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Money & The Economy

News on Finance, Money, markets and the economy

Anemic GDP Growth Fueled by Massive 4Q Trade Deficits

In a report from the U.S. Chamber of Commerce that relied on figures from the Census Bureau and the Bureau of Economic Analysis, it was announced that the U.S. trade deficit recently rose by more than 10% as total exports declined and imports increased substantially. This resulted in a trade deficit of a whopping 47.8 billion dollars for the month of ...

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U.S. Exports Hit More Than $175 Billion in November

WASHINGTON, Jan. 13, 2012  — The United States exported $177.8 billion in goods and services in November, 2011, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department. Exports of goods and services over the last twelve months totaled $2.089 trillion, which is 32.64 percent above the level of exports in 2009. Over the last twelve months, exports have ...

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Student Loans Seen as Next Casualty of Sluggish Economy

MINNEAPOLIS, Jan. 11, 2012 /PRNewswire/ — FICO’s quarterly survey of bank risk professionals found growing concern for the stability of the student loan market and deepening fears about the nation’s housing sector. The survey, conducted for FICO by the Professional Risk Managers’ International Association (PRMIA), shows that bankers expect delinquencies on most types of consumer loans to rise, balances on credit cards to ...

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Joblessness Among Young Veterans Rises Above 13 Percent in December 2011

WASHINGTON, Jan. 9, 2012 /PRNewswire-USNewswire/ — Data released by the Bureau of Labor Statistics indicates that joblessness among young veterans ages 18-24 was 1 in 3 for the last quarter of 2011, up from 1 in 5 in the last quarter of 2010. The overall unemployment rate for young veterans inDecember 2011 rose to 13.1 percent. As reported in USA Today: “One out of three ...

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U.S. Online Holiday Shopping Season Reaches Record $37.2 Billion for November-December Period

RESTON, Va., Jan. 4, 2012 /PRNewswire/ — comScore (NASDAQ : SCOR), a leader in measuring the digital world, today reported that retail e-commerce spending for the entire November – December 2011 holiday season reached $37.2 billion, marking a 15-percent increase versus last year and an all-time record for the season. Ten individual shopping days this season surpassed $1 billion in spending, led by Cyber Monday – which ranked ...

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HR 2977 – The Epitome of the Socialist Mentality

‘Tis the season to be jolly, and if you are Congress, it is also the season to stuff as many pet projects into the next omnibus spending bill as you possibly can. Of course they seem to do this 365 days a year. There is one measure, however, lurking in the recessed corners of Capitol Hill that, I believe, is ...

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Sears and Kmart stores to close due to declining sales

Sears Holdings Corporation reported that it would close up to 120 of its Sears and Kmart stores as it goes through a transformation. Both Kmart and Sears stores have seen serious drops in the quarter over quarter numbers and year over year financials: QTD YTD Kmart -4.4% -1.8% Sears Domestic -6.0% -3.3% Total -5.2% -2.6% The declines have been blamed ...

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The Fourth Quarter Starts with Broad-based Declines in Home Prices

NEW YORK, Dec. 27, 2011 /PRNewswire/ — Data through October 2011, released today by S&P Indices for its S&P/Case-Shiller[1] Home Price Indices, the leading measure of U.S. home prices, showed decreases of 1.1% and 1.2% for the 10- and 20-City Composites in October vs. September. Nineteen of the 20 cities covered by the indices also saw home prices decrease over the month. The 10- ...

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Boehner Buckles On Tax Cut Extension

After immense pressure from not only Democrats, but House and Senate Republicans as well, Speaker Boehner agreed to a new deal for the 2 month payroll tax extension. It was major change of decision ending an intense standoff with Democrats. Boehner, who appeared unhappy with deal, said  “Kicking a can down the road for a couple of months does cause ...

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Conference Board Leading Economic Index for the U.S. Increases

NEW YORK, Dec. 22, 2011  — The Conference Board Leading Economic Index® (LEI)for the U.S. increased 0.5 percent in November to 118.0 (2004 = 100), following a 0.9 percent increase in October, and a 0.1 percent increase in September. Says Ataman Ozyildirim, economist at The Conference Board: “November’s increase in the LEI for the U.S. was widespread among the leading indicators and continues to ...

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Senate vs The House Over Payroll Tax Cut

As it stands, Americans face the uncertainty of whether or not they will be giving more of their money to federal government at the beginning of next year. Earlier today Speaker Boehner said the House will block the Senate deal stating “A two-month extension creates uncertainty and will cause problems for people who are trying to create jobs in the ...

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Senate Passes Spending Bill – Obama Signs

Saturday the Congress voted 67-32 to pass  a $1 trillion dollar spending bill averting, yet again, another government shutdown. The bill was quickly signed by the President All was not happy news for either side of the aisle, or the White House, as Congress could only agree to extend the payroll tax cut for 2 months. As Senators scrambled to get ...

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Consumer Spending Index Falls in November

NEW YORK, Dec. 15, 2011  — The Deloitte Consumer Spending Index (Index) slid again in November, weighed down primarily by the housing market.  The Index tracks consumer cash flow as an indicator of future consumer spending. “A high number of foreclosed homes and mortgage defaults continue to deflate real home prices and further lower consumers’ net worth,” explained Carl Steidtmann, Deloitte’s chief economist ...

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Abundance of Shale Gas Resources May Spark Manufacturing Renaissance in the U.S.

Potential Addition of Approximately One Million Jobs, an Estimated $11.6 Billion in Cost Savings And Greater Investments in U.S. Plants are among Significant Economic Benefits NEW YORK, Dec. 14, 2011  — The abundance of shale gas resources may spark a U.S. manufacturing renaissance with economic benefits that include cost savings, greater investments to expand U.S. manufacturing facilities and increased levels of employment, ...

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Survey: More Than 40 Percent of Consumers Will Shop for Last-minute Holiday Gifts

More men than women to delay holiday shopping until January 2012 LOS ANGELES, Dec. 12, 2011 — Following a blowout Black Friday/Cyber Monday shopping weekend, many consumers will continue to hit the stores through the final days leading up to Christmas, according to survey data from PriceGrabber®, a part of Experian. Results from PriceGrabber’s fourth winter holiday shopping survey reveal that ...

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