Economy
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Applications for home mortgages dropped last week for a second-straight week as a spike in interest rates stymied demand for refinancing, the Mortgage Bankers Association says.
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The U.S. trade deficit shrank in December to its narrowest in nearly three years, suggesting the economy did much better in the fourth quarter than initially estimated.
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At street level, the pain from the expiration of a break in Social Security taxes in 2011 and 2012 is evident.
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The convergence of increasingly accurate weather forecasts and the explosion of the social media channel is super-charging the effect of Winter Storm "Nemo" on the Northeast's economy.
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"It's almost like they don't give a damn," Hollywood legend and Republican supporter Clint Eastwood told CNBC, referring to the gridlock in Washington.
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U.S. wholesale inventories unexpectedly fell in December as auto dealers and agricultural suppliers drew down their stocks, a negative signal for economic growth.
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Some economists say there are signs it could ease in the next few years as the economy improves, raising hopes for the millions of Americans who have spent months or even years looking for work.
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President Barack Obama told fellow Democrats on Thursday he is willing to agree to a "big deal" with Congress on spending cuts and tax reforms to end the fiscal uncertainty over the deficit.
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European Union leaders reached agreement on the first ever cut in their common budget on Friday after 24 hours of talks, seeking to placate millions at home struggling through government cutbacks and recession.
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From long delays at the nation's airports to huge potential layoffs of government workers, Americans may soon feel the pinch of austerity. The Financial Times reports.
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The subprime market for risky mortgage-backed securities is hot again and the chief market strategist at Rosenblatt Securities said, it will end badly.
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Nonfarm productivity fell in the fourth quarter by the most in nearly two years as output increased marginally while weekly unemployment aid applications fall to 366,000, indicating steady but modest hiring.
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The U.S. economy could take a big hit from automatic government spending cuts even if Congress only leaves them in place for a month or two.
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The Fed has the appropriate policies in place right now and will remain accommodative until the economy improves, Chicago Fed President Charles Evans told CNBC.
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The automatic across-the-board spending cut measure set to take effect next month is "terrible, terrible" piece of legislation, Robert Rubin, former Clinton Treasury Secretary, told CNBC.
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Many top U.S. retailers reported strong January sales after offering compelling merchandise that drew in shoppers facing a hit to their take-home pay from higher payroll taxes.
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Long-term unemployed in the U.S are having an easier time finding jobs — and the problem of long-term joblessness may disappear in the months ahead.
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Economic activity in the euro area will remain weak in early 2013 before gradually recovering later in the year, European Central Bank (ECB) President Mario Draghi said on Thursday.
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Forget about statistics for employment and industrial production, it is being claimed that the price of a hamburger is showing where Europe's economic reforms are working - and where they are not.
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India's growth estimates for the current fiscal year came as a shock to many who were hoping for a turnaround in Asia's third largest economy, with one expert calling the likely 5 percent annual expansion a "horror show".
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As the housing market imploded, the gallows humor at S&P intensified. The New York Times reports.