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Treasury's Geithner Says Unemployment to Stay High, Even as Economy Grows.
By Tom Diemer - Politics DailyIn diplomatic speak, it's called "cautious optimism." That was the tone set by President Barack Obama's top economic advisers Tuesday as they briefed lawmakers on the nation's economic outlook this year and next. In a joint statement, Treasury Secretary Timothy Geithner and two other top White House aides said the nation's 9.7 percent jobless rate is "unacceptable by any metric" and could even rise a little in the coming months, CNN Money reported. But they also said the economy will add 100,000 jobs per month during the remainder of the year, and 200,000 a month in 2011. That should bring the ...
AIG Still Losing Big Bucks; Uptick Noted in GDP
By Tom Diemer - Politics DailyTroubled insurance giant AIG reported losses of nearly $8.9 billion in the fourth quarter of 2009 and warned that it may need more federal help to keep its general insurance business going, the AP reported Friday. The fourth quarter figures were actually an improvement from the $61.7 billion in losses AIG reported for the same period in 2008. Some of the decline late last year was due to repayment of government loans, according to AIG, the recipient of $182.5 billion in federal largess since September 2008. In return, the government has an 80 percent stake in the firm. In its filing with the ...
US Economy Grows at Fastest Pace Since 2003
By Terence Neilan - AOL News(Jan. 29) -- The Commerce Department reported today that the U.S. economy grew at its fastest pace in six years at the end of 2009. Although consumer spending rose at a better-than-expected annualized rate of 2 percent, it was the replenishment of company stockpiles that proved the main factor, which can often point to just a temporary economic bump. Figures for the fourth quarter showed an expansion in gross domestic product of 5.7 percent, following a 2.2 percent rise in the third. Together, they followed a record four quarters of decline. Richard Drew, AP Friday's report about economic ...
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 ...
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