December 26, 2012 |
Home prices in the nation's 20 biggest cities dipped 0.1% in October from the prior month but rose strongly from the same month last year, according to a closely watched index, indicating the start of the seasonal slowdown in home prices. It was the first month-over-month dip after six months of gains for the Standard & Poor's/Case-Shiller index of 20 large cities. The index was up 4.3% compared with October 2011. "Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength," said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices.
December 18, 2012 |
B. Riley & Co., a Los Angeles investment bank, bought stock research firm Caris & Co. to increase its sales and trading business amid a slowdown in the brokerage industry. B. Riley, founded in 1997, is adding nine analysts, 12 salesmen and four traders in San Francisco, New York, Los Angeles, San Diego and Atlanta, Chairman Bryant Riley said. Darren Caris, who was president of Caris & Co., will run research, sales and trading, the company said in a statement. Small brokerages including ThinkEquity, Rodman & Renshaw and WJB Capital Group Inc. closed this year as institutional investors turned to computerized stock trading.
November 29, 2012 |
The U.S. economy expanded at a "measured pace" in recent weeks as gains in consumer demand and housing were tempered by a slowdown in manufacturing and the impact of Superstorm Sandy, the Federal Reserve said in its "beige book" survey. "Consumer spending grew at a moderate pace in most districts, while manufacturing weakened," the central bank said in the survey that comes out eight times a year and is based on reports from the Fed's 12 district banks. "Contacts in a number of districts expressed concern and uncertainty about the federal budget, especially the fiscal cliff.
October 18, 2012 |
BEIJING - China grew at its slowest pace in 31/2 years, the latest sign that the nation long famed for its economic miracle is still struggling to pull out of a steeper-than-expected slide. The Chinese economy expanded 7.4% in the three months ended in September compared with the same period a year ago. That's a tick below the full-year growth target of 7.5% and the lowest quarterly performance since the country grew 6.6% in the first three months of 2009. By comparison, China grew 7.6% in the second quarter and 8.1% in the first quarter.
October 16, 2012 |
Inflation in China eased slightly in September, giving Chinese policymakers room to provide further economic stimulus measures as they try to stabilize the country's sharpest slowdown since the 2008 financial crisis. Consumer prices grew 1.9% from a year earlier, down from 2% year-over-year growth in August. The gauge is closely watched because high inflation typically sows social discontent among China's massive working class. Over the weekend Chinese officials disclosed that export growth and the money supply had expanded in September more than expected.
October 9, 2012 |
WASHINGTON -- The International Monetary Fund on Tuesday downgraded its economic projections and warned of an "alarmingly high" risk of a serious global slowdown because of fiscal problems in the U.S. and Europe. The organization said world economic growth would be 3.3% this year, down from a projected 3.5% in July, and would improve to just 3.6% in 2013, down from a forecast of 3.9% made three months ago. Similarly, projections for growth in advanced economies slipped to 1.3% this year, compared to 1.4% in the July forecast, and 1.5% next year, down from 1.8%.
October 1, 2012 |
CHICAGO - Andrew Sobotka was delayed five hours last week on a flight back to Chicago from Las Vegas, where he and his hockey teammates were celebrating the team captain's birthday. Because of the delay, he and several teammates of the Chicago Gay Hockey Assn. didn't get home until 4 a.m., he said. "A major inconvenience," he said. "Obviously, everyone has to go to work the next day. " Sobotka, 26, of Chicago said he was especially annoyed that American treated people in his party differently, offering some of them rebooking and higher-compensation travel vouchers.
September 29, 2012 |
A heated labor dispute between American Airlines and its pilots got uglier this week, possibly setting the stage for more flight delays and cancellations over the weekend. American, whose parent company AMR Corp. filed for bankruptcy protection last year, got approval earlier this month from a Bankruptcy Court judge to throw out the pilots' previous contract. The airline said it wanted to cut labor costs up to 20% companywide. But contract negotiations with the pilots have not gone smoothly.
September 7, 2012 |
WASHINGTON - U.S. manufacturers have been a key source of job growth in the slow economic recovery. But the factory doors slammed shut last month to new hires, creating another barrier to bringing down the high unemployment rate. With the European recession helping reduce demand for U.S. exports, the pace of manufacturing job growth has slowed in recent months. The steam disappeared from the manufacturing sector in August amid increasing anxiety by factory owners about tax increases and large government spending cuts looming next year.
August 13, 2012 |
SAO PAULO, Brazil — If the Brazilian economic boom is over, that's news to Maria da Conceicao Souza, who is standing in the scorching winter sun in Paraisopolis, Sao Paulo's largest slum. In the last six months, Souza has been able to set up her own beauty salon in the favela , shortly after bagging her first real job in her 36 years. Business has been increasing steadily, she says, driven by customers from Brazil's new middle class, whose rise out of poverty has been one of the most potent symbols of the country's emergence as an economic power.