NEW YORK (CNNMoney) - Timothy Geithner said Thursday that he plans to stay on as Treasury Secretary for the foreseeable future. But that hasn't stopped speculation about who might take his place later this year.
Sources told CNN and other news outlets Thursday that Geithner is considering leaving the Obama administration later this year, once negotiations on raising the government's debt ceiling and cutting the budget deficit are complete.FULL STORY
NEW YORK (CNNMoney) - The jobs recovery picked up speed in April, as business payrolls swelled and the unemployment rate rose as more people returned to the workforce.
The economy added 244,000 jobs in the month, the Labor Department reported Friday. That's up from the 235,000 jobs gained in March. Economists surveyed by CNNMoney were expecting a slight slowdown to a gain of just 185,000 jobs.
NEW YORK (CNNMoney) – The job market continued to improve in March as strong business hiring took the unemployment rate to its lowest level in two years.
The economy gained 216,000 jobs in the month. That's better than the gain of 180,000 predicted by economists surveyed by CNNMoney, and also a significant improvement over the 194,000 jobs added in February.
New York (CNNMoney) - The jobs outlook brightened in February, as strong business hiring helped trim unemployment to its lowest level in nearly two years.
The unemployment rate fell to 8.9% last month, from 9.0% in January, the best reading since April of 2009. The unemployment rate has now fallen nearly a full percentage point in the last three months, the most rapid improvement in nearly 28 years.FULL STORY
New York (CNNMoney) - A Congressional oversight panel says that a "starkly improved" outlook for the auto industry has reduced the likely taxpayer loss on the bailout by more than half to about $19 billion.
The previous estimate from the panel was that taxpayers would lose $40 billion of the $81.3 billion given to the automakers and their finance arms from the Troubled Asset Relief Program.FULL STORY
New York (CNNMoney) – The U.S. economic recovery is finally getting stronger, Federal Reserve Chairman Ben Bernanke said Friday morning.
Bernanke, in remarks prepared for testimony before the Senate Budget Committee, said there is increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold.FULL STORY
New York (CNNMoney.com) - The Federal Reserve has been in the hot seat since its last meeting. But don't expect its embattled policymakers to signal any significant change of heart when they meet Tuesday.
Economists and other Fed watchers expect the central bank's statement to be somewhat more upbeat than a month ago, acknowledging some signs of improvement in the economy.
New York (CNNMoney.com) – The economy was a Democrat's worst enemy in this year's midterm elections. Will President Obama face the same fate in 2012?
Political scientists say the direction of the economy is what colors an incumbent's re-election chances most. And even though sluggish growth is widely expected to continue next year, economists are generally forecasting better growth, and improvements in the job market in 2012. That could well be enough to save Obama's job.
"The next two years will be more important for [Obama's] prospects than the first half of his first term," said Douglas Hibbs, a retired professor at the University of Gothenburg who has studied the impact of the economy on voter choices over the last 60 years.
New York (CNNMoney.com) - The U.S. economy continued on its path of weak growth in the third quarter, according to the government's latest reading Friday.
Gross domestic product, the broadest measure of the economy, grew at an annual rate of 2% in the three months ending in September. While that's slightly better than 1.7% growth in the previous quarter, it's still considered too weak.