The Commerce Department has revised numbers reflecting how much the economy grew last summer, moving the GDP up from 2.5 to 2.6 percent. Economists are hailing the change as good news, but not great news. Many had hoped that the growth would reach as high as 3 percent. Is this a cause to backtrack on recent optimism, or still cautious progression on the economy? Economics editor for The Takeaway Charlie Herman joins us for more on the subject.
The Senate voted to repeal "don't ask, don't tell," over the weekend. The law, enacted 17 years ago by President Bill Clinton, allowed gays to serve in the military, as long as they did not reveal their sexual orientation. Todd Zwillich, The Takeaway's Washington correspondent, looks at what's next for the repeal. Meanwhile, a number of economic indicators come out this week, and Charlie Herman, economics editor for The Takeaway and WNYC, looks at the upcoming third quarter GDP numbers due out Wednesday, along with existing home sales numbers, and new home sales numbers on Thursday.
Foreclosure activity fell to an eight month low as fewer than 300,000 homes received a foreclosure notice in November. According to the online foreclosure tracking firm RealtyTrac, 262,339 properties received a foreclosure filing last month, a 21 percent drop from October and a 14 percent drop from a year ago. Both of these declines were the largest percent decreases since RealtyTrac began collecting foreclosure date in January of 2005.
New York City’s economy has recovered faster than the state and the nation, but larger than expected city deficits and the slowly recovering national economy could keep unemployment high for years to come.
According to city comptroller John Liu, businesses gained 74,000 jobs in the first 10 months of this year. Restaurants, retailers and health care companies accounted for the majority of the new jobs.
Many Congressional Democrats are not happy with President Obama's compromise with Republicans on extending tax cuts. House Democrats showed that by voting not to bring up the tax bill last week. Callie Crossley, host of the Callie Crossley Show on WGBH in Boston, and Charlie Herman, economics editor for The Takeaway and WNYC, look at how the Senate plans to vote today on the bill.
Citigroup announced Thursday that former budget director Peter Orszag has joined the bank as a vice chairman in its global banking business.
Will we or will we not see an extension to the Bush-era tax cuts? That is what we’re all waiting to see play out this week. Democrats want to return to Clinton-era taxes on the wealthy, and Republicans are holding out for preserving the status quo. But President Obama and Democrats may be backing off on their stance, as a compromise looks like it could be in the works. The Bush-era cuts would be temporarily extended to everyone, rich and poor, for two years...if unemployment benefits are extended as well.
Employers added only 39,000 jobs last month — a big decline from October's 172,000. Private companies created the fewest number since January. The anemic month for the labor sector pushes the national unemployment rate from 9.6 to 9.8 percent. That's 19 months of a rate over 9 percent, the longest stretch on record. What do the new numbers mean for the economy?
Hopes that the businesses have hired more people as the economy recovers were scuttled Friday after the government reported anemic job growth in November. The government reported this morning that the nation’s payrolls increased by on by 39,000 jobs. Economists had been expecting an increase closer to 150,000.
While the nation's largest retailer Walmart considers opening a store in New York City, the city council has decided to take a closer look at the retailer.
Looking ahead to the week's agenda: Unemployment benefits for an estimated two million Americans is set to expire by tomorrow; Congress will decide whether or not to extend them. Time is running out to pass the new START agreement with Russia, as well. Two days of debate have been scheduled for Thursday and Friday that will address the Pentagon's soldier survey on "Don't Ask Don't Tell," and whether or not the repeal, backed by the White House, will go through. Also, the highly debated Bush Tax Cuts are set to expire in January for both middle and upper-income brackets...both sides seem to be adamantly sticking to their guns with no compromise in sight.
With Thanksgiving approaching, how many notches you'll have to relax that belt buckle won't be the only question people will be asking. Much of the focus will be on air safety and retail sales. Many travelers are not happy about the latest security measures the TSA is using for secondary screening, including full-body scans and thorough pat-downs. Many see both as extremely invasive, but the TSA says that both measures will stay. Callie Crossley, host of "The Callie Crossley Show" at WGBH in Boston, will see if any changes will come as Thanksgiving quickly approaches.
Your morning cup of coffee could start costing a bit more as prices for green-coffee, or unroasted beans, are now more than 50 percent higher than they were a year ago. The increase has already led to price hikes for many coffee brands and even higher prices are expected in the months ahead.
The 110th Congress begins its lame duck session today, and the question remains: how much can lawmakers get done before the new members step in? Charlie Herman, economics editor for The Takeaway and WNYC looks at how this session of Congress handles the Bush tax cuts, "Don't Ask, Don't Tell," and the new START treaty.
Government spending, according to some conventional wisdom, is out of control. That battle cry rallied many politicians during the mid-term elections, helped elect Tea Party and conservative Republican candidates, while putting Democrats on the defensive over the deficit. But now that elections are over, do politicians have the stomach for real change? Yesterday, the co-chairs of President Obama's non-binding fiscal commission on deficit reduction released a draft plan to curb spending ... but the plan met with general dismay in Washington. Why?
After the beating Democrats took in last week's mid-term elections, all eyes, including those of our managing producer, Noel King, will be looking at what the GOP's initial moves will be this week. She'll also look at President Obama's continued trip through Asia, along with Charlie Herman, business and economics editor for The Takeaway and WNYC Radio.
The U.S. economy added jobs in October for the first time since last spring due to hiring in the private sector.
The private sector hired 159,000 employees last month. That is the tenth consecutive month of job gains for the nation’s businesses. Since the start of the year, private sector employers have hired 1.1 million employees.
One day before the mid-term election and predictions are in. Todd Zwillich, The Takeaway's Washington correspondent, looks ahead to election day and forecasts the after-effects of its results.
Voters head to the polls tomorrow, but non-political happenings continue apace: the Fed will meet to discuss what to do about interest rates and the economy. Charlie Herman, economics editor for The Takeaway and WNYC Radio, doesn't see the interest rate increasing, but sees the Fed pumping more money into the economy, to try and jumpstart it.