Category: Economy | Main

Unemployment in Detroit Climbs to 28.9 Percent

ABC News' Tahman Bradley reports from Detroit: Nearly 3 in 10 residents of Detroit need a job. The unemployment rate in the city of Detroit rose to 28.9 percent in July, the highest rate of unemployment since Michigan started keeping...

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August 28, 2009 in Economy | Permalink | User Comments (23)

The Fed Speaks: Good News, Bad News

Just in -- from the ABC Business Unit: The Fed confirmed what the GDP and jobs data have been showing -- that “economic activity is leveling out.” It took note of continuing headwinds, including “ongoing job losses, sluggish income growth,...

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August 12, 2009 in Economy | Permalink | User Comments (1)

New AIG CEO Going on Croatia Vacation

ABC News’ Matt Jaffe reports: Robert Benmosche, the new CEO of AIG, is going on vacation to Croatia during his first month on the job, a move that might incite public outrage since American taxpayers hold an 80 percent stake...

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August 11, 2009 in Economy | Permalink | User Comments (4)

Banks Are Profiting! So Why Are People Mad?

The big banks are reporting profits! Good, right? A sign things might be turning around? Then why are some folks mad? Citigroup joins a growing crowd of banks doing a little bit better these days. JPMorgan Chase, Goldman Sachs and...

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April 17, 2009 in Economy | Permalink | User Comments (15)

Changes at the New York Times

More troubling news today about newspapers. Gannett, the largest newspaper chain owner and the company behind the USA Today, reported a 60 percent drop in profits. For those of you that read the New York Times, there is also news...

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April 16, 2009 in Economy | Permalink | User Comments (7)

Flickr Album: Shoot the Recession

The Great Depression brings to mind grainy black and white photographs of bank runs and bread lines. But what does the current economic crisis look like? Slate.com asked its readers to send in their view of the recession. You can...

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April 15, 2009 in Economy | Permalink | User Comments (4)

Goldman Sachs Puts December Under a Mattress?

ABC News Kristi Berner reports: After Monday's stock market close, banking giant Goldman Sachs reported better-than–expected earnings for the first quarter: $1.66 billion for the quarter-ending in March, which was more than double analysts expectations. But the news buried in...

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April 15, 2009 in Economy | Permalink | User Comments (9)

Fox News, Tax Tea Parties and You

Here are the basics: More than 700 anti tax, anti spending rallies are scheduled across the country. Called "tea parties," they are being promoted on line and on TV by conservative commentators including Sean Hannity of Fox News who plans...

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April 15, 2009 in Economy | Permalink | User Comments (39)

Spending Less? You Troublemaker!

You watch the person in the next cubicle lose their job. You see your company cut contributions to your 401K. Any investments you had have been cut in half. Your house is worth less than what you bought it for....

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April 14, 2009 in Economy | Permalink | User Comments (7)

We Want Our $$$ Back!

Here is how Larry Summers, the Obama administration's director of the National Economic Council, described the recession and when things might get better: "I think the sense of a ball falling off the table -- which is what the economy...

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April 10, 2009 in Economy | Permalink | User Comments (11)