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Mortgage Activity Down In Week

WASHINGTON, Oct. 5 (UPI) — The Mortgage Bankers Association says U.S. mortgage activity fell in the week ended Friday with long-term mortgage interest rates mixed. Interest rates for 30-year, fixed-rate mortgages fell in the week from 4.24 percent to 4.18 percent with points rising from 0.36 to 0.44, the trade group said. Rates for 15-year, […]

Manufacturing Index Shows Growth Slowing

TEMPE, Ariz., Oct. 5 (UPI) — U.S. manufacturing activity made gains in September, but at a slower pace than August, the Institute of Supply Management said Wednesday. The headline index (the Purchasing Manager’s Index) dropped from 53.3 in August to 53, the institute said. Numbers above 50 indicate growth. Below 50 indicates a contraction. The […]

September Shows Surge In Layoffs

CHICAGO, Oct. 5 (UPI) — U.S. companies announced 115,730 layoffs in September, the highest total since April 2009, a private consulting firm said Wednesday. Consistent with year-to-date figures, job cuts in September came predominantly from banks and the military, Challenger, Gray & Christmas, said. In September, the government announced 54,182 layoffs, bringing the year-to-date total […]

New Orders For Factories Slipped In August

WASHINGTON, Oct. 4 (UPI) — U.S. factory orders fell 0.2 percent in August, a sharp drop from the 2.1 percent rise in July, the U.S. Census Bureau reported Tuesday. Economists had expected factory orders for August to remain unchanged. New orders have dropped for two of the past three months. In July, orders jumped by […]

Cummings Critical Of Foreclosure Abuses

WASHINGTON, Oct. 4 (UPI) — A ranking House committee Democrat in Washington blasted a federal watchdog agency for its apparent failure to regulate foreclosure abuses. In a statement, Rep. Elija Cummings, D-Md., said he found “the systematic failures by FHFA (the Federal Housing Finance Agency) and Fannie Mae (the Federal National Mortgage Association) to adequately […]

Bernanke Urges Lawmakers To Act On Economy

WASHINGTON, Oct. 4 (UPI) — U.S. Federal Reserve Chairman Ben Bernanke told lawmakers in Washington Tuesday that key sectors of the economy were a “shared responsibility.” Bernanke presented a dour outlook on the state of the U.S. economy, The New York Times reported. Bernanke said, “the recovery is close to faltering.” He also said, “The […]

Canada Ranked No. 1 For Doing Business

NEW YORK, Oct. 4 (UPI) — Canada was ranked as the No. 1 country in the world in which to do business by Forbes magazine Tuesday. In its annual “Best Countries for Business” ranking, the magazine said Canada had “skirted the banking meltdown” that crippled the United States and Europe and has a $1.6 trillion […]

China Reacts To U.S. Senate Vote On Yuan

BEIJING, Oct. 4 (UPI) — China reacted quickly to the U.S. Senate vote that would pave the way for the country to be declared a currency manipulator, saying it was unfair and illegal. The Chinese Foreign Ministry said the bill, which passed with a 78-19 vote, violates World Trade Organization rules, The Wall Street Journal […]

U.S. Manufacturing Index Shows Growth

TEMPE, Ariz., Oct. 3 (UPI) — U.S. manufacturing grew in September for the 26th consecutive month and the overall economy grew for the 27th straight month, supply executives said Monday. The latest Manufacturing ISM Report On Business registered 51.6 percent, a 1 percent increase from August, which shows expansion accelerating slightly. The Institute for Supply […]

Citibank In Japan Faces Possible Sanctions

TOKYO, Oct. 3 (UPI) — Citibank Japan President and Chief Executive Officer Darren Buckley apologized for the bank’s third regulatory lapse since 2004, the Yomiuri Shimbun reported. The Financial Services Agency has yet to announce sanctions against the bank for allegedly overlooking potential money-laundering bank accounts, the Yomiuri Shimbun reported Monday. But sanctions are expected […]


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