Economy

Top Stories

• Vermont Becomes 1st State to Ban Fracking
  Vermont's governor has signed into law the nation's first ban on a hotly debated natural gas drilling technique called hydraulic fracturing. There's no drilling currently happening in Vermont, which is believed to have little to no reserves of oil or natural gas. Democratic...
• Housing, Industrial Data Point to Steady Growth
  Groundbreaking for U.S. homes rebounded in April and factory activity gained steam, suggesting a moderate pickup in economic growth early in the second quarter.
• Mortgages Delinquencies Fall to Lowest Level Since 2008
  The U.S. mortgage delinquency rate declined in the first quarter to the lowest level since 2008 as an improving job market and low interest rates helped more borrowers pay their bills.
• Industrial Output in April Rises Most in More Than a Year
  U.S. industrial production posted its fastest growth in over a year in April, boosted by surging output at utilities and a rebound in manufacturing, the Federal Reserve said on Wednesday.
• Mortgage Applications Jump as Rates Fall
  Applications for U.S. home mortgages surged last week, driven by increased demand for refinancing as interest rates hit fresh lows, an industry group said.
• New Home Construction Exceeds Forecasts, but Permits Fall
  U.S. housing starts rose more than expected in April, according to a government report on Wednesday that offered signs of a nascent housing recovery, even though permits for future building fell after touching a 3-1/2 year high the prior month.
• Obama Assets Valued Between $2.6M and $8.3M
  President Barack Obama and first lady Michelle Obama hold assets worth between nearly $2.6 million and nearly $8.3 million, according to financial disclosure reports released by the White House. The documents show the couple's assets for last year. The first family's assets...
• Whalen: Economic 'Fatigue' Will Force Voters to Oust Incumbents
  Improving economic indicators don't mean the broader economy is following suit, and politicians seeking re-election this year may be out of a job, says Christopher Whalen, Senior Managing Director of Tangent Capital Partners in New York.
• Bill Clinton: Debt Deal Should Be Top Campaign Priority
  Those running for office this year should prioritize how they'll reach across the aisle to find ways to narrow deficits and tackle other fiscal issues, says former President Bill Clinton.
• Facebook IPO Could Mean Up to $2.1 Billion for Calif.
  Facebook's public stock offering this week is projected to generate between $1.6 billion and $2.1 billion through mid-2013 for California's budget as shareholders cash in their shares. The nonpartisan Legislative Analyst's Office on Tuesday increased the state's revenue...
• North Dakota Becomes 2nd-Biggest Oil Producing State
  North Dakota has passed Alaska to become the second-leading oil-producing state in the nation, trailing only Texas, state officials said Tuesday. North Dakota oil drillers pumped 17.8 million barrels in March, with a daily average of 575,490 barrels, Assistant State Mineral...
• Cheaper Gasoline May Not Be Enough to Boost Summer Driving
  Cheaper gas won't be enough to get many more Americans on the road this summer. They're still too worried about their jobs and the economy.Economists and tourism experts are expecting only a small uptick in summer travelers. Gas prices are still high enough to keep some...
• Trump Slams FCPA Law, Killing American Business
  
  Donald Trump attacked the law that bans American companies bribing foreign officials on Tuesday, saying the United States has no business being the “policeman of the world.”
• US Homebuilder Confidence Soars to 5-Year High
  Confidence among U.S. homebuilders jumped more than anticipated in May, reaching a five-year high that signals an improving outlook for construction.
• Business Inventories Rise at Slower Pace as Sales Climb
  U.S. companies restocked more slowly in March, continuing a trend that has weighed on growth this year.The Commerce Department said Tuesday that business inventories rose 0.3 percent in March, the smallest increase since November. Business sales rose 0.6 percent in...
• Taxpayers Fund $454,000 Pay for Collector Chasing Student Loans
  Joshua Mandelman made $454,000 in a single year as a student-loan debt collector — more than twice the pay of the U.S. secretary of education.
• Manufacturing in New York Region Expands More Than Forecast
  Manufacturing in the New York region expanded more than forecast in May as shipments surged and new orders improved.
• April Retail Sales Edge Up as Building Materials Tumble
  Sales at U.S. retailers barely rose in April as the boost from an unseasonably warm winter faded, pointing to some loss of momentum in consumer spending early in the second quarter.Retail sales edged up 0.1 percent, held back by a decline in receipts from building materials...
• Consumer Prices Flat as Lower Gas Offsets Higher Food, Housing Costs
  U.S. consumer prices were flat in April as households paid less for gasoline and natural gas, possibly giving the U.S. Federal Reserve more room to help economic growth should the recovery stumble.
• WSJ Economist Survey: Job Market Won’t Improve Much
  Economists surveyed by The Wall Street Journal see the unemployment rate barely shrinking for the rest of the year – to 7.9 percent on average from 8.1 percent in April.
• AT&T Chief: Rich-Poor Gap Skews Economic Signals
  AT&T Inc. Chief Executive Officer Randall Stephenson said traditional economic indicators have become less reliable as the spending patterns of affluent and lower-income Americans grow further apart. An economy of haves and have-nots is evident in both the consumer and...
• Calif. Gov. Brown: Tax Hikes Needed to Fill $16 Billion Budget Gap
  California Gov. Jerry Brown is proposing more than $8 billion in cuts to close a widening California budget deficit but also says public schools will receive more money if voters approve his tax-hike initiative in November.Under the latest budget proposal, Brown wants...
• JPMorgan Loss Likely to Damage Obama
  
  JPMorgan Chase’s $2 billion trading loss could be even more damaging for President Barack Obama than it was for the bank because it indicates the financial crisis of 2008-09 failed to alter Wall Street’s behavior significantly.
• Democrats Seize on JPMorgan Loss to Push for More Regulation
  
  JPMorgan's large trading losses affirm the need for Wall Street oversight, the White House said on Monday, declining to comment on the specifics of the case while the Securities and Exchange Commission investigates it.
• Harrisburg Debt-Binging Ex-Mayor Put City on Verge of Bankruptcy
  Stephen Reed, Harrisburg’s mayor for 28 years, pushed Pennsylvania’s capital into insolvency as the more than $500 million in bond deals he oversaw to finance community development drained city coffers.

More Economy Stories