Economy News
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Consumers gloomier on jobs, finances
NEW YORK/WASHINGTON - Consumer sentiment cooled again in early July to its lowest level in seven months as Americans took a dim view of their finances and job prospects, a survey released on Friday showed.
Jobless claims fall as plants put off retooling
WASHINGTON - The number of Americans signing up for new jobless benefits fell to a four-year low last week but an unusual pattern for summer factory shutdowns suggested layoffs might pick up again in coming weeks.
Fed's Lacker: Libor scandal hurting confidence
RICHMOND, Virginia - A growing scandal surrounding manipulation of a key benchmark interest rate is feeding public anger towards banks, Richmond Federal Reserve bank President Jeffrey Lacker told Reuters in an interview on Friday.
Fed's Lockhart signals backs easing if no improvement
JACKSON, Mississippi - A voting member of the Federal Reserve's policy-setting body said on Friday he has edged closer to supporting another round of quantitative easing if the sluggish economy can't shake its doldrums.
Economic growth gauge rises: ECRI
NEW YORK - A measure of future economic growth rose to an eight-week high in the latest week, and the annualized growth rate rose to a five-week high, a research group said on Friday.
Analysis: Food crisis looms as importers sit out grain price highs
LONDON - What looks to be the worst U.S. drought in a quarter of a century has given rise to an old-fashioned commodity rally on world markets, with key grain prices hitting highs which caused food crises in vulnerable parts of the globe last time around.
Only minor relief from the drought stressing U.S. crops
CHICAGO - Little relief from the near relentless drought plaguing corn and soybeans in the U.S. Midwest was indicated by fresh weather forecast maps on Thursday, with only minor amounts of rain expected in some areas over the next week to 10 days, an agricultural meteorologist said.
June import prices tumble on plunge in oil costs
WASHINGTON - Import prices fell last month by the most in more than three years mostly due to a plunge in the cost of imported oil, further icing inflation pressures.
Glum Fed keeping easing options open, minutes show
WASHINGTON - The U.S. Federal Reserve is open to buying more Treasury bonds to stimulate the economy, but the recovery might need to weaken for a consensus to build, minutes from the central bank's June meeting released on Wednesday showed. | Video
White House says "will be prepared" if spending cuts bite
WASHINGTON - The White House said on Wednesday it would be ready if painful automatic spending cuts are triggered next year, but urged Congress to take a "balanced approach" to tackle the federal budget deficit and avoid the controversial sequesters.
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Excuses, excuses: The problem with ‘structural’ explanations for U.S. unemployment
Academic research suggests so-called structural problems -- skills mismatches, trouble relocating -- are not major factors in keeping U.S. unemployment high.
Privatize San Bernardino’s EMS services
The key for San Bernardino is to remove itself from unsustainable union collective bargaining agreements and get labor costs down to a manageable level. Privatizing EMS would be a good place to start.
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