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Obama Taps Krueger To Lead Economic Panel

WASHINGTON, Aug. 29 (UPI) — President Obama announced Monday that Alan Krueger was his choice to succeed Austan Goolsbee to lead the Council of Economic Advisers. “Alan brings a wealth of experience to the job [and is] one of one of nation’s leading economists,” Obama said. If confirmed by the U.S. Senate, Krueger will continue […]

Consumer Spending In July Up 0.8 Percent

WASHINGTON, Aug. 29 (UPI) — Consumer spending rose 0.8 percent in July after falling 0.1 percent in June, the Commerce Department’s Bureau of Economic Analysis said Monday. Consumer spending is often cited as representing 70 percent of the nation’s gross domestic product, making the figure a critical economic indicator. June’s decline had been the first […]

Pending Home Sales Fell In July

WASHINGTON, Aug. 29 (UPI) — Pending U.S. home sales fell in July after a two-month upswing, the National Association of Realtors said Monday. The Pending Home Sales Index, measuring contracts that will likely close in September, fell 1.3 percent to 89.7, the trade group said. Across the country, the index dropped 2 percent in the […]

Big Banks See Downturn Settling In

NEW YORK, Aug. 29 (UPI) — A painful reality of lower expectations is beginning to feel real to the U.S. banking community, a former investment banker said. “People heard all these things before, but the reality of seeing the numbers is finally sinking in,” said John Chrin, formerly an investment banker at JPMorgan Chase, now […]

Lagarde’s Speech Challenged In Europe

BRUSSELS, Aug. 29 (UPI) — A high-profile speech by the new director of the International Monetary Fund was met by a call for clarity, a bank official said. The Financial Times reported Monday that European officials “rounded on” Christine Lagarde after a speech she made in Jackson Hole, Wyo., Saturday. Lagarde cited an “urgent” need […]

Italians Expect Quality Wines For 2011

ROME, Aug. 29 (UPI) — Vintners in Europe’s largest wine-producing nation, Italy, are forecasting high-quality grapes for 2011, despite high summer temperatures. “There is a certain homogeneity in almost all the regions in 2011, but it’s possible we’ll produce a high-quality harvest,” said Giuseppe Martelli, director general of Assoenologi, which is the Italian association of […]

Bernanke Holds Back On New Initiatives

JACKSON HOLE, Wyo., Aug. 26 (UPI) — U.S. Federal Reserve Chairman Ben Bernanke said Friday the Fed would hold back on adding stimulus to overcome a sluggish economy. In a key speech at the Fed’s annual retreat in Jackson Hole, Wyo., Bernanke said the economy was recovering at a pace that was slower than expected, […]

Second Quarter GDP Revised Lower

WASHINGTON, Aug. 26 (UPI) — The Commerce Department Friday revised the U.S. real gross domestic product for the second quarter down to an annual rise of 1 percent. The preliminary estimate released a month ago pegged U.S. economic growth quarter-to-quarter at 1.3 percent. The Commerce Department, however, held onto its first-quarter GDP estimate of 0.4 […]

Corporations On Roll During Slump

WASHINGTON, Aug. 26 (UPI) — Corporate profits remain high while the U.S. economy struggles, the Commerce Department said Friday. The Bureau of Economic Analysis said corporate profits jumped by $57.3 billion in the second quarter after climbing by $19 billion in the previous quarter. The Commerce Department also said the economy grew at a sluggish […]

Markets Mixed On Bernanke Speech

NEW YORK, Aug. 26 (UPI) — U.S. markets posted solid gains Friday after Federal Reserve Chairman Ben Bernanke said the central bank was in a wait-and-see mode concerning economic policy. Bernanke declined to announce a third round of quantitative easing, a program of buying securities that is also known as printing money, but did say […]

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