New York City Mayor Michael Bloomberg said the real estate market was slowing "dramatically" and only a "miracle" could stop soaring mortgage rates from eating into housing prices.
Just before Ford Motor Co. announces a major restructuring in Detroit, the company has called top Canadian Auto Workers officials to a meeting on Monday morning, fuelling union worries about more closures and job cuts in Canada.
“It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the
The yield curve has inverted 5 times in the past 3 decades, according to Merrill Lynch. In all 5 cases, the economy was in recession a year later. Late last month, when the yield on the 10-year T-note fell below the yield on the 2-year T-note, the Do
A weakening dollar and economic life in Europe and Japan are expected this year to boost foreign earnings for U.S. corporations. After growing just 5% last year, U.S. foreign affiliate income should rise nearly 10% in 2006
Consumer prices rose by 3.4 percent in 2005 with 40 percent of the increase blamed on the biggest jump in energy costs since 1990. Energy was up 17.1 percent this past year, reflecting gasoline prices that for a time soared above $3 a gallon and crud
The Medicare drug program that was supposed to win political points for Republicans has exploded in their faces. It's a particularly vexing problem for the GOP, since older Americans are such active voters and no one seeking office wants to see t
As housing prices soared last year, an eye-popping 43% of first-time home buyers ominously purchased their homes with no-money-down loans. Some no-money-down buyers could owe more than their homes are worth.
"The market crash of 2001-2002 was very painful to me," he said. "Everything I bought in 1996 to 1998 went up. I made a lot of money. The problem was I didn't sell. Just as they say when prices go down, it's a paper loss, well,
Uncertainty over direction of rates, Alan Greenspan replaced by Ben Bernanke, has already upset the dollar and buffeted interest rate futures, even though data point to a soft economic landing.
Like a person packing on pounds, the US keeps adding to its flabby budget deficits, endangering the nation's economic health and the pocketbooks of ordinary Americans. Persistent deficits will lead to higher borrowing costs for consumers and comp
In March 2004 Congressional testimony, Comptroller General David Walker estimated the Postal Service has between $88 - $98 billion in unfunded liabilities including $47 - $57 billion of unfunded retiree health benefits.
Rapidly deteriorating relations between the West and Iran, Opec's second biggest oil producer and the world's fourth-largest exporter, could see energy prices hit record highs in coming weeks.
Spending on Gulf Coast reconstruction has led the Bush administration to revise upwards sharply its estimates for the federal budget deficit in 2006, by 17 per cent to $400bn, sparking calls for further spending restraint and adding to concerns about
The dollar was mixed Tuesday morning as market participants tried to sort through conflicting signals as to whether China will diversify its currency reserves away from the dollar.
What is the one thing...the one sure thing...the one guaranteed thing that all people, of all generations, in all nations, in all of history have turned to when their governments destroyed their money and the world was on the brink of the "colla
President George Bush, shades of Chairman Leonid Brezhnev, claims the right to override any laws, and violate the constitution, because the US is at war. "Terrorists" ("enemies of the state" in Soviet talk) threaten the US, so an
When the Commerce Department recently tallied up consumer finances for November, it found that Americans shelled out more money than they took in. The nation's personal savings rate could well be negative for all of 2005.
Inflation concerns, rising energy prices and speculation over the US dollar push the yellow stuff past $550 today.
The real cost to the US of the Iraq war is likely to be between $1 trillion and $2 trillion (£1.1 trillion), up to 10 times more than previously thought, according to a report written by a Nobel prize-winning economist and a Harvard budget expert.
China indicated on Thursday it could begin to diversify its rapidly growing foreign exchange reserves away from the US dollar and government bonds - a potential shift with significant implications for global financial and commodity markets.
The US faces a severe worker shortage in the near future, the US Chamber of Commerce said in advocating better education for Americans and changes in immigration law to allow in more foreign workers.
General Motors Corp. may have unseated Volkswagen A.G. as the top foreign seller in China in 2005, outpacing its European rival as well as overall sales growth in the world's third-largest vehicle market.
As Americans increasingly lose patience with the US involvement in Iraq, tolerance also is wearing thin in Florida for domestic security policies that some say inhibit international trade, tourism and global exchange among students, researchers and b
"As you know, the 'full faith and credit' of the US is a unique asset that underlies the leadership position of our country in the world capital markets," Treasury Secretary Snow wrote. "A failure to increase the debt limit in
The yield on the 10-year Treasury note drops to a level at or below those of shorter-term securities, in what may foreshadow an economic slump.
But one big question, analysts say, is whether the Pentagon and Congress have the desire, and will, to kill weapons programs where hundreds of billions of dollars - as well as the careers of powerful generals and admirals - are invested.
Three growing entitlement programs consumed nearly half of all federal spending in 2004, and budget analysts expect them to make up an even bigger share in the future.
For the last quarter-century, the federal deficit has been a perennial problem of US politics. As defense and entitlement spending has grown, everything else that government does has been squeezed and squeezed again in search of savings.
The U.S. economy grew a bit less robustly in the third quarter than previously thought and prices picked up, the government said in a report that showed consumers beginning to rein in their spending.