Economy

Top Stories

• Unemployment Falls in 40 States, Rises in 3
  Solid hiring helped push down unemployment rates in 40 U.S. states last month, the most since November. The declines show job markets are improving in most areas of the country.
• Consumer Sentiment Rises to Highest in Nearly 6 Years
  U.S. consumer sentiment rebounded in early May to the highest level in nearly six years as Americans felt better about their financial and economic prospects, particularly among upper-income households, a survey released on Friday showed.
• Index of Economy's Future Health Rises to Highest in 5 Years
  A gauge of future U.S. economic activity in April rose to its highest level in nearly five years as firming housing and labor market conditions offset weakness in manufacturing, suggesting an anticipated growth slowdown would be temporary.
• Housing Bubble Threat Grows, From Brooklyn to California
  Just a year since the U.S. housing market hit bottom after the biggest plunge in eight decades, signs of excess are re-emerging.
• NY Fed: Consumers Scale Back Spending Due to End of Payroll Tax Cut
  The end of the payroll tax holiday is prompting consumers to cut spending, according to a new survey from Federal Reserve Bank of New York.
• Forget the Governor's Office, Become a College Football Coach Instead
  The highest-paid public employee in most states is most likely a college sports coach, according to data compiled by DeadSpin.com.
• Bloomberg Poll: US on Track for 2 Years of Growth
  The U.S. economy will continue to recover until at least 2015 without tumbling into a recession, achieving the sustained growth that has eluded it since the last slump ended four years ago, according to a Bloomberg poll.
• China President Takes Charge of Sweeping Economic Reform Plans
  Chinese President Xi Jinping has taken charge of drawing up ambitious reform plans to revitalize the economy, sources close to the government said, shunning policy stimulus for fear it could worsen local government debt and inflate property prices.
• France's Socialist Hollande Pushes for Single Eurozone Govt
  French President Francois Hollande called on Thursday for an economic government in the eurozone that would have its own budget, the right to issue debt, a harmonized tax system, and a full-time president.
• Japan Machinery Orders Post Biggest Jump Since '05
  Japanese core machinery orders jumped a bigger-than-expected 14.2 percent in March, the quickest monthly pace in eight years, in a sign a weaker yen and surging stock prices are making companies more confident about investing in equipment.
• Mortgage Rates Rise to Highest Level in Six Weeks
  U.S. mortgage rates rose, pushing borrowing costs for a 30-year loan to the highest in six weeks.
• Obama Picks White House Budget Official as Acting IRS Chief
  President Barack Obama picked a senior White House budget official to become the acting head of the Internal Revenue Service on Thursday, the same day another top official announced plans to leave the agency amid the controversy over agents targeting tea party groups.
• More Evidence Points to Slower Economic Growth
  The U.S. economy showed fresh signs of slower growth in the second quarter, with factory activity slipping in the mid-Atlantic region while groundbreaking declined at home construction sites.
• Manufacturing in Philadelphia Fed Area Unexpectedly Contracts
  Manufacturing in the Philadelphia region unexpectedly contracted in May for the first time in three months as new orders retreated and factories cut back on employment and hours.
• Global Luxury Goods Sales Slowing in 2013
  A study says global sales of luxury goods are off to a slow start in 2013 and aren't expected to match the double-digit growth of the last three years.
• House Farm Bill Moves Ahead With Big Cut in Food Stamps
  A Republican-controlled panel in the U.S. House of Representatives on Wednesday approved the biggest cuts in food stamps for the poor in a generation and a potentially expensive expansion of federally subsidized crop insurance.
• April Housing Starts Plummet 16.5% From Almost 5-Year High
  Ground-breaking for new U.S. homes plummeted more than expected in April from an almost five-year high, but applications to build new homes shows the housing sector could still contribute to the strengthening economic recovery.The Commerce Department said on Thursday that...
• Consumer Prices Post Biggest Drop in 4 Years on Cheaper Gasoline
  A sharp drop in gasoline costs led U.S. consumer prices to tumble in April by the most in over four years, while a gauge of underlying inflation was so weak it could worry the U.S. Federal Reserve.The Labor Department said on Thursday its Consumer Price Index slipped 0.4...
• Jobless Claims Jump by Most in 6 Months in Worrisome Sign
  The number of Americans filing new claims for unemployment benefits climbed last week at the fastest pace in six months, a worrisome sign for the economy which has been hit by government austerity.Initial claims for state unemployment benefits jumped by 32,000 to a...
• FBA's Naroff: Slow Growth, Limited Inflation Are 'Rocket Fuel' for Fed
  "The somewhat sluggish economic growth and limited inflation are the equivalent of rocket fuel for the Fed," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.
• Japan's Growth Spurt Shows Early Benefits of Abe's Policy Gamble
  Japan's economy expanded at a rapid clip at the start of the year, the first hard evidence that Prime Minister Shinzo Abe's sweeping stimulus is beginning to rouse consumers and businesses into action even as risks loomed in the horizon. Corporate investment, seen as an...
• Former FDIC Head Isaac: Immigration Reform Means Sealing the Border
  Controlling the border must be part of any immigration reform measure, according to William Isaac, the former chairman of the FDIC.
• Japan Economy Grows at 3.5% Rate - Highest in a Year
  Japan's economy expanded more than analysts estimated in the first quarter on gains in consumer spending and exports, building momentum for Prime Minister Shinzo Abe's campaign for a sustained growth revival.
• Treasury's Brainard: Global Economy Still Sluggish, Fragile
  The global economy is sluggish and fragile, requiring both advanced and developing nations to focus on reinvigorating growth in domestic demand, a U.S. Treasury official said.
• Fidelity: Retired Couples May Need $220,000 for Healthcare
  After years of increasing healthcare costs, the outlook is improving for seniors worried about paying their medical bills during retirement.

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