Economy

Economy
11:06 am
Thu January 17, 2013

Jobless Claims at Five-Year Low; Home Building Hits Five-Year High in 2012

Going up in Chicago: Row houses under construction.
Scott Olson Getty Images

Originally published on Thu January 17, 2013 1:53 pm

There were 335,000 first-time claims for unemployment insurance last week, down 37,000 from the week before, the Employment and Training Administration reports.

That's the lowest total for any one week since January 2008.

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Politics
10:31 am
Mon January 14, 2013

Obama: I Will Not Let Deficit Talks Be Tied To Another Debt Ceiling Debate

President Obama speaks during his news conference in the East Room of the White House on Monday.
Jason Reed Reuters/Landov

Originally published on Mon January 14, 2013 2:03 pm

At a news conference dominated by discussion of what's expected to be Washington's next big political battle, President Obama insisted Monday that he will not let Republicans tie an increase in the federal government's borrowing limit to negotiations over cuts in future federal spending.

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Business
2:53 pm
Wed January 9, 2013

Dell Loses Senior Executive

The 2011 Dell World conference, during Dave Johnson's tenure at the company.
flickr.com/dellphotos

Until yesterday, Dave Johnson was a part of computer company Dell’s strategy to turn the once-dominant company around. But Dell declared yesterday that Johnson is ditching the tech industry altogether to take a senior position with an investment company.

In 2009 Johnson jumped ship from IBM to Dell as senior vice president for corporate strategy. The company’s intention was to catapult from personal computers into the tech service market, alongside giants like IBM and Hewlett-Packard. 

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Economy
3:30 pm
Fri January 4, 2013

As 2013 Begins, A 'Pretty Positive' Job Outlook

The health care sector added 45,000 jobs in December and is expected to see continued growth this year, economists say.
iStockphoto.com

Originally published on Fri January 4, 2013 1:40 pm

If you're searching for work in this new year, the Labor Department's final jobs report for 2012 suggests: The trend is your friend in 2013.

The jobs outlook is actually "pretty positive," said John Challenger, chief executive officer of Challenger, Gray & Christmas, an employment consulting firm.

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Economy
8:09 am
Fri January 4, 2013

155,000 Jobs Added in December, Jobless Rate at 7.8 Percent

Looking for work: The scene at a "diversity job fair" in Manhattan last month.
John Moore Getty Images

Originally published on Fri January 4, 2013 11:00 am

There were 155,000 jobs added to public and private payrolls in December, the Bureau of Labor Statistics reported Friday morning.

That's right in line with economists' expectations and is another sign of steady, though modest, growth in employment. In November, employers added an estimated 161,000 jobs. The average monthly gain in 2012 was 153,000 jobs, BLS says. That's the same average as in 2011.

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Energy
4:59 pm
Thu January 3, 2013

Wind Industry Secures Tax Credit, But Damage May Be Done

Wind turbines dwarf a church near Wilson, Kan. Although Congress voted to extend a wind energy tax credit, the temporary uncertainty dealt a blow to the industry.
Charlie Riedel AP

Originally published on Thu January 3, 2013 5:10 pm

The wind energy industry is dependent on something even more unpredictable than wind: Congress. Hidden in the turmoil over the "fiscal cliff" compromise was a tax credit for wind energy.

Uncertainty over the credit had lingered long before the last-minute political push, causing the industry to put off further long-term planning. So while the now-approved tax credit revives prospects for an industry facing tens of thousands of layoffs, don't expect to see many new turbines coming up soon.

Growing Uncertainty

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Economy
8:16 am
Thu January 3, 2013

Layoffs Have Slowed, Hiring Has Picked Up, But Jobless Claims Are Higher

The scene at a career fair in New York City last fall.
Mike Segar Reuters /Landov

Originally published on Thu January 3, 2013 7:46 am

Update at 8:40 a.m. ET. Jobless Claims Went Up; So Two Out Of Three Reports Were Positive:

There were 372,000 first-time claims for unemployment insurance last week, up by 10,000 from the week before, the Employment and Training Administration says. What's more, that previous week's total was revised up from the previous estimate of 350,000.

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Economy
2:41 pm
Wed January 2, 2013

Economists See (OK-ish) Growth In 2013

Farmer Randy Dreher unloads corn from his combine during harvest north of Audubon, Iowa. Farm exports are booming and high global prices are helping growers despite the U.S. drought.
Gary Fandel/Iowa Farm Bureau AP

Originally published on Thu January 3, 2013 8:07 am

Suddenly, the new year is looking a bit brighter — at least in the eyes of most economists and investors.

On Day 1 of 2013, Congress voted to veer away from the "fiscal cliff" by passing a package of provisions that avoided broad tax hikes and big spending cuts. And on Day 2, stock prices shot up.

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Politics
8:06 am
Wed January 2, 2013

It's Not Over: Big Battles Ahead Even After 'Fiscal Cliff' Deal

President Obama was in the Oval Office late Tuesday night as the House finished voting on the "fiscal cliff" deal. After praising the passage, he left for Hawaii to resume a vacation with his family.
Aude Guerrucci/Pool Getty Images

Originally published on Wed January 2, 2013 1:59 pm

We're sorry to start the first work day of 2013 on a negative note, but here goes:

Though the House voted 257-167 late Tuesday to OK legislation that kept the federal government from going over the so-called fiscal cliff — and stopped income taxes from rising for about 99 percent of Americans — lawmakers didn't reach agreement on other very divisive issues.

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Politics
3:50 pm
Mon December 31, 2012

Deal To Avert 'Fiscal Cliff' Appears Likely

The Capitol is illuminated in Washington, where the House and Senate remain in session. The two chambers will miss a deadline to avoid the "fiscal cliff" tonight, as 2013 begins.
Drew Angerer Getty Images

Originally published on Tue June 4, 2013 9:01 am

Update at 9:45 p.m. Deal Reached

Vice President Joe Biden was meeting late Monday with Senate Democrats to brief them on a proposed deal to stop sharp tax increases and spending cuts. A source told NPR the deal with congressional Democratic and Republican leaders includes a mix of both.

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Politics
9:38 am
Mon December 31, 2012

Year Ends As It Began, With Lawmakers Headed Toward The 'Fiscal Cliff'

The U.S. Capitol. Will lawmakers avoid the "fiscal cliff" or go over?
Larry Downing Reuters /Landov

Originally published on Mon December 31, 2012 1:05 pm

(Scroll down for updates.)

Well, here we are. It's New Year's Eve and with just hours to go before the end of the year and the arrival of the so-called fiscal cliff, Democrats and Republicans in Washington are still trying to strike a deal that heads off automatic increases in taxes, automatic deep spending cuts in a variety of programs and the automatic expiration of some jobless benefits.

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Politics
9:56 am
Sat December 29, 2012

Obama: 'The American People Are Watching What We Do Here'

"I'm optimistic we may still be able to reach an agreement that can pass both houses in time," the president said after meeting with congressional leaders at the White House on Friday.
Evan Vucci AP

Originally published on Sat December 29, 2012 4:38 pm

We have reached the last weekend of the year, and Washington still has not reached a deal to avert the big tax hikes and spending cuts known as the fiscal cliff.

President Obama met with top congressional leaders at the White House on Friday afternoon: John Boehner and Nancy Pelosi from the House, and Harry Reid and Mitch McConnell from the Senate.

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Politics
8:06 am
Fri December 28, 2012

White House Hosts Congressional Leaders For 'Fiscal Cliff' Talks

Senate Minority Leader Mitch McConnell walks toward his office after speaking on the Senate floor on Capitol Hill. McConnell and other congressional leaders will meet with President Obama Friday.
Drew Angerer Getty Images

Originally published on Fri December 28, 2012 5:44 am

President Barack Obama will meet with the four leaders of Congress Friday to discuss a possible deal that would avoid automatic spending cuts and tax increases in the new year.

The session, to be held at the White House, would come just days before the "fiscal cliff" deadline that arrives on Jan. 1.

News of the meeting came after Senate Minority Leader Mitch McConnell (R-Ky.) spoke on the Senate floor Thursday, when he mentioned that he had spoken with the president about a new proposal.

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Gun Violence
11:48 am
Tue December 18, 2012

Investment Firm Selling Stakes In Gun Makers

Freedom Group

Originally published on Tue December 18, 2012 12:12 pm

The issue of gun control appears to have moved into business and finance. One of the largest private equity companies in the country is terminating its relationship with a firearms corporation associated with one of the weapons used in the Newtown school shooting.

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Politics
9:05 am
Tue December 18, 2012

Is A 'Fiscal Cliff' Deal Near?

President Obama and House Speaker John Boehner, R-Ohio, at the White House last month.
Toby Jorrin AFP/Getty Images

Originally published on Wed December 19, 2012 4:50 am

(Scroll down for updates on the GOP's "plan B" and White House rejecting it.)

Talks are "heating up."

Differences are "narrowing."

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Politics
5:51 pm
Thu December 13, 2012

Obama and Boehner Meet at White House; Session Ends Without Deal

Speaker of the House John Boehner (R-OH) leaves after his weekly news briefing at the U.S. Capitol Thursday. Boehner said negotiations with President Barack Obama to are stalled until the White House offers more federal budget spending cuts.
Chip Somodevilla Getty Images

Originally published on Fri December 14, 2012 6:01 am

President Obama hosted House Speaker John Boehner today, spending nearly an hour together in which they reportedly discussed ways to avert the looming "fiscal cliff" of spending cuts and tax hikes that are due to strike at the end of 2012. Boehner left the White House at 6 p.m., ET, apparently without reaching a deal. As Politico reports, the Republican plans to return to his home state of Ohio this weekend.

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Politics
12:45 pm
Thu December 13, 2012

On 'Fiscal Cliff,' Majority Of Public Sides With Democrats, Pew Poll Says

President Obama, with House Speaker John Boehner (R-Ohio) behind him, delivering his State of the Union address last January.
Saul Loeb Getty Images

Originally published on Thu December 13, 2012 7:01 pm

As the end-of-year tax increases and spending cuts known as the "fiscal cliff" near, "Democrats are in a strong position with the public," the Pew Research Center reports.

A new national poll Pew released this morning shows that:

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Economy
2:04 pm
Wed December 12, 2012

Fed Boosts Economic Efforts

The Federal Reserve's headquarters in Washington, D.C.
Karen Bleier AFP/Getty Images

Originally published on Wed December 12, 2012 12:07 pm

Saying it is concerned that the economy won't be strong enough in coming months to keep adding jobs to the labor market, the Federal Reserve announced this afternoon that is increasing its efforts to give the economy a boost.

And in an unusually specific statement from the central bank, its policymakers said they expect to keep a key short-term interest rate at or near zero percent "as long as the unemployment rate remains above 6.5 percent."

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Formula 1
1:18 pm
Wed December 12, 2012

F1 Organizers Get $29.3 Million From State Comptroller

How much F1 'fueled' Austin's economy is yet to be determined.
Filipa Rodrigues for KUT News

The Texas Comptroller has paid the organizers of Austin’s Formula 1 race more than $29 million from the state’s Major Events Trust Fund.

The trust fund uses tax revenues generated by an event to cover expenses related to the event.

“We pay them back $29.3 million because we’re saying, basically, that there’s been an incremental tax increase of $29.3 million so we’re going to let you have that money to pay you back for expenses that you had bringing the event here," Lauren Willis, director of communications for the Texas Comptroller, says.

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Economy
7:53 am
Tue December 11, 2012

What Happens If We Fall Off the 'Fiscal Cliff'?

iStockphoto.com

Originally published on Tue December 11, 2012 9:55 am

Lines of communication remain open in an effort to avert the automatic tax hikes and spending cuts known as the "fiscal cliff," according to the White House and House Speaker John Boehner.

If no deal is reached between now and the end of the year, would the consequences be that drastic?

To answer that question, let's imagine it's January and the nation has gone off the "fiscal cliff." You don't really feel any different and things don't look different, either. That's because, according to former congressional budget staffer Stan Collender, the cliff isn't really a cliff.

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