February 4, 2014 |
WASHINGTON - The U.S. economy should grow at a solid rate over the next few years, but the labor market will continue to recover only slowly, according to new projections by the Congressional Budget Office. In its latest budget and economic outlook, the CBO on Tuesday forecast that economic growth will rise to 3.1% this year, boosted by gains in housing construction and business investment. And growth in economic output is projected to speed up to 3.4% in each of the next two years.
January 30, 2014 |
WASHINGTON -- The U.S. registered solid economic growth in the final three months of last year, buoyed by rising exports and the biggest increase in consumer spending in three years, the Commerce Department said Thursday. The economy's 3.2% annualized growth rate in the fourth quarter was in line with analysts' expectations and suggests that there was good momentum heading into this year. The pickup in personal spending was particularly encouraging as that accounts for more than two-thirds of American economic activity.
January 24, 2014 |
NEW YORK -- Stocks suffered a second day of steep declines as investors grew increasingly worried over economic growth in emerging markets. The Dow Jones industrial average tumbled 318.24 points, or 2%, to 15,879.11. Combined with Thursday's drop of nearly 176 points, the blue-chip index of stocks was down almost 500 points in two days. The broad Standard & Poor's 500 index fell 38.17 points, or 2.1%, to 1,790.29. The technology-focused Nasdaq composite shed 90.70 points, or 2.2%, to 4,128.17.
January 15, 2014 |
WASHINGTON - After a long and lumpy recovery, the world economy may finally be at a turning point with global growth expected to accelerate this year behind the rising strength of the U.S. and other major developed countries. But world finance leaders are warning of lingering effects of the last recession and, in particular, citing some growing threats - capital flight in developing countries and deflation in rich nations. "With inflation running below many central banks' targets, we see rising risks of deflation, which could prove disastrous for the recovery," Christine Lagarde, managing director of the International Monetary Fund, said Wednesday in a Washington meeting.
December 26, 2013
Re "A huge threat to social mobility," Column, Dec. 22 Michael Hiltzik's piece on income inequality was excellent and had many good ideas. However, I was disturbed by the frequent use of the word "growth. " When one is referring to the economy, the growth should follow the word "sustainable. " Failing to consider sustainability is an example of short-term crisis thinking. We need long-term thinking that promotes equality among people and between humans and the planet. Uncontrolled growth has already contributed to overpopulation and climate change.
December 23, 2013 |
The Commerce Department reported Monday that consumer spending rose to its highest level since June, another late-year sign of renewed strength in the U.S. economy. Consumer spending rose 0.5% last month, after increasing a revised 0.4% in October, according to figures released Monday by the Commerce Department. The agency also reported that consumers' income rose 0.2% in November, an improvement from a 0.1% decline the month before. A more detailed breakdown of income showed that wages and salaries rose by 0.4%, reflecting steady job growth in the private sector.