The China economy has surpassed Japan’s to become the No. 2 economy in the world. But America doesn’t need to worry about China leaving the US in the dust anytime soon, economists say.
The US imported $49.9 billion more in goods and services than its exported in June, up from $42 billion in May. Such a large trade deficit is unsustainable and a drag on the economy, experts say.
A new report from the National Urban League found that economic conditions have worsened for black Americans. Blacks now have a jobless rate 6.8 percentage points higher than whites.
City and county officials said Tuesday that they will face massive layoffs unless Congress passes the $75 billion Local Jobs for America Act. But the bill's prospects look dim.
The Consumer Price Index declined 0.1 percent last month, following a 0.2 percent fall in May and a 0.1 percent drop in April. This suggests that the Fed hasn't completely removed deflation risks.
Consumer confidence fell almost ten percent in June. The consumer confidence index recorded the biggest drop since February.
The chief question at this weekend's G20 summit will be how to keep the world economy growing. The Europeans are cutting government spending, ignoring President Obama's call for more stimulus.
The stock market rebounded somewhat Friday morning after news that the German parliament approved that country's portion of a large European bailout.
The US put $700 billion into a bailout of US banks during the financial crisis. Now the nations of the euro zone are proposing a similar bailout fund – €750 billion – to deal with the Greek debt crisis.
The Dow average was up by more than 340 points as of early Monday afternoon. Investors were relieved to see European leaders agree on a Greece debt plan.