Congress on Wednesday moved to deny itself a pay raise. It would mark the sixth consecutive year that lawmakers will have acted to make sure they don't get the annual cost-of-living pay increase they get automatically unless they vote to freeze their pay.
Early Thursday, President Barack Obama signed the measure, which the House and Senate passed late Wednesday, ending a brawl with Republicans who tried to use the must-pass legislation to mount a last-ditch effort to derail the president's landmark health care law and demand concessions on the budget.
The Federal Reserve says economic growth slowed in a few key regions of the United States from September through early October, as businesses grew worried about a budget impasse that led to a partial government shutdown.
Three central Indiana cities that have lost tens of thousands of auto industry jobs have joined together in seeking a $20 million federal grant aimed at helping attract new businesses to their empty factories. Muncie, Anderson and New Castle have each put up $50,000 in matching money to $150,000 of federal funding toward strategy development on the grant proposals.
Senate leaders announced last-minute agreement Wednesday to avert a threatened Treasury default and reopen the government after a partial, 16-day shutdown. Congress raced to pass the measure by day's end. The Dow Jones industrial average soared on the news that the threat of default was fading, flirting with a 200-point gain in morning trading.
In the oil fields of Texas and North Dakota, communities that are enjoying the most prosperous economic boom in a generation are increasingly thinking about the days after the surge in drilling is over.Cities like Midland, Texas, are mindful that the runaway riches will eventually run out.
Billionaire Warren Buffett says it would be idiocy for the nation's leaders to allow the United States to default on its bills. Buffett is a renowned investor who leads the Berkshire Hathaway conglomerate. He appeared Wednesday on CNBC.
The Empire State manufacturing index fell to 1.5 in October from 6.3 in September, the Federal Reserve Bank of New York said Tuesday. Any reading above zero indicates expansion. Despite the decline, manufacturing in the region has grown for five straight months.
A North Carolina-based manufacturer is calling foul today over inflammatory statements Chinese leaders made in U.S. media outlets Monday that demanded an immediate resolution to government debt ceiling discussions while China still owes hundreds of millions of dollars to American-owned businesses.
Senate leaders are closing in on an agreement to reopen the government and forestall an economy-rattling default on U.S. obligations. Majority Leader Harry Reid, D-Nev., and GOP leader Mitch McConnell of Kentucky could seal an agreement on Tuesday, just two days before the Treasury Department says it will run out of borrowing capacity.
Eurostat, the EU's statistics office, said industrial production rose 1 percent. The increase was roughly in line with market expectations and the biggest monthly rise since July 2011. It also recouped July's equivalent decline — summer figures can be volatile given the holiday season.
Stung by a recession that sapped investments and home values, but expressing widespread job satisfaction, older Americans appear to have accepted the reality of a retirement that comes later in life and no longer represents a complete exit from the workforce.
China's exports suffered an unexpectedly sharp decline in September amid weak global demand but imports grew. Exports fell 0.3 percent to $185.6 billion, a customs official said at a news conference. That fell short of private sector forecasts of growth at least in low single digits following August's 7.2 percent growth.
Based on market trends analyzed in the report, much of the drastic job losses from “outsourcing” production to China over the last fifteen years will reverse in the near future — resulting in a lot of manufacturing jobs being ‘reshored’ back to the States.
Several retailers are reporting modest sales gains for September as shoppers, worried about the partial government shutdown and overall economy pulled back from the prior month. The results increase concerns about how shoppers will spend for the crucial holiday season.
Widespread improvement in a number of indexes suggests optimism for the manufacturing sector in the next three to six months, according to the quarterly Manufacturers Alliance for Productivity and Innovation MAPI Business Outlook. The survey’s composite index is a leading indicator for the manufacturing sector.
The number of people applying for U.S. unemployment benefits jumped by 66,000 last week to a seasonally adjusted 374,000. But the spike was largely because California processed a huge backlog of claims and the partial government shutdown prompted some companies to cut jobs.
Economic activity in the manufacturing sector expanded in September for the fourth consecutive month and the overall economy grew for the 52nd consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.
Any move by the U.S. Federal Reserve to taper its economic stimulus program would pose a large challenge to global financial stability, according to a report. The Fed is expected to begin such a transition early next year, scaling back its $85-billion-a-month in bond purchases that have injected cash into the sluggish economy to boost growth.
The International Monetary Fund has cut its global economic growth forecasts for this year and next, mostly because of slower expansion in India, China, Brazil and other developing nations.The international lending agency said Wednesday that the global economy will grow 2.9 percent this year and 3.6 percent in 2014.
In math, reading and problem-solving using technology — all skills considered critical for global competitiveness and economic strength — American adults scored below the international average on a global test, according to results released Tuesday.
The U.S.'s biggest foreign creditor, China, said Monday it was concerned about the deadlock in Washington and urged all efforts to be made to avoid a default on the U.S. debt. Vice Finance Minister Zhu Guangyao called for "concrete measures" to raise the debt ceiling before the Oct. 17 deadline and to protect the safety of Chinese investments.
Chinese President Xi Jinping sought Monday to reassure Asian business and political leaders that his country only aspires to peace and that he is confident its economic growth will remain robust despite a recent slowdown.China's growth and other indicators are within reasonable expectations, Xi told a business conference.
The Obama administration says it supports House legislation to give back pay to federal workers furloughed during the current partial government shutdown. The White House Office of Management and Budget issued a statement commending Congress for moving quickly on the bill, which has bipartisan support.
The cancellation of Obama's trip because of the partial government shutdown will also undermine the Obama administration's strategic "pivot" to Asia in which the U.S. has sought to focus on building economic ties with Asia and boosting its security presence in the region.