The Commerce Department reported Thursday that retail sales rose 0.3% in November after falling 0.3% in October. Retail spending over the past 12 months has grown 3.7%, in line with modest economic growth. Even as many Americans struggle to find jobs and pay bills, one sector of the economy has been resilient in this weak economic environment. Wealthy Americans are continuing to spend their money and Web sites like Gilt — a flash sales site that offers discounts on designer apparel and jewelry as well as deals on exotic vacations, restaurants, Broadway shows and gym memberships — has experienced a surge in sales as high-end consumers chose online shopping over brick-and-mortar stores.
The Federal Reserve concluded its last policy meeting of 2012 Wednesday and vowed to continue its stimulus programs to the tune of $85 billion a month in mortgage-backed securities and bond purchases.
As politicians, businessmen and ordinary citizens brace for spending cuts and tax hikes in the new year, a long-term Republican adviser says the U.S. should take the "fiscal cliff" plunge.
On 12-12-12, a day that already had numerologists buzzing, the Federal Reserve gave the markets a couple of new numbers to obsess over.
In a welcome development almost no one saw coming, America's greenhouse gas emissions have fallen to 1992 levels and are expected to continue to decline, according to the U.S. Energy Information Agency (EIA).
President Obama hit the road this week to build national support for increasing taxes on wealthy Americans. On Monday the president addressed autoworkers in Redford, Mich., outlining his budget proposal and explaining why higher tax rates were necessary at this critical juncture.
A few months ago, Facebook's IPO was an unequivocal disaster.
Priced at $38 in May, the stock (FB) had fallen more than 50% to the high teens, and many pundits were predicting that it would fall all the way to $10.
A new assessment of global trends by The National Intelligence Council predicts that the U.S. will lose its place as the world's top economy by 2030. If China's GDP continues growing at its current pace, the republic will become the lead economic power within the next 20 years.
In less than three weeks, massive tax hikes and spending cuts are set to take effect unless the White House and Congress can agree on a plan to avoid the so-called fiscal cliff. President Barack Obama and House Speaker John Boehner held their first face-to-face meeting Sunday to discuss possible outcomes. Negotiations are likely continue until Congress leaves for the holiday recess. Republicans are starting to accept the fact that higher taxes on high-income earners will be part of a fiscal cliff deal.