US Economy

Economy News

AP - From soaring gas prices to weaker job prospects, Americans are gloomier about the economy than just before the U.S. invasion of Iraq. They're so anxious that fewer people say they are planning to take a vacation than in 30 years.

AP - Wall Street finished with a mixed performance Tuesday, as investors traded cautiously ahead of the Federal Reserve's Wednesday decision on interest rates.

FT.com - What got us into our financial pickle? Most academics are prisoners of the Efficient Market Hypothesis that assumes man acts rationally and efficiently in economic matters in ways that can be caught in elegant mathematical models. Ben Bernanke, chairman of the Federal Reserve, shares this view completely, and Alan Greenspan, his predecessor, when it suits him. In such a convenient world, there can be no bubbles and no crashes. ... More Info...  

Reuters - U.S. President George W. Bush said on Tuesday there was no "magic wand" to bring down record-high fuel prices but would consider a proposal to suspend federal gasoline taxes this summer -- an idea that has divided the 2008 presidential candidates.

AFP - A gathering rebound by the dollar against the euro lost steam Tuesday as the US unit faced selling pressure on news of another decline in US consumer confidence.

Reuters - Consumer confidence fell to a five-year low this month as Americans confronted the grimmest jobs outlook since late 2004, while data also showed a record drop in home prices in February.

Economy News

AP - Wall Street pulled back Tuesday after a disappointing reading on consumer sentiment suggested that inflation is taking a toll on the U.S. economy.

AP - Soaring gas prices and weaker job prospects made Americans gloomier about the economy in April, sending a widely watched measure of consumer sentiment to a five-year low, a private research group said Tuesday.

Reuters - U.S. President George W. Bush said on Tuesday the U.S. economy was facing a "tough time" because of rising food and energy prices and a weak housing market, and faulted Congress for inaction.

AP - Oil prices fell sharply Tuesday as the market absorbed data showing demand is falling even as supplies are rising. Gas prices inched higher at the pump, continuing their record-breaking press toward $4 a gallon.

AP - Treasury prices rose Tuesday as investors sought safety following a report of a sharp drop in home prices and a further slide in consumer confidence. More Info...  

Reuters - Stocks declined on Tuesday after news of a sharp drop in consumer confidence and regulators rejected a key new drug from Merck & Co Inc , a Dow component and a pharmaceuticals bellwether.

Reuters - Confidence among U.S. consumers fell to a five-year low in April as they confronted the grimmest jobs outlook since late 2004 and they expect inflation to rival the levels last seen in the early 1980s, the Conference Board said on Tuesday.

AFP - US consumer confidence sank again in April amid growing worries about jobs and high energy costs, the Conference Board reported Tuesday.

AP - Paying for gasoline easily tops the list of economic woes facing families in the United States, according to a survey on how changes in the economy have affected people's lives.

Reuters - The man credited with developing the financing of the modern U.S. mortgage industry says home values have fallen more than their listed prices suggest but they could hold steady with the help of a bill in Congress. More Info...  

AP - Truck drivers honked horns, waved placards and shouted through bullhorns at the Capitol on Monday to protest rising fuel prices they say are hurting their livelihood.

AP - The catering business isn't what economists would call "recession-proof." Luckily for J.W. Walton, most of his biggest clients are. More Info...  

Reuters - Treasury Secretary Henry Paulson said on Monday that he was focused on getting economic stimulus payments to consumers quickly to boost the economy and had no interest in a second stimulus plan.

Reuters - The U.S. economy braked sharply in the first quarter, growing at its slowest pace in over five years as consumers curbed spending and jobs disappeared, a Reuters poll forecast. More Info...