Articles Tagged with ''energy''

Consumer Spending Improves: Report

Consumer spending rose in February, driven by strong growth in real wages and a decline in energy prices, according to the Deloitte Consumer Spending Index released Wednesday, which attempts to track consumer cash flow as an indicator of future consumer spending. "Falling oil prices and reduced tax burdens are giving consumers the wherewithal to spend. What they are lacking is the will to do so," said Carl Steidtmann, chief economist with Deloitte Research, a subsidiary of Deloitte Services LP, and author of the monthly Index.
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Obama: Bank Plan Needs 'Significant Resources'

In an address to the joint session of Congress late Tuesday, President Barack Obama said his combined stimulus, bank and housing plans, together with the energy, health care and education reforms he will propose in his 2010 budget, will increase employment, stimulate lending and get the U.S. economy out of recession.
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Housing Starts Plummet Amid Low Builder Confidence

Housing starts dropped 16.8 percent from the previous month to a seasonally-adjusted annual rate of 466,000 in January, according to data published Wednesday by the U.S. Commerce Department. Starts are down 56.2 percent for the year since January 2008. Building permits fell 4.8 percent for the month to a seasonally-adjusted 521,000 rate, according to the data.
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Stimulus Becomes Law

President Barack Obama on Tuesday signed into law the American Recovery and Reinvestment Act in Denver, Colo. "What I am signing is a balanced plan with a mix of tax cuts and investments," he said in his pre-signing remarks. "It is a plan that’s been put together without earmarks or the usual pork barrel spending. And it is a plan that will be implemented with an unprecedented level of transparency and accountability."
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Sunnier Days Ahead for Remodeling Industry: Report

As the ailing economy tightens homeowners' wallets, for most, now isn't the time to make-over the kitchen, install new wood floors or even replace those chipped baseboards. That fresh paint job just might have to wait, and those out-dated fixtures in the bathroom, well, what's another couple years? As a result of the downturn in home improvements, the remodeling industry has hit a near standstill, similar to what we've seen in home building.
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$819 Billion Stimulus Passes House Vote

The House of Representatives on Wednesday passed its $819 billion version of the economic stimulus package in a 244 to 188 vote. The bill passed with support from all but 11 House Democrats; no Republicans voted in favor of it. Some of the major provisions within the bill include various tax cuts -- for tuition, business expenditure and renewable energy -- as well as a hefty list of spending programs aimed to "preserve and create jobs and promote economic recovery," according to the bill's language.
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Obama Stimulus Taking Shape; Fed's Yellen Wants Banks In

House of Representatives Committee on Appropriations chairman Dave Obey, D-Wis., on Thursday unveiled the House version of the $825 billion stimulus package that resulted from extensive discussions among Congressional Democrats rushing to accommodate President-elect Barack Obama's vision of an economic stimulus based on both tax cuts and spending programs.
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Full text of Obama's speech

For those who missed it, below is the full text of president-elect Obama's speech on the economy and his plan when he takes office Jan. 20, courtesy of his transition office: Throughout America's history, there have been some years that simply rolled into the next without much notice or fanfare. Then there are the years that come along once in a generation - the kind that mark a clean break from a troubled past, and set a new course for our nation. This is one of those years.
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U.S. GDP Down 0.5 Percent in Q3; Is Inflation Tamed?

As expected, U.S. real gross domestic product fell at a 0.5 percent annualized rate during the third quarter, unrevised from a previous estimate, according to the Commerce Dept. Tuesday morning. GDP is a measure of all products, goods and services produced in the economy, and a negative GDP reading signals economic contraction.
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SIFMA: U.S. Recession To Continue Through Mid-2009

Securities industry trade group SIFMA -- we'd spell out their formal name, but its ridiculously long -- said late Monday that it now expects gross domestic product to fall a full percentage point in 2009, as a sharp U.S. recession runs its course through the middle of next year. The group's economic advisory round table suggested that rampant speculation, but a current lack of certainty, over what the incoming Obama administration will or will not do is "making attempts to forecast more challenging than at any time in recent memory." Or at least, the past eight years.
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