Economy

U.S. Adds 80,000 Jobs in October; Unemployment 9%

In October the U.S. added 80,000 payroll jobs, compared to 158,000 in September, the Bureau of Labor Statistics reported. The unemployment rate was little changed at 9.0%, from 9.1% in September, with 13.9 million unemployed. read more

U.S. Services Sector Growth 'Slightly Slower' in October

Economic activity in the non-manufacturing sector grew in October for the 23rd consecutive month, according to the ISM's Non-Manufacturing Index(NMI). The NMI registered 52.9% in October, 0.1 percentage point lower than the 53% registered in September. read more

Fed Holds Policy Steady; Equipment/Software Investment Expands

The FOMC reported that since it met in September economic growth strengthened somewhat in Q3 and business investment in equipment and software continued to expand. The FOMC will continue to extend the average maturity of its holdings of securities. read more

Q3 GDP Nearly Doubles; Equipment/Software Investment Rises 17%

Real GDP increased 2.5% in Q3/11, after increasing 1.3% in Q2/11, said the Bureau of Economic Analysis. Investment in equipment and software grew 17.4%, reflecting contributions from construction and agricultural machinery. read more

Beige Book: Economic Activity Expands Slowly; Loan Demand Down

U.S. economic activity continued to expand, although many Districts described the pace of growth as "modest" or "slight" and loan demand largely moved lower since the last Beige Book report was released on September 8, according to the Federal Reserve. read more

CIT: Finance Study Reveals Retailers Pessimistic About Economy

Middle-market retail executives are bearish on a short-term U.S. economic recovery, even though many expect their own companies to improve faster than the industry, according to the third annual Retail Finance Outlook study released by CIT Group. read more

Harrisburg's City Council Votes in Favor of Chapter 9

Local and national press reported Harrisburg's City Council has passed a resolution to take Pennsylvania's capital city into bankruptcy as the council voted 4-3 to file for Chapter 9. read more

Bloomberg: No Recession for U.S. as Forecasts Improve

Bloomberg reported that the U.S. likely has dodged a recession for now, based on a string of stronger-than-projected statistics, although it's too early to sound the all-clear for the economy. read more

Bernanke: 'Recovery Much Less Robust Than Hoped'

Fed chairman Ben Bernanke notes in his latest economic outlook that although business investment in equipment and software continues to expand, "it is clear that, overall, the recovery from the crisis has been much less robust than we had hoped." read more

Fitch: Confidence Eroding Undermining Business Investment Growth

In its latest quarterly global economic outlook, Fitch Ratings said the recent intensification of financial market volatility and fiscal policy uncertainty has eroded confidence, which has undermined private consumption and business investment growth. read more

Nondefense Capital Goods Orders Rise 5.2% in August

The Commerce Department said nondefense new orders for capital goods in August
increased $3.9 billion or 5.2% to $78.1 billion. Overall, new orders for manufactured durable goods in August decreased $0.2 billion or 0.1%. read more

Survey: Manufacturers Express Continued Optimism

A recent survey conducted by Prime Advantage, a buying consortium for mid-sized manufacturers, revealed that optimism is picking up with respondents saying they are anticipating growth in revenues, employment and capital spending. read more

Moody's Downgrades BofA, Wells Fargo

Moody's has downgraded the credit ratings of Bank of America and Wells Fargo over concern that government support would be unlikely should they become financially troubled. read more

Fed to Replace Short-Term Debt with Longer-Term Treasuries

Federal Open Market Committee will buy $400 billion of longer-term Treasury securities and sell an equal amount of shorter-term Treasury securities by the end of June 2012 to put downward pressure on longer-term interest rates and help make broader financial conditions more accommodative, the FOMC said today. read more

CPI Index Edges Up After Holding for Three Months

The Department of Labor reported that the all-items Consumer Price Index edged up to 3.8% after holding at 3.6% for three months, while the 12-month change for all items, less food and energy, reached 2.0% for the first time since November 2008. read more

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