(CNN) – President Barack Obama entered office amid the deepest recession since the Great Depression. Five years later, the economy is certainly on stronger footing than it was back then, but deep scars remain.
At around $16 trillion a year, the United States produces more in annual economic output than ever before. Home prices are rising again, businesses have been adding jobs for four straight years and the stock market recently reached all-time highs.
CNN's live, comprehensive coverage of President Barack Obama's State of the Union address starts at 7 p.m. ET Tuesday. Go to CNN.com for complete coverage or take it with you on your iPhone, iPad or Android.
New York (CNNMoney) - The U.S. Senate has confirmed Janet Yellen to serve as the next chair of the Federal Reserve, after Ben Bernanke finishes his second term at the end of the month.
Senators voted 56 to 26 in her favor, with many missing the vote because of inclement weather. Several Republicans broke party ranks in support of Yellen.
New York (CNN Money) - President Obama will nominate Janet Yellen to serve as the next chair of the Federal Reserve, a senior White House official said Tuesday.
The announcement will be made on Wednesday at 3:00 p.m., the official said.
New York (CNNMoney) - More than 300 economists have signed a letter urging President Obama to nominate Janet Yellen as the next Federal Reserve chair.
"Dr. Yellen is superbly qualified," the letter says.
New York (CNNMoney) - The job market hit a speed bump in July, as hiring slowed and both hours worked and wages fell slightly.
The U.S. economy added 162,000 jobs in July, falling below forecasts. Economists surveyed by CNNMoney had predicted employers would add 180,000 jobs.
New York (CNNMoney) - The U.S. economy grew faster than previously reported in the third quarter, as businesses built up their inventories and international trade was stronger than expected.
Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 2.7% from July to September, the Commerce Department said Thursday, faster than the 1.3% rate in the second quarter, and better than originally reported.