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Fed chief Bernanke says the economy is in the early stages of recovery, with CNBC's Hampton Pearson.
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Insight on more jobs for the state of New York and the overall economy, with Charles Schumer, Joint Economic Committee, (D-NY).
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Federal Reserve Chairman Ben Bernanke said a full economic recovery is at least another two to three years away and that a low Fed rate will be in place for some time. During his semi-annual testimony before the U.S. Senate Banking Committee, Bernanke noted that the start of an economic recovery in 2010...
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Speaking at the City Club of Cleveland on Friday, Cleveland Fed President Sandra Pianalto (voter) said the current economic downturn is more serious that she had expected. "At the moment, the signs point to a recession beyond just a 'garden variety' downturn," she said. "The length...
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In an interview with CNBC, Edward Lazear, economic adviser to the president , says the U.S. has potential for a strong rebound in 2009 and that economic weakness could last just a few months. Earlier on Thursday, the government reported Q3 GDP in the United States fell an annualized 0.3%. In Q2, GDP...
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Speaking in an interview on Bloomberg Radio, Treasury Secretary Henry Paulson said he expects the U.S. economy to perform well once the turmoil subsides. Frozen credit markets have exacted a toll on the real economy, Paulson said, adding that while work has been done to limit the number of home foreclosures...
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Listening to the U.S. Presidential debate last Friday, one could be forgiven for thinking it was only the lower and middle-classes who are concerned about the welfare of the economy. But a survey of affluent investors reports a new all-time low in the economic outlook for those with more than $500k to...
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The economy may show flashes of strength before the end of the year, says one of Canada's best known economists, but a real recovery "is a 2009 story. " In an article published Thursday, BMO chief economist Sherry Cooper says the key to a turnaround remains a recovery in U.S. housing, which...
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German inflation data and comments from ECB's Lucas Papademos will top the macroeconomic release menu for the European session as U.S. markets prepare for durable goods, weekly oil inventories and a two-year bond auction. Canada's main releases for the day include some employment data followed by a real...
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The U.S. economy continues to be in recession and will continue to be for some time, according to billionaire investor Warren Buffet . Appearing on CNBC Friday morning, Buffet said he is confident the economy is in recession because most Americans are worse off than they were, even though the technical...
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Speaking before the Exchequer Club of Washington, U.S. Treasury Secretary Henry Paulson said the stimulus package has supported the economy in the last year. Paulson said market turmoil and energy prices have dragged on the economy, while the labor market has softened. He added that the key to stabilizing...
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Economists say the reported 1.9% GDP growth for the second quarter of 2008 was boosted by a 1.5% increase in consumption and a 2.4% gain in net exports. The figure was lower than expectations, however, as inventories saw a sharp reduction. Aside from the headline, the big news came from revisions to...
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With the second half of the year just beginning, economists are questioning if the worst of the U.S. downturn is already over, or whether uncertainty about rising prices spells more gloom and doom for the economy. Thursday's BLS nonfarm payrolls report for June showed the sixth month of consecutive declines...
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Durable goods excluding transportation fell by 0.9% in May in the U.S. durable goods report on Wednesday, according to the Department of Commerce. Economists were expecting a 1.0% monthly decline following April's downwardly revised 1.9% increase. Total sales of durable goods came in flat as anticipated...
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Despite five months of job losses and soaring oil prices, the fundamentals of the U.S. economy remain favourable, said U.S. Treasury Secretary Henry Paulson on Monday. However, he noted the price of oil is a problem and that no policy initiatives are off the table, including currency intervention. Paulson...