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« Previous 7 articles

Wednesday, July 16

Fred Business News -Inflation: Price jump worst since '91

by maba on Wed 16 Jul 2008 10:02 AM EDT

Fred Business News - Record gas and higher food prices drove inflation to the biggest annual jump since 1991 and fanned fears about growing pressures on consumers.

The Labor Department reading on Wednesday is another sign, along with mounting job losses and declining home prices, of the economic pain suffered by Americans as prices outstrip increases in paychecks.

The latest reading came as Federal Reserve Chairman Ben Bernanke, in testimony on Capitol Hill, was warning that inflation could pose a major drag on the economy for the rest ... more »

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Monday, July 14

Fred Business News - U.S. plan to save Fannie and Freddie

by maba on Mon 14 Jul 2008 06:13 PM EDT

Fred Business News - The Treasury Department and Federal Reserve on Sunday outlined a comprehensive government plan to prop up Fannie Mae and Freddie Mac - the two mortgage finance giants that play a crucial role in the U.S. economy.

Treasury Secretary Henry Paulson said the Bush administration plans to ask Congress to enact legislation to temporarily increase the line of credit that the companies have with the Treasury. It would also allow the Treasury to buy stock in the companies.

Paulson also said the Federal Reserve should ... more »

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Sunday, July 13

Fred Business News - First big wave of stimulus is over - $92 billion

by maba on Sun 13 Jul 2008 09:30 AM EDT

Fred Business News - The Internal Revenue Service mailed out the last of 112 million stimulus checks on Friday to people who filed their tax returns by April 15. A total of $92 billion has been pumped into the nation's sagging economy since last April.

The IRS will continue to send checks to people who got extensions to file their 2007 returns. The IRS said it will get checks to stragglers by the end of the year if they file by Oct. 15.

The IRS estimates that it ... more »

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Saturday, July 12

Fred Business News - Bush pushes Congress on offshore drilling

by maba on Sat 12 Jul 2008 10:40 AM EDT

Fred Business News - President Bush prodded Congress on Friday to allow oil drilling in offshore waters and in the Alaskan wildlife refuge, citing "tough economic times" for the American people.

Bush met with his senior economic advisers at the Energy Department to discuss soaring prices for gasoline and crude oil. Bush said one answer is to increase supply in this country by tapping "the vast potential" of crude oil reserves on offshore lands and in Alaska as well as in oil shale in the western part of the ...   more »

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Friday, July 11

Fred Business News- Federal deficit grows to $268.7 billion

by maba on Fri 11 Jul 2008 06:00 PM EDT

Fred Business News - The Treasury Department says the federal deficit swelled to $268.7 billion in the first nine months of this budget year as record spending during the period outpaced revenues.

The department's fresh look at the government's balance sheets, released Friday, shows that the deficit for the budget year that began Oct. 1 was up sharply from the red ink of nearly $121 billion for the corresponding nine-month period last year.

The new year-to-date deficit of $268.7 billion was the third-highest on record. A flood of ...   more »

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Thursday, July 10

Fred Business News - Cruelest summer for teen jobs since 1958

by maba on Thu 10 Jul 2008 06:00 PM EDT

Fred Business News - Teenagers are finding jobs much harder to come by this summer, as employers trim payrolls amid a slumping economy.

According to an analysis of U.S. Bureau of Labor Statistics data by global outplacement consultant Challenger, Gray & Christmas, teen employment grew by only 683,000 jobs in June, 38.7% below the 1.1 million new positions that teens were able to fill in June of last year.

"This tells you how sparse and thin the job market is right now," said Challenger, Gray & Christmas Chief ...   more »

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Wednesday, July 9

Fred Business News - Women not saving enough for retirement - study

by maba on Wed 09 Jul 2008 06:00 PM EDT

Fred Business News- Women may not earn as much as men or fly up the corporate ladder as quickly, but they get the last laugh since they live longer. Right?

As it turns out, women probably aren't saving enough to bankroll those extra years in style. They invest more conservatively, start saving later and are more likely to be in and out of the work force, according to a study released Wednesday by Hewitt Associates, a human resources consulting firm.

Suddenly, retirement isn't looking so rosy.

Women ...   more »

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