Almost five months after Democrats used their majorities in the Congress to push through the stimulus, the two-year package has had little impact as anxious Americans watch the country's unemployment rate surge to 9.5 percent.
UK building society Nationwide is offering 125 percent mortgages to its existing customers that have fallen into negative equity and need to move home.
New claims for unemployment insurance plummeted by 52,000 to 565,000, the Labor Department said Thursday. That's significantly below analysts' expectations of 605,000.
The Bank of England surprised markets by announcing no expansion of its quantitative easing scheme on Thursday as it left interest rates unchanged at a record low of 0.5 percent for a fourth month running.
The Bank of England looks likely to expand its 125 billion pound quantitative easing program and keep interest rates at a rock-bottom 0.5 percent on Thursday to sustain its attempts to lift Britain out of recession.
Japan's top government spokesman said on Thursday that excessive currency moves are undesirable as they would hurt the stability of Japan's economy and financial markets.
South Korea's central bank held interest rates steady at a record low for a fifth consecutive month on Thursday, in a widely expected move to support an only nascent recovery in Asia's fourth-largest economy.
Australian employment fell the most in three months in June as firms cut full-time positions to save costs, while the jobless rate hit its highest in nearly six years at 5.8%.
The U.S. recession is likely to end this year, but the Federal Reserve will not be in a rush to change its policy stance while unemployment is still rising, a top Fed policy-maker said Wednesday.
Wednesday, 8 Jul 2009 | Source: The Associated Press
Total U.S. consumer credit fell by an unexpectedly slight $3.23 billion in May, Federal Reserve data showed Wednesday, although the previous month's drop was revised to a steeper decline than previously thought.
The global economy is starting to pull out of recession but recovery will be sluggish and government policies need to remain supportive, the International Monetary Fund said Wednesday.
Weekly jobless claims and June's chain store sales reports will compete Thursday with whatever positive effect remains from Alcoa's narrower-than-expected loss.... Read More
Call me old-fashioned, but I still believe in that whole supply and demand thing; that’s why I’m slightly obsessed with the inventory of existing homes floating around the nation’s local MLS’s and more importantly those not floating around the MLS’s... Read More