A pickup in consumer spending and steady home sales helped lift economic growth in October and early November in most parts of the United States, according to a Federal Reserve survey released Wednesday. The one exception was the Northeast, which was slowed by Superstorm Sandy.
Allowing income tax rates to rise for wealthy Americans, and maintaining rates for the less affluent, would not hurt U.S. economic growth much in 2013, the Congressional Budget Office said on Thursday, stepping into a dispute between Republicans and Democrats over how to resolve the so-called "fiscal cliff."
According to our exclusive (but unscientific) poll two-thirds of respondents felt one candidate would be better for the country economically. But does history back up their opinions about which party's presidents bring growth and which bring stagnation? You may be surprised.
The U.S. economy grew at a slightly faster 2 percent annual rate from July through September, buoyed by more spending by consumers and the federal government.
Americans stepped up their spending at retail businesses in September, reflecting their growing confidence in the economy. Retail sales rose 1.1 percent last month, the Commerce Department said. That followed a 1.2 percent increase in August. Both were the largest gains since October 2010.
Stronger housing markets helped boost economic growth at the end of the summer in nearly every region of the United States, according to a Federal Reserve survey released Wednesday.
The U.S. economy grew at a sluggish 1.3 percent annual rate in the April-June quarter, held back by the severe drought that reduced farm production in the Midwest. The growth rate was lowered from a previous estimate of 1.7 percent, the Commerce Department said Thursday.
Mitt Romney says the key to getting America's growth back on track is cut taxes even further on the wealthy. But would cutting taxes on "job creators" actually do that? No -- at least not according to the data compiled by nonpartisan Congressional Research Service.
More expensive gas drove up consumer prices in August by the most in three years. But outside of energy costs, inflation was tame. The CPI rose a seasonally adjusted 0.6% last month, the first increase since March and higher gas prices accounted for 80% of the increase.
Americans cut back on their credit card use in July for the second straight month, suggesting many remain cautious in the face of high unemployment and slow growth.
The Federal Reserve says the U.S. economy expanded at a moderate pace in July and early August, buoyed by stronger retail sales.
The U.S. economy grew at a 1.7 percent annual rate in the April-June quarter, boosted by slightly stronger consumer spending and greater imports. That was slightly better than the Commerce Department's initial estimate of 1.5 percent.
Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years. An Associated Press analysis shows that by just about any measure, the one that began in June 2009 is the weakest.
U.S. factories made more cars, computers and airplanes last month, a hopeful sign that manufacturing is recovering after a weak spring. Industrial production increased 0.6 percent in July from June, the fourth straight monthly increase, the Fed reports.
The media's response to recent retail sales numbers showing month-to-month declines has been to bemoan our faltering economy. But when you compare sales today to a year ago, things don't look grim at all. In some cases, in fact, they look downright fantastic.