Economy

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• Party Leaders Refuse to Budge on Debt Positions
  Republicans and Democrats aren't budging when it comes to their already hardened positions on spending cuts versus tax increases to deal with the nation's debt. House Speaker John Boehner and Majority Leader Mitch McConnell both said Sunday that when Congress is asked to...
• Small World: Global Contagion Risks Take Center Stage
  World leaders are increasingly alarmed at the prospect of financial problems in Europe sending shockwaves through the global economy when advanced countries have very limited resources to fight back. Yesterday's fear was Greece leaving the euro zone. Today it's morphed into...
• Xinhua: Premier Wen Says China Will Focus on Growth
  Chinese Premier Wen Jiabao said the government will focus more on bolstering economic growth, indicating policies may be loosened further as inflation moderates. "The country should properly handle the relationship between maintaining growth, adjusting economic structures...
• Expect Lower Gasoline Prices Heading Into Memorial Day
  If you're lucky enough to live in some parts of the United States, you may see gas pump prices fall to around $3.25 a gallon or less in the next week or two. Even West Coast drivers should get some relief from prices that are still above $4 a gallon.Retail gasoline prices...
• Krugman: Euro Crisis Will Spark Apocalypse Fairly Soon
  Austerity measures won't save Europe but loose monetary policies will, writes Nobel economist Paul Krugman.
• Leon Cooperman: US Needs Republican Sweep to Get Back on Track
  November's presidential elections will seal the fate of the nation, and hopefully voters will oust President Barack Obama from the White House and most of the Democrats from Congress, says Leon Cooperman, Chairman and CEO at Omega Advisors.
• German Finance Minister: Two More Years of Global Economic Turmoil
  German Finance Minister Wolfgang Schaeuble said turmoil in the financial markets caused by Europe s debt crisis may last another two years, as Group of Eight leaders prepared to discuss Greece and its impact on the global economy.
• Unemployment Rates Fall in Two-Thirds of States
  Unemployment rates fell in two-thirds of U.S. states last month, evidence that modest economic growth is boosting hiring in most areas of the country.
• JPMorgan Trading Loss Throws Republican Lawmakers Off Balance
  Republicans in the U.S. Congress were uniting behind a call to repeal all or part of the 2010 financial regulatory overhaul.
• China Home Prices, Car Inventories Add to Signs of Slower Growth
  China’s home prices fell in a record number of cities last month and car dealers posted inventory levels that foreshadowed deeper price cuts, adding to signs of slowing growth in the world’s second-largest economy.
• EU Commissioner: We're Planning for Greece to Leave Euro
  European officials are working on contingency plans in case Greece bombs out of the eurozone, the EU's trade commissioner said on Friday, while Berlin said it was prepared for all eventualities.
• Pennsylvania Leads U.S. in Gaming With Tax Windfall
  Pennsylvania has reaped more tax revenue from gambling than any state for three years running.
• Bloomberg Confidence Index Sinks as Job Market Stalls
  Consumer confidence fell last week to the lowest level in almost four months and more people than forecast filed claims for unemployment benefits, showing a lack of progress in the job market is rattling Americans. The Bloomberg Consumer Comfort Index dropped in the week...
• Fed Dealer Survey: No Rate Increase till Late 2014
  The Federal Reserve Bank of New York's survey of primary dealers conducted before policy makers met last month showed that the firms predicted the central bank would begin raising interest rates in the third quarter of 2014. The timing was based on the median response of...
• Facebook Co-founder's Tax Move Spurs Ex-PATRIOT Act
  
  Facebook co-founder Eduardo Saverin's dust-up over relinquishing his U.S. citizenship possibly to avoid taxes on his Facebook windfall has led to a new development: Legislators are scrambling to enact a law that would re-impose taxes on would-be dodgers.
• Postal Service Said Ready to Shut Plants to Cut $1.2 Billion
  
  The U.S. Postal Service, which last week backed off plans to close hundreds of rural post offices, will stick with its proposal to cut costs by shutting mail-processing plants, saving $1.2 billion annually.
• Mortgage Rates Fall to Record Lows With 30-Year at 3.79%
  Mortgage rates in the U.S. fell to a record for a third straight week, reducing borrowing costs as the housing market improves and home-loan defaults decline.
• Manufacturing in Philadelphia Region Shrinks for First Time in 8 Months
  Manufacturing in the Philadelphia region unexpectedly shrank in May for the first time in eight months, reflecting a drop in orders and employment.
• Index of Future Economic Activity Posts First Drop Since September
  A measure of future U.S. economic activity fell in April after six months of increases.
• Spain Returns to Recession Amid Bank Crisis
  Spain's borrowing costs shot up at a bond auction on Thursday, after economic data confirmed the country is back in recession and reports of an outflow of deposits from nationalised Bankia hammered its share price.
• Jobless Claims Hold Steady at 370,000 as Growth Fears Linger
  New U.S. claims for unemployment benefits were unchanged last week, according to government data that will do little to ease concerns about a recent slowdown in jobs growth.
• Fed Economist: Housing 'Getting Better' as Foreclosures Hit 5-Year Low
  Foreclosure filings in the U.S. fell to a five-year low last month as lenders sought to avoid seizing property and a housing recovery showed signs of taking hold. The number of default, auction and seizure notices sent to homeowners in April totaled 188,780, down 14 percent...
• Lower Fuel Prices Ease Load on Consumers and Obama
  A threat that's been hanging over the economy is starting to look a lot less menacing.Oil and gasoline prices are sinking, giving relief to businesses and consumers who a few weeks ago seemed about to face the highest fuel prices ever. President Barack Obama's re-election...
• Boehner, Obama Renew Clash over Debt Limit Increase
  Democrats and Republicans are on another collision course over increasing U.S. borrowing authority as President Barack Obama told Republicans on Wednesday that he does not want spending cuts to accompany such legislation. House of Representatives Speaker John Boehner and...
• 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...

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