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Pending Home Sales Soar Nationwide In May

(MCT) — Pending home sales surged more than expected in May, the latest sign a sluggish housing recovery is picking up steam. A gauge of signed contracts for previously owned homes jumped 6.1 percent from April, the National Association of Realtors said Monday. It was the largest pop since April 2010. Then, buyers rushed to […]

You’re Paying More For Gasoline, And Here’s Why

WASHINGTON (MCT) — Think you’re paying more than you should be for gasoline right now? You are. Prices tend to spike around Memorial Day, when increased demand cuts against a limited supply as refiners convert from winter fuels to summer blends. But by the middle of June, gasoline inventories are up and prices typically retreat. […]

Angry At NSA Snooping, German Parliament Snips Lines To Verizon

BERLIN (MCT) — Germany’s parliament said Friday it is immediately terminating use by legislators and staff of Internet access through Verizon, one of the biggest U.S. telecommunications companies. The move comes a day after the German Interior Ministry said government agencies that use Verizon will “migrate” to Deutsche Telekom, an all-German company, by late 2015 […]

Economy Shrank Much More Than Predicted In 1st Quarter

WASHINGTON (MCT) — The economy had its worst performance since the Great Recession in the first three months of the year, contracting at an annual rate of 2.9 percent as severe weather took a heavier toll than initially thought, the Commerce Department said Wednesday. The contraction in total economic output in the first quarter was […]

Petition Seeks To Block CarMax Sales Of Unrepaired Recalled Cars

(MCT) — Nearly a dozen car-safety groups and a U.S. Senator are asking the Federal Trade Commission to investigate CarMax Inc., the biggest seller of used cars nationally. In a petition filed Tuesday with the FTC, the groups allege that CarMax engages in deceptive advertising by claiming every vehicle it sells passes a rigorous 125-point […]

With Air Bag Problem, Auto Industry Breaks Annual Recall Record

(MCT) — With a massive recall of air bags on Monday, the U.S. auto industry has broken the annual record for safety recalls in less than half a year. Automakers are recalling millions of vehicles to replace defective explosive charges in air bags that can send metal shrapnel flying at occupants during a crash. Car […]

About A Quarter Of Americans Have No Emergency Savings, Poll Finds

(MCT) — About a quarter of Americans have no money saved to handle emergencies, according to poll results released Monday that showed households in worse shape than they were a year ago to deal with financial trouble. The Bankrate.com survey also found that two-thirds of respondents said they have less than the recommended six months’ […]

Federal Government Seeks Younger Workers To Offset Coming Wave Of Retirements

(MCT) — After President John F. Kennedy’s famous call to “ask not what your country can do for you; ask what you can do for your country,” young people flocked to government service. These days, not so much. Only 7 percent of all public-sector workers — at the Federal, State, county and municipal levels — […]

Housing Starts, Building Permits Sink In May

(MCT) — Home builders broke ground on fewer new homes nationwide in May, as a key element of the housing recovery lost momentum. Housing starts fell 6.5 percent from April to a seasonally adjusted annual rate of 1,001,000, the Commerce Department said Tuesday. The drop was slightly worse than expected and comes after volatile multifamily […]

Tomorrow’s Retirees Expect To Work More Than Today’s, Survey Finds

(MCT) — Views of retirement are evolving between generations, with the expectations of those still working different from those who have already quit, survey results released Tuesday by Milwaukee’s Northwestern Mutual Life Insurance Co. show. The research suggests substantial changes in retirement age and lifestyle are on the horizon. People expect to work longer, but […]

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