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Personal Income Fell Nationwide in 2009
By Christopher Weber - Politics DailyPersonal income declined in 42 states last year, with Nevada hit the hardest as the construction and tourism sectors dried up. The Commerce Department said incomes were down 4.8 percent in Nevada, followed by Wyoming with a 3.9 percent plunge. Only six states and the District of Columbia saw incomes rise during 2009, with West Virginia doing the best with a 2.1 percent increase, The Wall Street Journal reported. Incomes stayed flat in two states. On a national average, personal income declined 1.7 percent last year, unadjusted for inflation. There was a hint of good news: personal income was ...
How Job Shortage Is Holding Back Economy
By Joseph Schuman - AOL News(Nov. 24) -- We know what the economy did last summer, and it wasn't that great. Though Americans were producing more goods and services than during the recession, new numbers from the government show a slower pace of growth than previously thought and suggest the dour job market could block a quicker revival. The Commerce Department said real gross domestic product was growing at an annual rate of 2.8 percent for the third quarter to a market value of $14.266 trillion. That's still a good deal better than the 0.7 percent decline in U.S. economic output during the second quarter and the ...
U.S. Economy Stabilizing, New GDP Numbers Show
By David Knowles - Politics DailyThe much anticipated gross domestic product figures for the second quarter were released today, and they showed that the worst of the recession may be over. The Commerce Department said that the economy shrank by 1 percent from April to June, as opposed to an abysmal 6.4 percent from January to March of this year. The 1 percent drop is better than most economists predicted, adding further fuel to the belief that the recession is finally waning. When the U.S. economy actually starts growing again is still a matter of speculation, but Fed Chairman Ben Bernanke sees the numbers shifting from ...
Commerce Nominee Gary Locke Has Lobbyist Past
By Mark Impomeni - Politics DailyPresident Barack Obama's third choice to head the Commerce Department, former Washington State Governor Gary Locke, was a partner in the China division of Davis Wright Tremaine, an international law firm dealing with trade issues. Locke lobbyed the Chinese government on behalf of American companies Microsoft, Starbucks, and Weyerhaeuser Lumber, among others. Locke's advocacy on behalf of the companies has raised questions about his ability to lead the Commerce Department.President Obama has barred former lobbyists from taking positions in his Administraiton that would give them authority over ...
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