There was a 20-percent boost in new construction starts from April to May, but new business was off 10 percent from May 2007, according to Reed Construction data.
The results show economic factors might be taking a toll, but rising oil prices could be the building factor.
The first five months of the year […]
The volume of commercial mortgage originations during the first quarter plummeted by 53 percent from a year ago, according to an index maintained by the Mortgage Bankers Association.
The sharp drop comes after declines of 16 percent and 4 percent in the two prior quarters.
Every major lender group, except for Fannie Mae and Freddie […]
The Associated Press
WASHINGTON – The nation’s unemployment rate jumped to 5.5 percent during May – the biggest monthly rise since 1986 – as nervous employers cut 49,000 jobs.
The latest snapshot of business conditions showed a deeply troubled economy, with dwindling job opportunities in a time of continuing hardship in the housing, credit and financial sectors.
“It […]
The Associated Press
Consumers stepped up their shopping in May after tax rebate checks hit mailboxes, giving many of the nation’s retailers stronger than expected sales for the month.
Still, there were signs that many people are still focusing on necessities such as food and gas.
Discount and lower-priced stores such as Costco Wholesale […]
The Associated Press
WASHINGTON - Federal Reserve Chairman Ben Bernanke signaled strongly today that further interest rate cuts are unlikely because of concerns about inflation.
High oil prices are a double-edged sword that can both put a damper on already weak growth and spread inflation, he said.
In remarks delivered via satellite to an […]
American family income swings have nearly doubled in the last 30 years.
That’s the word from a recent study by the Economic Policy Institute about family income volatility. The report is scheduled to be released tomorrow, but snapshot of the study can be viewed at EPI’s Web site.
The swings are […]
The Associated Press
WASHINGTON – The government is quietly negotiating to help cell phone customers avoid expensive fees when they cancel contracts with wireless companies.
Cell phone companies routinely charge customers $175 or more for quitting their service early. Under a proposal to the Federal Communications Commission, the wireless industry would give consumers the opportunity to cancel […]
The Associated Press
The good news: The worst of the painful housing slump and the credit crunch might come to an end this year.
The bad news: The economy will weaken further and unemployment will rise.
That’s the latest outlook from forecasters in a survey to be released today by the National […]
Confidence among U.S. consumers fell in May to the lowest level in 28 years, according to the Reuters/University of Michigan index of consumer sentiment.
The index decreased to 59.5, the worst since June 1980, from 62.6 in April. Since the index’s inception in 1952, there have only been five lower readings. The […]
The Associated Press
WASHINGTON – Consumers, battling soaring gasoline prices and a slumping economy, cut back further on their spending in April.
The Commerce Department reported today that retail sales dipped 0.2 percent last month, right in line with economists’ expectations.
It was the second drop in the past three months and was led […]