Latest Economic News & Information

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Current Economic News

Week Ahead: Stocks Could Stay Stalled Until After Fed Meeting (at CNBC)
12 Mar 2010 at 8:03pm
Stocks may have a hard time finding traction ahead of the Fed s Tuesday meeting, but the trend for the market is clearly higher, strategists say.

Euro zone agrees bailout for Greece: report (Reuters)
12 Mar 2010 at 7:02pm
The euro zone has agreed a multi-billion euro bailout for heavily indebted Greece as part of a package to support the euro, the Guardian newspaper reported on Saturday.

Summary Box: Obama mulls choices for Fed vacancies (AP)
12 Mar 2010 at 4:24pm
RESHAPING THE FED: President Barack Obama needs to fill three vacancies at the Federal Reserve. Janet Yellen, president of the Federal Reserve Bank of San Francisco, is his top pick to be vice chairman.

Yellen at Fed would likely favor low-rate policy (AP)
12 Mar 2010 at 4:17pm
President Barack Obama s likely choice of Janet Yellen to become vice chairman of the Federal Reserve would favor a policy that stresses low interest rates to ease unemployment over higher rates to curb inflation.

Fed advisers urge stand-alone U.S. consumer agency (at Reuters)
12 Mar 2010 at 3:59pm
A group of current and former advisers to the Federal Reserve on consumer-related issues on Friday urged the importance of an independent consumer protection agency, as part of U.S. financial regulatory reform.

Yellen leads picks for Fed seat (Reuters)
12 Mar 2010 at 3:59pm
San Francisco Federal Reserve Bank President Janet Yellen, a monetary policy dove, tops President Barack Obama s list to be No. 2 at U.S. central bank, the White House said on Friday.

CORRECTED - UPDATE - Yellen, 2 others lead picks for Fed (at Reuters)
12 Mar 2010 at 3:51pm
* White House confirms Yellen considered for No. 2 at Fed

Yellen leading contender for Federal Reserve Vice Chairman (Money)
12 Mar 2010 at 3:39pm
San Francisco Federal Reserve Bank President Janet Yellen is a leading contender to be the next vice chairman of the central bank, according to White House press secretary Robert Gibbs.

Week Ahead: Fed to Comment on Economy and Policy (at Fox Business)
12 Mar 2010 at 3:32pm
Investors will get a key statement from the Federal Reserve next week that could offer a more detailed description of the economy, as well as any change in Fed policy toward buying Treasurys.

White House Identifies 3 as Likely Picks for Fed (at New York Times)
12 Mar 2010 at 3:27pm
Moving quickly to put its mark on the Federal Reserve, the White House on Friday identified two economists and a lawyer as its choices to fill all three vacancies on the central bank s board of governors, according to a senior administration official.

Is Treasury Trying to Make Banks Look Bad? (at CNBC)
12 Mar 2010 at 3:19pm
Today the Treasury Department released its monthly Servicer Performance Report through February on the 75 billion dollar Home Affordable Modification Program. This is the report that shows how many loans are in the trial phase, how many have been converted to the permanent phase, and which banks are doing more and which are doing less.

Administration Said to Settle on No. 2 at Fed (at New York Times)
12 Mar 2010 at 3:13pm
The Obama administration has chosen Janet L. Yellen, president of the Federal Reserve Bank of San Francisco, to serve as vice chairwoman of the Federal Reserve, a senior administration official said on Thursday night.

[$$] Bondlife: Questions, Questions (at TheStreet.com)
12 Mar 2010 at 3:00pm
How big a problem is Treasury supply? What will the FOMC do? Why write covered bond calls?

W.House: more than three picks in running for Fed (at Reuters)
12 Mar 2010 at 1:52pm
The White House said on Friday Janet Yellen, Sarah Raskin and Peter Diamond were at the top of President Barack Obama s list to fill vacancies at the Federal Reserve, but there were other potential candidates.

Treasury says 1 million homeowners in loan modifications (Reuters)
12 Mar 2010 at 1:38pm
An Obama administration program to help struggling homeowners modify their mortgages has more than one million active borrowers, though fewer than 10 percent have obtained permanent loan modifications, according to a Treasury Department report released on Friday.

Business events scheduled for the coming week (AP)
12 Mar 2010 at 1:34pm
MONDAY, March 15 WASHINGTON — Treasury releases international money flows data for January, 9 a.m.; Federal Reserve releases industrial production for February, 9:15 a.m.; National Association of Home Builders releases housing market index for March, 1 p.m.

Yellen a top contender for Fed vice chair-W. House (at Reuters)
12 Mar 2010 at 1:33pm
San Francisco Federal Reserve President Janet Yellen is a leading contender to be nominated as vice chairman of the Federal Reserve, White House spokesman Robert Gibbs said on Friday.

Yellen nominated to be next Fed vice-chairman (at Financial Times)
12 Mar 2010 at 12:30pm
The Obama administration is set to nominate Janet Yellen, president of the Federal Reserve Bank of San Francisco, as vice-chairman of the central bank in a move to tip the Fed s interest rate-setting committee in a more doveish direction.

The Fed: Yellen reportedly tapped to be Fed vice chairwoman (at MarketWatch)
12 Mar 2010 at 11:51am
President Barack Obama plans to nominate Janet Yellen as vice chairman of the Federal Reserve Board, according to a Wall Street Journal report citing people familiar with the matter.

UPDATE - Gloomy outlook weighs on Greek budget goals (at Reuters)
12 Mar 2010 at 11:31am
* Central bank head sees GDP contracting 2.0 pct this year * EU sees GDP drop of at least 2.25 pct this year * Govt had forecast 0.3 pct drop, economists see -1.5 pct

Obama to Tap Yellen for Fed Vice Chairman Role (at CNBC)
12 Mar 2010 at 11:24am
U.S. President Barack Obama plans to nominate San Francisco Federal Reserve Bank President Janet Yellen to be vice chairman of the central bank, a CNBC source has confirmed.

Stimulus Makes People Bad at Math (at New York Times)
12 Mar 2010 at 10:57am
In most of the last decade, there were around three million to five million math mistakes a year. But in years with federal fiscal stimulus efforts, math errors on returns soar, according to the I.R.S.

Economic Report: Consumer sentiment dips in March (at MarketWatch)
12 Mar 2010 at 9:20am
U.S. consumer sentiment dips in early March, according to media reports on Friday of the Reuters/University of Michigan index.

The Fed: Yellen reportedly tapped to be Fed vice chairman (at MarketWatch)
12 Mar 2010 at 8:44am
President Barack Obama plans to nominate Janet Yellen as vice chairman of the Federal Reserve Board, according to a Wall Street Journal report citing people familiar with the matter.

Additional Information On Economic News Sources

Unless a major employer decides to close the local factory where they work, economic news is best regarded by most consumers as boring, confusing, and irrelevant However, economic news that may seem immaterial or inconsequential may be a lot more valuable than individuals and communities might think. 

Economic news is generally reported by the media like CNN, Reuters, Forbes, the Wall Street Journal, and the Economist, but really comes from the monthly information generated by the Bureau of Labor Statistics, the Department of Commerce, the United States Congress and the Dow Jones Index.  This information is then applied to current situations like company mergers or foreign trade agreements and used to report news stories that can be understood by consumers, who need the information in order to invest, relocate, look for a job, manage a municipality, or just sound smart around the water cooler.
For investors, the benefit of news from the Dow Jones Index is obvious, but watching figures from the government like the Unemployment Rate is important as well.  While the Dow Jones is a leading economic indicator because it rises or falls before the economy, the Unemployment Rate is a lagged indicator and reflects the status of the economy months behind or ahead.  So, if the Dow Jones indicator is rising, the GDP is steady, and unemployment is high, it is a good time to invest.  This is because stock prices are lower and spending will be rising as people become re-employed.

Economic news also helps with the job market.  Job seekers who are mobile can look to the news to help them figure out which part of the country has the lowest unemployment and the highest standard of living.  If it is time to move, relocating to a more prosperous area of the country may be the best way to get started again.  As well, news of widespread inflation, high unemployment, and job outsourcing in your field may mean sticking out a current job situation and cutting back on consumer spending until the economy improves.
Home owners benefit from economic news as well.  Remember, the government sets the primary interest rate and adjusts it to offset inflation.  Home mortgages are tied into this rate which means that monthly payments will fluctuate accordingly.  As well, the government regulates the banks when it comes to the prime and sub-prime lending rates for homes.  Changes in policy can mean the difference between saving a home or foreclosure.  Economic news can also predict the future value of homes based on expected economic development and growth in an area.  Buying a home at a lower price during a recession is profitable when economic indicators predict the value will rise as the local economy recovers.

Economic news is also important for people who are planning to retire.  Financial planning segments will give out pointers like when to put savings into money market accounts, how to talk to a financial advisor, and where to retire.  Following advice like selling a larger home and buying a condominium may be a wise choice, especially if a new home is in an area that enjoys a higher quality of life and longer life expectancy through economic development.

City planners will notice on the news that other communities go through similar economic challenges as their own area.  Following these kinds of stories can provide insight as to how another area revived its economy by attracting new business through tax breaks or by lobbying their local or state government for a new highway to bring traffic to the town.  Any way you look at it, economic news is important to everyone and helps consumers make intelligent and money-wise decisions.

Posted in Economic Growth & Development