American consumers say they reduced their spending in January to levels similar to early 2009, when the U.S. economy was still in recession, according to a Gallup poll released on Thursday.
The findings, which contradict U.S. data suggesting spending strength in January, showed consumers in all income brackets and geographic regions spending less in January vs. [...]
Posts Tagged ‘great depression’
Consumers spent at 2009 levels in January
February 18th, 2010 by Financial Writer
Tags: consumers, financial markets, great depression, us economy, us retail sales
more...U.S. mortgage demand at six-week highs on refinance wave
February 3rd, 2010 by Financial Writer
Demand for U.S. home loans rose to a six-week high on a mini refinance wave, with borrowers pushing to lock in rates before they climb later this year, the Mortgage Bankers Association said on Wednesday,
Applications to buy homes and refinance loans jumped last week to mid-December levels as average 30-year mortgage rates held near 5 [...]
Tags: borrowers, great depression, mortgage bankers, mortgage rates, refinance loans, us home loans, us mortgage
Obama unveils $3.83T budget with massive deficits
February 1st, 2010 by Financial Writer
President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs.
The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year’s then unprecedented $1.41 trillion [...]
Tags: barack obama, businesses, great depression, inflation, unemployment
Market’s big ‘09 rally offers relief after awful ‘08
January 3rd, 2010 by Financial Writer
For investors, 2009 will go down as the year we survived the Great Recession and were able to breathe a huge sigh of relief.
After enduring a near-freefall in the early, panicky months of the year, the stock market mounted a tremendous rally in the final nine months, sending major indexes up more than 60 percent [...]
Tags: Dow Jones Industrial, financial crisis, great depression, great recession, stock market
Rebound leads AP’s top business stories of ’09
December 21st, 2009 by Financial Writer
In 2009, the economy was near collapse before pulling back from the brink of depression. Unemployment topped 10 percent, but layoffs eased. General Motors and Chrysler toppled into bankruptcy and emerged smaller and leaner. The Dow Jones industrial average swooned to a 12-year low, then came part of the way back.
It was a year of [...]
Tags: depression, economy’s wild, general motors, great depression, top business, unemployment
Slow growth and high unemployment for U.S. in 2010: report
December 9th, 2009 by Financial Writer
Low interest rates will prevail through most of next year as the U.S. economy expands modestly and the unemployment rate remains stuck in double digits, the UCLA Anderson Forecast group said on Wednesday.
“Specifically, we forecast that after growing at 2.8 percent in the most recent and current quarters, real GDP growth will settle into a [...]
Tags: central bank, Federal Reserve, great depression, interest rates, unemployment, us economy