US GDP grew at a 1.6 percent pace in the second quarter, less than the original 2.4 percent estimate. Surging imports and the end of homebuyer tax credits contributed to the change.
In July, the unemployment rate declined in more states than it rose. The changes were not dramatic, but this news from the US Labor Department on Friday highlighted the uneven pace of economic recovery in the 50 states. Here's a look at six states that have made the most headway against unemployment this year. The beginning of the year arrived when the total number of US jobs had reached a recession-related low point. This tale of six states reveals trends that are taking root elsewhere in the economy.
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.