US Economy - Page 2

AP - Consumers struggling with high gas prices, rising food costs and falling home values have something new to worry about: Sharply rising electricity rates due to a surge in coal prices over the past year.

Reuters - Warren Buffett, the world's richest person, said on Monday the U.S. economy is in a recession that will be more severe than most people expect.

Reuters - Consumers, banks and financial companies are "slimming down" after a bloated era of easy credit, but face an extended period of fixing their finances, Pacific Investment Management Co said in a new report.

AP - Tax rebates will start going out today, earlier than previously announced. President Bush announced the change in schedule on Friday.

AP - President-elect Fernando Lugo has tapped an austerity-minded former economy minister fired by his predecessor to return to the post, his running mate said Sunday.

Reuters - Former Federal Reserve Chairman Alan Greenspan and the government of President George W. Bush were to blame for the U.S. financial crisis, Nobel laureate economist Joseph Stiglitz said in a magazine interview.

Economy News

AP - Samples of rice protein from an Ogden pet-food manufacturer were positive for the industrial chemical melamine in federal testing, and products made by American Nutrition, Inc. are now part of a nationwide pet food recall.

AP - The worst economic growth in four years is raising concern that troubles in the U.S. housing market will spread and throw the country into a recession before the year is out.

AFP - The US economy weakened dramatically in the first quarter to its worst growth pace in four years, expanding at a clip of just 1.3 percent, new government figures showed Friday.

FT.com - The dollar fell to a record low against the euro on Friday after data revealed that the US economy grew at a slower pace than expected in the first quarter. More Info...  

Reuters - Economic growth during the first quarter was the weakest in four years, hurt by a slumping housing market and deteriorating international trade, the Commerce Department reported on Friday.

FT.com - Wall Street stocks fell, bonds rallied, and the dollar fell to an all time low against the euro on Friday as weak gross domestic product data aggravated investors' concerns about the health of the US economy. More Info...  

FT.com - The dollar hit a record low against the euro on Friday after data revealed the US economy grew at a slower pace than expected in the first quarter, encouraging the view that interest rate in the world's largest economy are heading lower. More Info...  

AP - Japan's central bank left its key interest rate unchanged Friday after the government said consumer prices marked their sharpest decline in two years in March, fueling concerns that deflation remains a threat. More Info...  

Economy News AP - The number of laid-off workers filing claims for unemployment benefits fell last week by the sharpest amount in nearly two months, indicating a healthy labor market despite the sluggish economy. More Info...  

AP - Rates on 30-year mortgages edged down for a second week as financial markets interpreted weakness in consumer confidence and home sales as evidence that the economy is still mired in a period of lackluster growth. More Info...  

Economy News

AP - Sales of new homes, helped by better weather, posted a modest increase in March, but the gain was less than expected and did not dispel concerns about continuing troubles in the housing industry.

AP - Most parts of the country showed moderate economic growth in the early spring despite sluggish manufacturing largely due to the housing slump.

Reuters - New orders for U.S.-made durable goods were surprisingly strong in March, the government reported on Wednesday, but softer-than-forecast sales of new homes took the glow off a pickup in investment spending.

AFP - The US economy is seeing an expansion that is "only modest or moderate" with softness in real estate, manufacturing and auto sales in many regions, the Federal Reserve said in its Beige Book Wednesday.