Economy showing signs of life, worry now is how sustainable rebound will beWASHINGTON — Consumer spending, the bulwark of economic growth, is showing signs of life as the economy transitions from recession to recovery. Bank of America CEO Ken Lewis to retire from troubled bank by end of the yearNEW YORK — Ken Lewis, the embattled CEO of Bank of America Corp., is leaving the company, succumbing to nearly a year of strife that followed his company’s acquisition of Merrill Lynch & Co. Economy likely grew in 3rd quarter, but could tail off at end of year amid job, credit worriesWASHINGTON — The unfolding economic recovery will probably lose some momentum in the final three months of the year as rising unemployment and still hard-to-get credit weigh on consumers. Report shows Reno, Nev., area ranks highest among metro areas for construction job lossesCARSON CITY, Nev. — The construction industry has been the hardest hit sector of the economy during the recession, and the Reno-Sparks region is the nation’s hardest hit area, according to a report released Wednesday. Survey of state governments highlights growing pressure on Medicaid programsMedicaid programs could face a revenue crunch that hurts programs and provider reimbursement in fiscal 2011 after federal stimulus money dries up, said a survey released Wednesday. Pratt & Whitney Canada cuts 410 Quebec jobs in response to business jet market declineHARTFORD, Conn. — Jet engine manufacturer Pratt & Whitney Canada said Wednesday it will lay off more than 400 workers by next year in response to the steep decline in corporate jet purchases. Stocks open higher as investors digest update on GDP, employment dataWall Street advanced Wednesday on the last day of the quarter, as investors received another sign the recession is ending. Wal-Mart Stores will offer 100 toys for $10 during holiday seasonBENTONVILLE, Ark. — Wal-Mart Stores Inc., the world’s largest retailer, said Wednesday it will offer more than 100 toys at $10 during the key holiday season. Economy dips at better-than-expected pace of 0.7 percent in spring, probably growing nowWASHINGTON — The economy shrank less than expected in the second quarter as businesses and consumers trimmed their spending at a slower pace, buttressing beliefs that the economy is now growing. Fisher: Fed will need to move quickly when time comes to boost rates, battle inflationWASHINGTON — To prevent inflation from taking off, the Federal Reserve will need to start boosting interest rates quickly and aggressively once the economy is back on firmer footing, a Fed official warned Tuesday. EU nations to hammer out financial oversight, exit strategies in wake of G-20 summitGOTEBORG, Sweden — European Central Bank president Jean-Claude Trichet warned EU governments Wednesday that the public will be unforgiving if authorities don’t provide a stronger financial system. Officials: Fed will need to move quickly when time comes to boost rates, battle inflationWASHINGTON — To prevent inflation from taking off, the Federal Reserve will need to start boosting interest rates quickly and aggressively once the economy is back on firmer footing, Fed officials warned Tuesday. Census data show a widening income gap in US as poor people take bigger hit in recessionWASHINGTON — The recession has hit middle-income and poor families hardest, widening the economic gap between the richest and poorest Americans as rippling job layoffs ravaged household budgets. Early retirements swamp Social Security, easing federal benefit program into projected deficitWASHINGTON — Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that’s happened since the 1980s. Congregations, religious schools fall victim to recession; leaders say more losses aheadNEW YORK — Organized religion was already in trouble before the fall of 2008. Denominations were stagnating or shrinking, and congregations across faith groups were fretting about their finances. Recession delivers a jarring one-two punch to many charities: donations down, demand upNEW YORK — For many social-service charities across America, the recession has delivered a staggering one-two punch. Sharp drops in donations and investment income have been coupled by soaring demand for their services. States find demanding higher taxes from the rich during fiscal crisis can be risky businessALBANY, N.Y. — This year, New York’s deep-pocketed rich are being required to dig even deeper to help shore up state finances through new and higher income taxes. Biden, women’s groups observe 15th anniversary of Violence Against Women ActWASHINGTON — Women’s groups gathered at Vice President Joe Biden’s home Tuesday night to toast the 15th anniversary of landmark legislation aimed at eliminating violence against women. AP INTERVIEW: Greek opposition leader vows to fight corruption if elected PM next weekATHENS, Greece — Socialist opposition leader George Papandreou, who is widely expected to win Greece’s national election next weekend, says fighting endemic corruption and creating a stimulus package are essential if Greece is to emerge from a deep financial crisis. Compensation for Parker-Hannifin’s CEO fell 6.3 percent as recession cut profit 46 percentNEW YORK — The CEO of Parker-Hannifin Corp. received compensation in fiscal 2009 valued at $9.1 million, 6.3 percent less than the previous year’s compensation, according to an Associated Press calculation of figures filed with regulators. Incumbent Socialists forecast to win Portugal elections dominated by crisisLISBON, Portugal — Portuguese voters, anxious about an unemployment rate that has hit a 20-year high, were expected to return the Socialists to government in Sunday elections after the party campaigned on promises of big-ticket public works projects to help stimulate growth. Big job losses, spike in early retirements claims from seniors swamp Social Security systemWASHINGTON — Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that’s happened since the 1980s. Social Security swamped by early retirement claims, pushing program into projected deficitWASHINGTON — Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that’s happened since the 1980s. What can $1 million buy? A Rancho Santa Fe, Calif., starter home or a palace in Saginaw, Mich.A million dollars doesn’t buy you what it once did. In most U.S. neighborhoods, it now gets you a lot more. Portuguese voters mull best way out recession in Sunday’s parliamentary electionsLISBON, Portugal — Recession weighed heavily on Portuguese voters’ minds ahead of parliamentary elections on Sunday that polls indicated would return the incumbent Socialist Party to power. Broad market rally gives mutual funds hefty 3rd-quarter returns as hopes for economy growNEW YORK — As the third quarter ends, the performance of many mutual funds confirms that investors have regained their taste for risk amid more signs of an economic recovery. Obama says world leaders united and confident after bringing economy out of crisisPITTSBURGH — World leaders on Friday issued sweeping promises to fix a malfunctioning global economic system in hopes of heading off future financial meltdowns. President Barack Obama said actions taken so far “brought the global economy back from the brink.” Back to basics: Recession-worried renters desire practical and homey amenities over the flashyRenters might have the upper hand in today’s apartment market, but they’re not taking all they can get. Disappointing economic reports signal bumpy recovery as government supports winds downWASHINGTON — A reminder that the path to an economic recovery will be a slow and bumpy one emerged Friday from weaker-than-expected data on durable goods orders and new home sales. Survey suggests frugal spending, saving more may be permanentNEW YORK — New-found frugality and the tendency to save more may be permanent changes brought about by the recession, according to a new national survey released on Friday. |
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