Economy News
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Fed's Williams sees expanded QE3 in 2013, end by 2014
SAN FRANCISCO - Offering one of the clearest road maps yet for the Federal Reserve's latest monetary stimulus, John Williams, a top Fed policy maker, said on Monday he expects the central bank to expand its bond-buying program next year and end it before the close of 2014.
Fed's Rosengren does not comment on U.S. economy, policy
- Mid-sized U.S. cities tend to lag larger urban areas in terms of wealth, education, and economic strength, but with the right policies they have the potential to be important centers of economic growth, Federal Reserve Bank of Boston President Eric Rosengren said on Monday.
State, local government jobs won't recover until 2017: report
- State and local government employment won't return to its pre-recession peak until early 2017, following widespread public sector layoffs that have continued this year, global information company IHS Global Insight said on Monday.
Inflation well anchored in U.S., not so much in UK: Fed paper
SAN FRANCISCO - Longer-term U.S. inflation expectations have stayed fairly constant since the financial crisis five years ago, but have crept up noticeably in Britain, according to research published Monday by the Federal Reserve Bank of San Francisco.
Abu Dhabi economic growth seen slowing to 3.9 percent in 2012
ABU DHABI - Abu Dhabi's economy is likely to grow 3.9 percent this year, lagging previous forecasts, but should pick up in the next few years helped by further diversification away from oil, the Department of Economic Development said on Monday.
IMF chief sees shaky confidence denting global growth
WASHINGTON - The International Monetary Fund is set to cut its forecast for global growth next month with uncertainty over whether European policymakers will keep promises to address the euro zone crisis weighing on confidence, the head of the IMF said on Monday.
U.S. business borrowing for equipment up 21 pct in Aug vs yr ago
- U.S. companies borrowed more in August than a year ago to spend on new equipment, but are still holding on to cash because of global economic and regulatory concerns, the Equipment Leasing and Finance Association said on Monday.
Mexico's Ferrari urges U.S. not to tear up tomato pact
WASHINGTON - The U.S. Commerce Department should renegotiate a 16-year-old tomato trade agreement with Mexico rather than give in to election-year demands from Florida growers to tear up the pact, Mexico's Economy Minister Bruno Ferrari said on Monday.
America's hidden unemployed: too discouraged to count
WASHINGTON - When Daniel McCune graduated from college three years ago, he was optimistic his good grades would earn him a job as an intelligence analyst with the government.
Lawmakers may push "fiscal cliff" deadlines into 2013
WASHINGTON - Slowly and quietly, the U.S. Congress may be arriving at a consensus on how to avoid falling off the "fiscal cliff" on December 31 - by simply putting off its own deadline for most of the major year-end budget and tax decisions.
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An unpleasant surprise may lurk in euro zone GDP numbers
The euro zone economy may be doing far worse than most economists want to believe. That’s not good news for a central bank trying to rescue the single currency through a hotly-contested bond purchasing programme that has yet to get started.
Local officials need governance resources
Governing a municipality is hard work. As states push more fiscal responsibility down to the local level, they would do well to increase the amount of support and training they provide to local officials. Local public servants are the frontline of good government and efficient use of tax dollars. They need all the help they can get.
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