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 ‘us economy’
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. Treasury: economy to keep growing in 2010
February 14th, 2010 by Financial Writer
The United States economy is expected to continue growing this year, although global recovery remains fragile, Deputy U.S. Treasury Secretary Neal Wolin said on Sunday.
Growth of the world’s biggest economy is expected to cool this year after a burst of activity late last year as challenges remain in bank lending and policy-making.
“We expect to see [...]
Tags: bank lending, banking committee, financial reform, global recovery, us economy
Visa 1Q profit rises 33 percent, beats estimates
February 4th, 2010 by Financial Writer
Visa Inc. on Wednesday said its profit rose 33 percent in the fiscal first-quarter on increased revenue, even as consumers pull back sharply on spending amid the recession.
The payment processing giant reported net income of $763 million, or $1.02 per share, compared with $574 million, or 74 cents per share a year ago.
Revenue growth was [...]
Tags: consumers, payments network, recession, us consumers, us economy, us payment, visa
GDP data overstates economy’s health
January 30th, 2010 by Financial Writer
The U.S. economy turned in a surprisingly good performance in the fourth quarter, surging ahead by 5.7 percent on an annual basis, according to a government report released Friday.
Or did it?
President Obama was quick to highlight the economy’s progress and “the swift and aggressive actions that made it possible.” At a manufacturing company in Baltimore, [...]
Tags: action economics, economic indicators, gdp, inflation, us economy
Fed earned $45 billion in 2009: report
January 12th, 2010 by Financial Writer
The Federal Reserve made record profits in 2009 and will return $45 billion to the Treasury, after its efforts to prop up the economy created a windfall for the government, the Washington Post reported.
The $45 billion reflects the highest earnings in the 96-year history of the U.S. central bank, the newspaper reported on its website [...]
Tags: fed, Federal Reserve, loans, mortgage, us central bank, us economy
Current account trade deficit widens in 3Q
December 16th, 2009 by Financial Writer
The deficit in the broadest measure of foreign trade posted a sharp increase in the July-September quarter, a sign that the U.S. economy was beginning to rebound as demand for foreign goods increased.
The Commerce Department said Wednesday the current account deficit rose to $108 billion in the third quarter, an increase of 10.3 percent from [...]
Tags: deficit, recession, us companies, us economy, us investments
Bipartisan budget group says deficit curbs needed
December 14th, 2009 by Financial Writer
A bipartisan group of former lawmakers and budget officials called on Congress and President Barack Obama Monday to commit to reining in trillion-dollar plus budget deficits to avoid dragging down the economy.
Policymakers must take steps next year to enact policies to stabilize the debt at 60 percent of the size of the economy to avoid [...]
Tags: barack obama, bipartisan, lawmakers, policymakers, us economy
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
AP analysis: US economy entering sluggish recovery
December 7th, 2009 by Financial Writer
Now that the Great Recession appears over, the economy looks to be entering a Rocky Recovery, in which much of the nation will continue to struggle well into 2010.
The Associated Press’ monthly analysis of economic stress in more than 3,100 U.S. counties found the economy little changed in October compared with September. Some states saw [...]
Tags: economy recovery, great recession, real estate, unemployment, us economy
Warren Buffett: The financial panic is over
November 13th, 2009 by Financial Writer
Capitalism is still alive and well, say the world’s two richest men, despite lingering shocks from the longest, deepest recession since the Great Depression.
“The financial panic is behind us,” said famed investor Warren Buffett, who recently made what he called an “all-in wager” on the U.S. economy by acquiring railroad Burlington Northern Santa Fe. “The [...]
Tags: american businesses, financial panic, investor, us economy, warren buffett