Economy Newswire Archive
08/13/2002 Fed holds rates but warns of tepid recoveryThe Federal Reserve on Tuesday left its key short-term interest rate unchanged but signaled concern about turbulent financial markets and hinted at a possible future easing of monetary policy.
  President Bush, right, speaks as Vice President Dick Cheney looksPresident Bush, right, speaks as Vice President Dick Cheney looks on during The President's Economic Forum plenary session in Waco, Texas, Tuesday, Aug. 13, 2002. Bush assured Americans Tuesday that his administration has a steady hand on the economy after hearing blue-collar workers and blue-chip CEOs alike voice concern about slower growth and market volatility. (AP Photo/David Phillip)
8/11/2002 Fed Expected to Hold Rates SteadyWASHINGTON (Reuters) - Federal Reserve ( news - web sites) officials are widely expected to keep interest rates at 40-year lows when they gather on Tuesday, but a loss of economic momentum has raised prospects the central bank could lower rates later this year to make certain the recovery doesn't stall.
06/28/2002 The prosperous '90s -- a hoax? The prosperous '90s -- a hoax?  Don't worry -- nobody's going to be restating GDP from the 1990s boom, but expectations are lower. June 28, 2002 By Mark Gongloff, CNN/Money Staff Writer.  NEW YORK (CNN/Money) - U.S. investors, learning every day that some of the same companies that swept them off their feet in the 1990s were cheating on them all along, are so jaded they're even starting to wonder if the '90s economic boom, a rock-steady source of comfort, was a big lie, too.
  Consumer spending dips. Consumer spending dips.  Cold weather hampered spending in May; Michigan sentiment index revised upward; Chicago PMI down. June 28, 2002.  NEW YORK (CNN/Money) - Americans made more money but spent less in May, the government said Friday, as consumers, the backbone of the U.S. economy, retrenched a bit after spending throughout the first recession in a decade.
05/16/2002 Kmart posts $2.42B loss TROY, Mich. (Reuters) - Kmart Corp. reported Wednesday a loss of $2.42 billion for the fiscal year ended in January and said it restated the first three quarters of that year after closing the books on an accounting investigation.
05/14/2002 Stock surge faces obstacles NEW YORK (CNN/Money) - Whether or not U.S. stock markets climb for the third straight day Wednesday could depend on revenue questions raised by technology leaders Hewlett-Packard and BEA Systems. S&P and Nasdaq futures pointed to a flat to lower start for the major U.S. indexes after two sessions of substantial gains.
05/07/2002 Federal Open Market Committee voted unanimously to keep its trend-setting federal fundsFederal Reserve policymakers opted on May 7, 2002 to keep U.S. interest rates steady at four-decade lows, trying to keep an unevenly paced recovery rolling with cheap credit for consumers and businesses. Policymaking members of the Federal Open Market Committee voted unanimously to keep its trend-setting federal funds rate for overnight loans between banks at 1.75 percent. The more symbolic discount rate was also unmoved at 1.25 percent. (Reuters Graphic)
05/04/2002 Traders at a trading post look up at a price monitor on the floor of the New York Stock ExchangeTraders at a trading post look up at a price monitor on the floor of the New York Stock Exchange shortly after the opening of the session April 26, 2002. The U.S. economy roared into 2002 at its fastest pace in more than two years, emerging from last year's recession with surprising strength, government data showed. Photo by Peter Morgan/Reuters
  The latest report from the Commerce Department showed the economy snapping back sharplyThe U.S. economy raced ahead in the first quarter at the fastest pace in more than two years as consumers spent solidly and a year-long trend of sharp cutbacks in business inventories showed signs of tapering off, the government said on April 26, 2002. The latest report from the Commerce Department showed the economy snapping back sharply from one of the mildest recessions in history but it may not fully resolve lingering concerns about the strength of economic growth going forward. (Michael Sales/Reuters Graphic)
12/2/2001 Debt Paid in FullNEW YORK (CNN/Money) - Close your eyes and picture a life without any debt: no mortgage payments, credit card bills or auto loans. In today's shaky job market, the image holds particular appeal - impossible though it may seem.
  Dollar BagNEW YORK (AP) - Although the timing of an economic recovery this year is still uncertain, people who follow the money business say it's getting easier for small companies and entrepreneurs to raise cash.
11/14/2001 The Federal Reserve cut U.S. interest rates by an aggressive half-percentage point November 6, 2001 for the third time since the Sept. 11 attacks and signaled its readiness to do more to help an economy widely believed to be in recession. The Fed lowered its key federal funds rate for overnight bank loans for the tenth time this year to 2 percent -- the lowest level since the Kennedy administration in 1961. The central bank also dropped its more symbolic discount rate by a half-point to 1.5 percent. (Reuters Graphic)
  Strong sales in OctoberNEW YORK (CNN/Money) - Retail sales posted the biggest jump on record in the United States last month, the government said Wednesday, as consumers flocked to car dealers offering no-interest loans in a bid to boost business after the Sept. 11 attacks.
10/03/2001 U.S. central bank makes 9th cut of year, bringing rates to 40-year lowsNEW YORK (CNNfn) - The Federal Reserve cut interest rates by a half-percentage point Tuesday, bringing overnight bank lending rates to their lowest level in nearly 40 years in an effort to keep the U.S. economy from falling into a recession.
09/28/2001 U.S. economic output slightly stronger than initially thoughtNEW YORK (CNNfn) - The U.S. economy grew a bit faster than initially thought in the second quarter, the government said Friday, indicating the world's largest economy was weak but not contracting in the months before the Sept. 11 terrorist attacks.
09/27/2001 Exelon Earnings Hit by Economy, MarketNEW YORK (Reuters) - Exelon Corp. (NYSE:EXC - news), one of the largest U.S. utility operations, on Thursday cut its 2001 earnings target and said another 450 jobs would be eliminated due to economic and market weakness and volatile energy markets
09/26/2001 Treasury chief says 'weeks' needed to gauge economic impact of Sept. 11NEW YORK (CNNfn) - A recovery in the sluggish U.S. economy may have been delayed by three months by the Sept. 11 terrorist attacks, Treasury Secretary Paul O'Neill said Wednesday, though it could be weeks before the full economic impact of the attacks is clear.
09/25/2001 Mortgage rates fall againLong-term mortgages rates dropped again in the week ending Sept. 21, falling to a level not seen since February 1999 and reflecting the impact on the economy of last week's terrorist attacks.
09/25/2001 Economy snapshot as of Spetember 21, 2001, Graphic AP
09/17/2001 Trader Robert Carroll looks at the closing numbers in shock as the closing bell rings Monday, Sept. 17, 2001, on the floor of the New York Stock Exchange.
09/07/2001 An electronic sign above the floor of the New York Stock Exchange shows the Dow Jones industrial average down 195.14 points on September 7, 2001 as stocks were hammered by fears that a jump in the U.S. unemployment rate to a four-year high will cut into corporate profits. REUTERS/Peter Morgan - Sep 07 3:52 PM ET
07/17/2001 Manufacturing Activity Plunges
Wholesale Inventories Rise in May
Growth in consumer credit slows
07/14/2001 Economy Gains as Consumers Keep Spending
Economists lack an appetite for declaring a recession
07/05/2001 Retailer Reduces Earnings Estimates
07/03/2001 Credit Card Rates Declining Slowly
06/30/2001 Economic Slowdown More Acute
Bank of America, Others Cut Lending Rate
   
02/26/2001 Dow, Nasdaq plummet after Greenspan statement
GDP growth revised down
02/13/2001  Greenspan Sees Slowdown Federal Reserve Chairman Alan Greenspan, delivering an assessment of the U.S. economy, said today that economic growth may have almost "stalled out" at the beginning of the year and that "downside risks predominate."
02/06/2001  Layoffs Reach an Eight-Year High