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Workers Return To Lower Wages

WASHINGTON (UPI) — U.S. economists say the millions of people looking for work are collectively eroding the compensation offered by employers. “If your employer knows you don’t have outside options, it reduces your bargaining power,” said economist Heidi Shierholz at the Economic Policy Institute in Washington. MartketWatch reported Monday economist Henry Farber at Princeton University […]

Automakers Throttle Back On Options

DETROIT, Feb. 27 (UPI) — Automakers are finding fewer options for customers means lower costs and fewer headaches for U.S. auto dealers, experts said. Different configurations for trim and extra features can create thousands of customized combinations for a vehicle mixing and matching sound systems, paint color and trim. But the trend now is to […]

Bank Fees Chase Customers Away

THOUSAND OAKS, Calif. (UPI) — A growing number of U.S. consumers pulled up stakes at their banks and switched to different financial institutions last year, a research firm said. A study by J.D. Powers & Associates of Thousand Oaks, Calif., found that 9.6 percent of bank customers switched banks in 2011, up from 8.7 percent […]

Buffett: Some Evicted Homeowners Won

NEW YORK (UPI) — Billionaire investor Warren Buffett said some people who lost their homes when the financial crisis hit came out ahead while their banks did not. In an annual letter to shareholders, Buffett said it was a “largely unnoted fact: Large numbers of people who have ‘lost’ their house through foreclosure have actually […]

New Home Sales Down Month-To-Month

WASHINGTON, Feb. 24 (UPI) — Sales of new single-family homes declined 0.9 percent from December to January, the U.S. Commerce Department said Friday. Home sales in January came in at a seasonally adjusted annual rate of 321,000. In December 324,000 new homes were sold, the department said, releasing a revised figure. The rate of home […]

Europe’s GDP Slides In Fourth Quarter

BRUSSELS, Feb. 15 (UPI) — The eurozone’s economy grew in the fourth quarter compared to a year earlier, but shrank compared to the third quarter, Eurostat reported Wednesday. Eurostat, the statistical agency of the European Union, said the economies of the 17 nations that share the euro as currency fell 0.3 percent compared to the […]

Industrial Production Flat In January

WASHINGTON, Feb. 15 (UPI) — Industrial production was flat in January with a gain in manufacturing offset by declines in utilities and mining, the U.S. Federal Reserve said Wednesday. Manufacturing rose 0.7 percent, while production at utilities fell 2.5 percent in the month, as a mild winter has decreased demand for heating. Output at mines […]

Builder Confidence Up Five Months Running

WASHINGTON, Feb. 15 (UPI) — Builder confidence in the U.S. market for newly built, single-family homes rose slightly in February, a national housing market index indicated. The National Association of Home Builders/Wells Fargo Housing Market Index gained for the fifth consecutive month, adding 2 points to reach 29, the trade group said. The break-even point […]

Kellogg’s To Buy Pringles For $2.7 Billion

BATTLE CREEK, Mich., Feb. 15 (UPI) — U.S. corporate giant Procter & Gamble said Wednesday it has agreed to sell it snacks business to Kellogg Co. for $2.7 billion. The deal will shift ownership of Pringles, the iconic potato chip that comes in a tube, to the makers of Kellogg’s Corn Flakes and other well-known […]

CitiMortgage To Pay $158.3 Million Penalty

NEW YORK, Feb. 15 (UPI) — CitiMortgage Inc. has agreed to pay $158.3 million to settle charges it failed to meet U.S. quality standards with mortgages insured by the government. “For far too long, lenders treated (the Department of Housing and Urban Development) insurance of their mortgages like they were playing with house money. In […]

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