US President Barack Obama says he will announce plans to promote jobs and economic growth in a speech to Congress next week, although there is a now a dispute involving the Republican Speaker of the House of Representatives over the timing of the event.
The pace of US private sector job growth slowed in August for the second month in a row with employers adding 91,000 positions, a report by a payrolls’ processor showed Wednesday.
The 25 highest paid US chief executives earned more last year than their companies paid in federal income tax, a study has said. The average annual remuneration of the 25 bosses was 16.7 million dollars, the left leaning think tank Institute for Policy Studies (IPS) found.
The confidence of US consumers in the country’s economy fell sharply in August and reached its lowest level since April 2009, The Conference Board reported on Tuesday, attributing the decline in part to the lengthy congressional negotiations to raise the debt limit.
Federal Reserve Bank of Minneapolis President Narayana Kocherlakota signalled he would not attempt to annul the Fed’s commitment to keep interest rates near zero through mid-2013.
United States and the European Union “are using the same recipe that the IMF applied on Argentina” to address the current global financial crisis and this only leads to “stagnation” said Nobel laureate Joseph Stiglitz attending a gathering of Nobel Prize recipients and young economists in Lindau, Germany.
US President Barack Obama announced Monday he has chosen Princeton University labour economist Alan Krueger to become the top White House economist, a White House official said.
Although hurricane Irene crossed into Canada overnight Sunday but wasn't yet through with the United States, where flood waters in Vermont caused the greatest damage in 75 years and in New York state big city commuters had to make do with slowly reawakening transit systems.
Hurricane Irene tore Sunday into New York, hammering Manhattan's skyscrapers with fierce winds and threatening to flood the financial district after killing at least nine people along the US east coast.
Authorities in New York City ordered mandatory evacuation of all low-lying areas before Hurricane Irene hits, Mayor Michael Bloomberg said on Friday. Bloomberg told a press conference that the evacuation - estimated at more than 250,000 people - could begin when shelters open at 4 pm.