The U.S. must put to rest the contentious issue of yuan appreciation and acknowledge China’s sovereignty if the U.S. wants closer economic cooperation, Chinese President Hu Jintao said today ahead of a visit in Washington tomorrow. Hu said China and the U.S. should remove the “zero-sum Cold War mentality” while strengthening trade, anti-terrorism and energy […]
The inflation rate as reflected by the U.S. Consumer Price Index grew 1.5 percent over the past year through December, up from 1.1 percent in November, as Americans had to bear higher prices of gas, food and grocery items last month due to pressure from outside economies. According to the Bureau of Labor Statistics which […]
The budget deficit declined 12.4 percent to $80 billion in December compared to the same month a year ago, a report by the Treasury Department showed Wednesday. But the total deficit for the year is still expected to top $1 trillion. For the initial three months of the present fiscal year the budget deficit is […]
California budget cuts already worth billions over the last few years are not quite ending yet as the state plans to curb more spending for the coming year, new governor Jerry Brown announced on Monday. A total of $12.5 billion will be cut from the state budget by June 30 in an effort to trim […]
Blue Shield policy holders in California are bracing for up to a 59 percent increase in their health insurance premiums after the firm announced the hikes which will start on March 1. About 193,000 customers will be affected by the hike that is pending regulatory approval. The Blue Cross Blue Shield Association insurance subsidiary said […]
The U.S. Federal Reserve said Friday that consumer debt increased for the second straight month to $1.3 billion during November, as more Americans bought more cars and spent more for schooling toward the end of the year. October saw an increase of $7 billion according to Federal Reserve data. Growth came mostly from auto and […]
The number of Americans who went bankrupt last year reached 1.53 million, up 9 percent from 2009, the American Bankruptcy Institute and the National Bankruptcy Research Center said in a report today. In 2009, there were 1,407,788 filings. The upward trend in personal bankruptcy filings started in 2005 when a major revision of bankruptcy law […]
U.S. President Barack Obama reaffirmed his commitment to lift the economy further this year and lessen the ranks of unemployed Americans. In his weekly address over the radio and the Internet, Obama said that he will work closely with Republicans to address economic issues this year. “In a few days, a new Congress will form […]
In what is a positive sign for the economic rebound ahead of the new year, the number of unemployment benefit claims fell to its lowest mark in more than two years according to a Labor Department report. A total of 388,000 claims were logged this week, about 34,000 less than last week. Jobless claims are […]
A new government report released on Wednesday said that U.S. foreclosures increased in the third quarter as fewer Americans were given financial aid with their mortgage fees. The Office of the Comptroller of the Currency and Office of Thrift Supervision said that approximately 470,000 homeowners received help from government offices and banks, a 17 percent […]
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