Yesterday at 2:15 p.m.
Filed under:
Economy,
Housing,
Jobs/employment,
Trade
By Reuters
U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010. Gross domestic product expanded at a 2.4 percent annual rate, the Commerce Department said in its first estimate on Friday, after an upwardly revised 3.7 percent growth pace in the January-March quarter.
Financial markets had forecast GDP, which measures total goods and services output within U.S. borders, growing at a 2.5 percent rate in the second quarter from a previously estimated a 2.7 percent rate for the first three months of this year. Get the full story »
Yesterday at 11:51 a.m.
Filed under:
Economy,
Policy
By Alejandra Cancino
Business activity increased in July after experiencing two-consecutive months of a slow momentum, according to a monthly survey of members of the Institute for Supply Management-Chicago.
The Chicago Business Barometer, a measure of manufacturing and non-manufacturing activity, rose to 62.3 from 59.1 in June. July marks the tenth consecutive month of a reading above 50, which indicates expansion. Get the full story »
Yesterday at 7:36 a.m.
Filed under:
Economy,
Government
By Reuters
The U.S. economic recession was more severe than previously estimated, the government said Friday in a series of data revisions that also showed growth at the end of last year was weaker than previously thought.
Benchmark revisions issued by the Commerce Department showed gross domestic product contracted 2.6 percent last year and the economy did not grow at all in 2008. It had previously estimated output fell 2.4 percent in 2009 after expanding 0.4 percent the prior year. Get the full story »
Thursday at 2:15 p.m.
Filed under:
Economy,
Retail,
Updated
By Sandra M. Jones
Habit, the nationally recognized Chicago boutique dedicated to championing emerging Chicago designers, is closing its doors on Saturday after five years.
Habit owner Lindsey Boland sent an email notice to customers Wednesday announcing that she was shutting down the shop.
Boland, a clothing designer who trained with Cynthia Rowley in New York, opened the store at 1951 W. Division St. in September 2005 with high hopes of turning the spotlight on local talent. Her mission was to carry independent, high-crafted designs created in small quantities, making sure to stock half the store with inventory from Chicago-based companies.
Habit joins a growing number of high-profile, independent Chicago boutiques that have closed this year in the wake of the recession as well-heeled shoppers cut back on spending. Get the full story »
Thursday at 11:09 a.m.
Filed under:
Economy,
Government
By Associated Press
A Federal Reserve official says the central bank should revive a crisis-era program to buy government debt if the country seems headed toward a bout with deflation. Get the full story »
Wednesday at 1:24 p.m.
Filed under:
Autos,
Economy,
Government,
Housing,
Jobs/employment
By Reuters
Overall U.S. economic activity is still increasing but not robustly and in a few districts has lost steam over the past several weeks, the Federal Reserve said Wednesday.
The Fed’s latest Beige Book summary of national economic conditions, based on information before July 19, pointed to a less-than-booming recovery with sluggish housing markets and sales of costly items like new cars weakening. Get the full story »
Wednesday at 11:23 a.m.
Filed under:
Economy,
Retirement
By Becky Yerak
Even affluent Chicagoans believe they’re going to have to put off retirement.
About 47 percent of affluent Chicago residents now expect to retire later than they originally planned, compared with 45 percent a quarter ago, and only 29 percent in January 2010, according to a study released Wednesday by Merrill Lynch Wealth Management.
But rising health-care costs are what they’re most concerned about, with 70 percent expressing major worries about those expenses. In fact, among the 54 percent of local respondents who say they lose sleep over a financial concern, 51 percent said it’s because of worries about health-care costs. Get the full story »
Wednesday at 11:04 a.m.
Filed under:
Economy,
Policy,
Politics,
Updated
By Reuters
White House budget chief Peter Orszag said on Wednesday it would be “foolish” to cut the U.S. deficit while economic growth was still frail, but it would be equally foolish not to significantly curb the deficit by 2015.
Orszag told an audience at The Brookings Institution, a Washington think-tank, that failing to take real steps toward closing the record U.S. budget gap would do as much harm to the economy has choking off fiscal stimulus now. Get the full story »
Wednesday at 9:18 a.m.
Filed under:
Economy,
Small business,
Startups
By Sandra M. Jones
Small businesses are facing the most difficult business climate in three years, according to a report released today.
Among the most troubling signs: Four out of every 10 small business owners are unable to secure adequate financing, according to the National Small Business Association’s mid-year economic report.
Indeed, it has been 17 years since this many small businesses have had such a difficult time getting loans, said Todd McCracken, president of the Washington D.C.-based organization. Get the full story »
Wednesday at 8:04 a.m.
Filed under:
Economy,
Manufacturing
By Reuters
New orders for long-lasting U.S. manufactured goods unexpectedly fell for a second straight month in June, posting their largest decline since August, according to a government report Wednesday that was further evidence economic growth cooled in the second quarter.
The Commerce Department said durable goods orders fell 1.0 percent after a revised 0.8 percent drop in May. Get the full story »
Tuesday at 2:48 p.m.
Filed under:
Consumer news,
Economy,
Foreclosures
From The New York Times | Bogus offers to help people save their homes from foreclosure were at the top of a survey of consumer complaints for 2009. According to the survey, consumer complaints in general are on the rise, and many of them, like the ones about bogus foreclosure offerings, were related to the economy.
By Reuters
So few banks failed Europe’s long-awaited stress tests on Friday that investors will likely focus instead on the dozen or so banks that just scraped through when the markets reopen next week. Get the full story »
July 23 at 4:53 p.m.
Filed under:
Economy,
Policy,
Politics
By Reuters
The U.S. Senate Banking Committee will vote on the three pending nominees to the Federal Reserve’s Board, according to the committee’s website. Get the full story »
By Becky Yerak
Shares of MB Financial fell 6.9 percent in mid-day trading, after the Chicago-based bank reported a threefold rise in the money it set aside for bad loans and warned that the economy will remain weak and volatile well into 2011 and possibly into 2012.
MB Chief Executive Mitch Feiger noted during an earnings conference call with analysts that the new federal financial reform bill is “relatively benign,” particularly for banks with assets of less than $15 billion. But he said the bank is a “little worried” about a provision that would lengthen an already “painfully slow” foreclosure process in Cook County. Currently, it can take 18 months to 24 months from the time that a bank initiates a foreclosure until the time it takes possession of the property. Get the full story »
July 22 at 11:04 a.m.
Filed under:
Banking,
Economy,
Jobs/employment
By Reuters
The Federal Reserve will try to push borrowing costs even lower if the job market continues to languish, Fed Chairman Ben Bernanke said Thursday, offering his clearest blueprint yet for possible additional monetary easing.
After three quarters of solid growth, the U.S. economy has been losing steam, with firms still reluctant to hire and the housing sector seemingly unable to exit a prolonged rut. Get the full story »
