Economy

TMA Poll: No Quick Relief for Ailing Economy

According to a Turnaround Management Association poll, six out of ten corporate restructuring specialists think a double-dip recession is likely within six to 18 months. read more

A Few FOMC Members Wanted 'More Substantial Move' in August

According to the August 9 FOMC meeting minutes, a few members felt that recent economic conditions warranted "a more substantial move" than holding the target range of the federal funds rate at 0 to 0.25% through mid-2013. read more

Bloomberg: U.S. Economy Expands at 1% Annual Pace in Q2

Bloomberg reported that the U.S. economy grew less than previously estimated in the second quarter, capping the weakest six months of the recovery that began in mid 2009. GDP climbed at a 1% annual rate, down from a 1.3% prior estimate. read more

Bloomberg: Bernanke Doesn't Signal More Stimulus

Bloomberg reports that Fed Chairman Ben Bernanke said in a speech to central bankers and economists in Jackson Hole, WY that the central bank has tools to stimulate a recovery, while sticking to his view that growth will pick up. read more

D&B: Business Failures Reach Highest Level in 12 Months

According to the latest D&B Business Failures & Start-ups Analysis, business failures rose 25% during the June quarter to reach their highest level in 12 months. Failures in construction and retail rose 53% and 40%, respectively. read more

July Orders Rise Unexpectedly; Business Spending Gauge Falls

The Commerce Department said new orders for manufactured durable goods in July increase 4.0%, which followed a 1.3% increase in June. Non-defense capital goods orders, a gauge for business spending, fell 1.5% in July after gains in June and May. read more

Survey: Small Business Financial Performance Improving

A Capital One survey notes that many U.S. small businesses are experiencing gradual, but continued improvement in financial performance. Credit and financing continues to grow and fulfilling capital needs is becoming less of a concern. read more

Bloomberg: U.S. Economy Is 'On the Precipice' of Recession

Bloomberg reported that in an interview, economist David Rosenberg of Gluskin Sheff & Associates, said the U.S. economy is in a "classic pre-recession pattern" and that "we are on the precipice of the economy contracting between now and the winter." read more

U.S. Growth Forecasts Lowered by Goldman, Citigroup & JPMorgan

Goldman Sachs said it's cutting the firm's estimates for U.S. growth in the second half to 1% and 1.5% as it sees the economy "losing further momentum." Citigroup and JPMorgan also lowered their 2011 growth forecasts. read more

Moody's: Prospects for GDP Growth 'Diminished Substantially'

Moody's lowered its near-term growth outlook with GDP now expected to expand at an annualized rate near 2% during the second half of 2011. The rating agency said prospects for GDP growth and job creation have "diminished substantially" since its last forecast a month ago. read more

Growth Forecasts Reduced Through 2013 on Low Employment Gains

Global financial strains, government fiscal austerity and a lack of jobs will hurt U.S. growth over the next couple of years, according to economists surveyed this month by Bloomberg News. read more

Fed Funds Rate to Remain Low Through Mid-2013

In a statement today (8/9/11), the Fed said the downside risks to the economic outlook have increased and conditions are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013. read more

Employers Add 117,000 in July; Unemployment Rate Drops to 9.1%

The U.S. Bureau of Labor Statistics reported that total nonfarm payroll employment rose by 117,000 in July, and the unemployment rate dropped slightly to 9.1%, down from 9.2% in June. Job gains occurred in healthcare, retail trade, manufacturing and mining. read more

Bloomberg: U.S. Stocks Plunge in Biggest Retreat Since 2009

Bloomberg reports that a global rout in equities drove the Standard & Poor’s 500 Index to its worst slump since February 2009, while two-year Treasury yields plunged to a record low amid concern the economy is weakening. read more

Q2 GDP Increases Below Expectations

Real GDP grew 1.3% at an annual rate, below private-sector expectations of 1.8% growth and up from 0.4% growth in the first quarter, which was revised down from 1.9%. U.S. Commerce Secretary Gary Locke notes that the low growth shows that the economy isn't growing as fast as it needs to. read more

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