Q2 Preliminary U.S. GDP Revised Up to 3.3%
Second-quarter U.S. GDP rose above expectations in the preliminary report, rising to 3.3% from the previously reported 1.9%, the Bureau of Economic Analysis reported on Thursday. Economists were expecting a revision to 2.7%. First-quarter growth in 2008 was 0.9%. Exports advanced by 13.2% in the revision, up from... Read More Now
Bankruptcy Filings Near 1 Million Mark, Up 29% on the Year
The number of U.S. residents and businesses that filed for bankruptcy rose 28.9% to 976,831 for the year ended June 30, 2008, according to U.S. court data released Wednesday. The Administrative Office of the U.S. Courts reported that non- business filings comprised 96.5% of that total... Read More Now
MBA Mortgage Applications Move Down in Week Ending August 22
Weekly mortgage applications in the United States increased in the week ending Aug. 22, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 0.5% week-over-week rise in applications. In the previous week, applications also fell by 1.5%. Read More Now
Meeting Minutes Say FOMC's Stance Remains Neutral
The minutes of the Federal Open Market Committee's (FOMC) Aug. 4-5 meeting show that board members "did not see the current stance of policy as particularly accommodative." It also revealed that most members anticipate the next policy move to be a tightening of rates, but the timing and extent of any change would depend on evolving developments. Read More Now
FDIC's Problem Bank List Continues to Grow
Sheila C. Bair , chairman of the FDIC said, "By any yardstick, it was another rough quarter for bank earnings, but the results were not unexpected as the industry coped with financial market disruptions, the housing slump, worsening economic conditions, and the overall downturn in the credit cycle." Higher provisions for loan losses were cited as the primary reason for the drop in industry profit. These provisions totaled... Read More Now
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