inflation at the wholesale level rose slower than expected in April, but core inflation, which strips out volatile food and energy prices, rose twice as fast as expected.