Schumer: GOP Opposing Economic Recovery for Political Gains

The third-ranking Democrat in the Senate, Charles Schumer of New York, accused Republicans in Congress of working to undermine an economic recovery Thursday. Schumer asserted in an address to the Economic Policy Institute that the Republican fiscal approach of "cut, cut, cut" has undermined the nation's attempt at a financial rebound, and he charged that doing so is central to the GOP's long-term strategy.

"Insisting on a slash-and-burn approach may be part of this plan," Schumer said, "it is ideologically tidy and it undermines the economic recovery, which they think only helps them in 2012." Adding, "They are opposing the economic recovery itself - and all that means for America's working and middle class families."

QE2: Fed bond purchases end, leaving mixed legacy as economic recovery lags

Thursday morning, a half-dozen or so staffers will gather in a small room on the ninth floor of the Federal Reserve Bank of New York building in Lower Manhattan. The traders will sit at computer terminals and buy $4 billion to $5 billion in U.S. Treasury bonds, using dollars newly created by the act of their clickety-clacking at their computers.

When they finish, well before lunchtime, the Fed’s much-debated effort to strengthen the U.S. economy by buying $600 billion in bonds, launched in the fall, will be over.

Recovery helps affluent families while cash-strapped suffer

Whether the economic recovery in the U.S. can continue could depend on a single factor: consumer confidence. Confidence is important because consumers who are upbeat about prospects tend to spend more, driving corporate profits and job growth. Companies hire more employees, boosting spending, growth and confidence.

Such self-reinforcing loops are the stuff that recoveries are made of, and one reason the current rebound has been so tepid. While the economy has bounced back from a devastating recession, the gains have largely helped better-off households, economic data show. That has left out a huge swath of consumers.

Markets fall fast Thursday

WASHINGTON, June 23 (UPI) -- U.S. markets dropped sharply Thursday with the Labor Department announcing first-time jobless benefits claims escalated in the week ending last Saturday.

The Federal Reserve said Wednesday the economic recovery had slowed to "moderate" improvements and the next economic release, jobless benefits data, supported the Fed's assessment.

Industrial Midwest leads job recovery, but national picture spotty

WASHINGTON -- The economic recovery may have stalled in parts of the South and West hit hard by the housing bubble, but Rust Belt states, buoyed by a manufacturing comeback, have seen a steady decline in their jobless rates over the last year.

Of the 10 states where unemployment rates dipped the most from May 2010 to May 2011, Rust Belt states - Michigan, Indiana, Ohio, Pennsylvania and Illinois - account for half, according to Labor Department figures.

Tourism one of the keys to economic recovery

One of the keys to economic recovery is tourism and some new ideas on how to attract more people to the Rockford area will be discussed today.

Representatives from the Illinois Department of Commerce and Economic Opportunity, Office of Tourism will be at Riverfront Museum Campus in downtown Rockford today as part of a four-day, state-wide media tour to discuss the impact of tourism in Illinois. The group will discuss marketing ideas, new ways to attract domestic and international travelers, and how to best cater to today's traveler with value-added packages, promotions and partnerships.

Dr. Alexander Mirtchev Discusses the U.S. Government's Measures to Deal With the Global Economic Crisis and Stresses the Imperative for Viable Exit Strategy on the Riz Khan Show

Dr. Alexander Mirtchev, founder and president of Krull Corporation, discussed the U.S. government's actions in response to the crisis in the economy on Al-Jazeera's Riz Khan Show. The complexities created by the precarious economic and financial situation are exacerbated by what is perceived as a "failure of the reigning 'social contract'" between Main Street, Wall Street and the U.S. government. "To put it simply, Main Street was relying on Wall Street to go about its business, with the government perceived as the arbiter and even guarantor of sure returns. Presently, the collapse of this 'contract' is giving rise to calls from different quarters for overhauling the whole system," according to Dr. Mirtchev.

Economic recovery at risk as households forced to dip into savings

Household finances in Britain are deteriorating at their fastest rate since the depths of the recession in 2009 amid fresh evidence that consumers are struggling to cope with rising prices and curbs on wages.

Fuelling fears that the economy is flirting with a double-dip recession, the monthly Markit index showed an increasingly gloomy public running down savings and taking on more debt in an attempt to make ends meet.

Slow economic recovery takes most of state's cash reserves

OLYMPIA — Most of the state's projected budget reserves were wiped out by new tax-revenue estimates released Thursday.

Estimated reserves stand at a relatively skimpy $163 million, just one day after Gov. Chris Gregoire signed a two-year, $32 billion budget that pegged reserves at more than $730 million.

Obama's 'Recovery Summer' still a work in progress

Today marks the one-year anniversary of the Obama administration's heavily promoted "Recovery Summer," its June-July 2010 effort to highlight a surge in infrastructure projects funded by the 2009 American Recovery and Reinvestment Act.

It's been anything but a celebration for the White House, beset by a painfully slow economic recovery and a national unemployment rate of 9.1%.

Economic recovery will continue, Chapman forecast says

California home prices will continue falling this year and into next, but there's an upside in that it will allow more people to buy homes, according to the latest economic forecast from Chapman University's A. Gary Anderson Center for Economic Research.

Home prices in California will drop 4.4% this year and 0.7% next year, according to the Chapman forecast, released Thursday.

Putin: Russia Expects Full Economic Recovery Next Year

Russian Prime Minister, Vladimir Putin, says his country is still struggling with the debilitating effects of the global economic crisis, but expects Russia's economy to fully recover by next year. Putin presented his views on the economy, labor and social rights at the 100th session of the International Labor Organization (ILO) Conference. He is the first head of the Russian government to address the ILO Conference.

Putin, says Russia has managed to retrieve about two-thirds of its lost economy. But, he acknowledges his country has not yet reached pre-crisis levels and has much to do before the economy fully recovers.

OECD predictions for global economic growth

The OECD has outlined a grim outlook for the euro area as a whole, while it says the UK is on track for a 'slow pace of expansion'. Here is a detailed breakdown of how it thinks the world's biggest economies will shape up in the coming months.

Obama asks for patience with pace of economic recovery, says ‘it’s going to take time’

President Barack Obama says people need to be patient about the economic recovery and that training workers for manufacturing jobs will help with the turnaround.

The recession didn’t happen overnight and won’t end that way, either, the president said Saturday in his weekly radio and online address.

Slow economy weighing on stock market, finally

The stock market comeback has proceeded at a rapid clip for more than two years. Yet the economic recovery has been frustratingly slow.

Now a spate of disappointing economic news is interrupting the market rally. It has money managers questioning whether the market can pull out of reverse and again leave the sputtering economy in its dust. If it does, credit the same factor that's driven stocks up 89 percent since their bottom in March 2009: record corporate profits.

BOULGER: Economic recovery to be slow

Ray Boulger, senior technical manager at John Charcol, said: “Last week’s very weak manufacturing figures from both sides of the pond, but particularly in the UK, coupled with higher than expected Government borrowing in April, adds significant weight to the view that the economic recovery is going to be very protracted. Despite many economists having already revised downwards their original 2011 GDP forecasts some further downward revisions look likely.

A Tim Pawlenty plan for recovery

How did you enjoy your economic recovery last summer? Well, that's what President Barack Obama said we were having. He wrongly thought the stimulus, the bailouts and the takeovers were the solution. He said they worked.

The federal government's addiction to spending must be brought to a halt and we must have a president who has a growth agenda with pro-growth policies.

Economic Crisis 'Successfully Exited'

HELSINKI—The euro zone's economic crisis is over and it is now enjoying a broad-based recovery, Bank of France Governor Christian Noyer said Monday.

"There are increasing signs that the economic recovery is on track," Mr. Noyer told a financial markets conference, pointing to a "brilliant" first quarter and strong business sentiment indicators. He added that he considered that financial conditions are now "favorable" and that there is no sign of credit rationing as demand for funds improves. "All in all, we have strong reasons to believe that we successfully exited the economic crisis."

Recovery Doubted Due to Weak Employment Numbers

Hiring slowed down in May with only a 9.1% rise in employment indicating a slower economic recovery. Last month, nonfarm payrolls rose 54,000. Growth is also constrained by supply disruption after Japan’s disasters. Still analysts believe the economy will not head back into a recession as high gasoline prices are believed to be only temporary. The weak report indicated a slowdown in economic momentum affected further by consumer spending and manufacturing data. The hiring report had no clear impact caused by tornadoes and flooding in the Midwest and South said the Labor Department.

Jobs report fuels doubts for recovery

WASHINGTON -- The nation's job market took a sharp turn for the worse last month as employers abruptly curbed their hiring and the unemployment rate rose -- grim evidence that the economic recovery is faltering.

The new Labor Department report, which showed the unemployment rate edging upward to 9.1 percent, was bad news for millions of Americans seeking work and for the hundreds of thousands of newly minted college graduates whose hopeful prospects are now increasingly uncertain.

Oil Trades Near Lowest in a Week on Concern Economic Recovery Is Faltering

Oil traded near its lowest in a week in New York on concern that the global economic recovery is faltering and fuel demand will decline.

Crude stockpiles climbed the most in more than a month, according to the American Petroleum Institute. The Energy Department will release its own data later today. The Organization of Petroleum Exporting Countries is likely to keep production levels steady when it meets next week, according to a Bloomberg survey. An official at one of OPEC’s Middle East members said output needs to be raised by as much 1 million barrels a day.

Oil Trades Near Lowest in a Week on Concern Economic Recovery Is Faltering

Oil traded near its lowest in a week in New York on concern that the global economic recovery is faltering and fuel demand will decline.

Crude stockpiles climbed the most in more than a month, according to the American Petroleum Institute. The Energy Department will release its own data later today. The Organization of Petroleum Exporting Countries is likely to keep production levels steady when it meets next week, according to a Bloomberg survey. An official at one of OPEC’s Middle East members said output needs to be raised by as much 1 million barrels a day.