Retailers don’t have much to cheer about this season. According to several early surveys, consumer spending leading up to Christmas Day was weaker than anticipated, with growth slowing to levels not seen since the 2008 recession. Data from MasterCard Spendingpulse, which is based on credit card activity in the MasterCard payments network plus estimates for […]
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Sales of existing homes in the U.S. rose 5.9%
Sales of existing homes in the U.S. rose 5.9% from October to November to an annual rate of 5.04 million—the highest level since 2009—thanks to near-record-low interest rates. The results exceeded the 3% gain anticipated by economists, according to a Bloomberg survey. Sales volume for high-end homes (above $750,000) led the increase, rising 50% from […]
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Two dire predictions heading into 2012
Two dire predictions heading into 2012— a Greek exit from the eurozone and a collapse of the euro currency—have been avoided. Last week, European Union (EU) leaders gave Greece about $65 billion in long-delayed bailout funds, which should ease that country’s liquidity crisis. Perhaps more importantly, after four months of intense negotiation, EU finance ministers […]
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US employers added more jobs than expected in November.
US employers added more jobs than expected in November, another sign the US economy is on the mend, though not yet healed. The jobs report released Friday suggests that ongoing worries about the “fiscal cliff” and weak European economy haven’t derailed the US recovery that began in 2009. But that could change if Washington can’t […]