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Mortgage settlement involving states said to be closer
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More than 40 states have signed on to a draft deal settling claims of improper mortgage servicing that's aimed at relieving homeowners struggling with loans bigger than their home's value. But several key states -- including California, New York, Nevada, Florida and Delaware -- remain undecided, sources familiar ...
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FED FOCUS-Fed's focus on jobs lays path for inflation target
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When Federal Reserve officials gathered in late 2006 to talk about setting an inflation target, most favored the idea but worried Democrats in Congress would cry foul. However, when the U.S. central bank finally laid out a target last month, there was nary a peep from Democrats, who in years past had ...
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DIARY - Today in Washington - Feb 7
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ALL TIMES IN EST/GMT. ---------------------------------------------------------- 1000/1500: The Labor Dept. issues monthly Job Openings and Labor Turnover Survey. 1000/1500: Federal Reserve Chairman Ben Bernanke testifies on the economic outlook and the budget to the Senate Budget Committee. 1130/1630: The Treasury Dept. holds weekly sale of 4-week bills; and ...
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British study says U.S. Postal Service is the world's best
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Despite its financial difficulties and relatively heavy work load, the U.S. Postal Service has been declared the finest in the world by a British study. The USPS was declared number one for efficiency among the Group of Twenty major global economies, according to findings from England's Oxford Strategic ...
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U.S. Treasury to sell $37 bln in 4-week bills
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WASHINGTON - For details of the U.S. Treasury's auction of 4-week bills see: http://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/A_20120206_1.pdf.
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Fed's Bullard says housing market has hit bottom
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The U.S. housing market has already hit bottom, said James Bullard, the president of the St. Louis Federal Reserve Bank, on Monday.
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Obama and Reagan: A tale of two recoveries
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Faced with a strong jobs report Friday, Republicans tried out a new rhetorical message: This isn't a disaster, but Ronald Reagan could have done better. "It didn't have to be this way," said Rep. Cathy McMorris Rodgers of Washington. On the other side of the aisle, Democrats have been careful not to ...
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Fed's Bullard warns against lengthy stay at zero
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Keeping short-term rates at zero for years could be a "looming disaster" for the U.S. economy, said James Bullard, president of the St. Louis Federal Reserve Bank, on Monday.
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No strip club spending for welfare recipients
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If welfare recipients want to dole out the dollar bills at a strip club, they'd better make sure it's not government money ... at least if a bill in Congress becomes law. The House last week overwhelmingly passed legislation that would require states to ban the ability to access government benefits at strip ...
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BOJ's Shirakawa: deflation, yen level severe
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Bank of Japan Governor Masaaki Shirakawa said on Monday he acknowledges that the economy is in a severe situation due to deflation and the strength of the yen. Shirakawa, repsonding to questions from a lawmaker in the budget committee of parliament's upper house, said the BOJ will implement appropriate ...
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Nevada economy suffers on all fronts
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The Great Recession has dealt Nevada a losing hand. The Silver State, which will hold the Republican caucus on Saturday, has the dubious distinction of leading the nation in unemployment, foreclosure filings and share of homes worth less than the mortgages on them.
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Big drop in unemployment rate for blacks
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The unemployment rate for blacks fell more than 2 percentage points last month to its lowest level since March 2009. The drop puzzled economists, who cautioned that it's too early to say that a job market recovery for blacks is underway.
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New York sues banks over foreclosures
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The New York attorney general sued some of the nation's biggest banks on Friday, accusing them of unlawful and deceptive practices for relying on a private electronic registry that tracks mortgages. Attorney General Eric Schneiderman on Friday sued Bank of America (BAC), Wells Fargo (WFC), JPMorgan ...
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Stealth jobs boom: 6 months, 2 million jobs
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Companies are saying the job market is getting better. Friday's jobs report showed a gain of 243,000 jobs. The number of people saying they were employed increased by 631,000 in January alone. And the three-month and six-month increases are similarly impressive -- 1.1 million more say they have jobs compared ...
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Jobs: Obama not out of the woods yet
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The January jobs report contains a slew of numbers that are likely to put a twinkle in the eye of Obama campaign staffers. The unemployment rate dropped to 8.3%, the lowest it's been since February 2009. The jobs report -- which surprised economists -- is great news for Obama. But even if the unemployment ...
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White House's Krueger pushes extending payroll tax cut
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President Barack Obama's top economist called on Congress to extend a payroll tax cut and unemployment benefits which he said would help maintain economic momentum.
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Factory orders up, business spending rises
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New orders for U.S. factory-made products posted a second straight monthly rise in December and business capital spending also picked up, a government report on Friday showed. The Commerce Department said orders for manufactured goods increased 1.1 percent, slightly below Wall Street economist's forecast ...
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Obama tells Congress: "don't muck up" U.S. recovery
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Jobs figures released on Friday show the U.S. economy is growing and healing, President Barack Obama said, calling on Congress to pass a payroll tax extension and avoid sabotaging the recovery. "The economy is growing stronger. "Now is not the time for self-inflicted wounds to our economy," Obama said, ...
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Bernanke: Fed will protect U.S. economy from Europe
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The recovery remains "frustratingly slow" in the United States, and now Europe's debt crisis is posing additional challenges, Federal Reserve Chairman Ben Bernanke told Congress Thursday. "Risks remain that developments in Europe or elsewhere may unfold unfavorably and could worsen economic prospects ...
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Reactions from economists, D.C. to jobs data
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Economists said Friday's report that the U.S. economy added 243,000 jobs in January was positive for the U.S. economy and that it raised the possibility that the Federal Reserve could raise interest rates before the end of 2014.
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