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Political Economy: August 1, 2010 - August 7, 2010

Shelby blocks Diamond nomination for Fed Board

By Sonja Ryst The Senate has kicked back President Obama's nomination of economist Peter Diamond for the Federal Reserve Board at the request of Sen. Richard Shelby (R-Ala.), delaying an effort to fill open staff positions at the central bank....

By Sonja Ryst  |  August 6, 2010; 4:09 PM ET  |  Permalink  |  Comments (30)
Categories:  Federal Reserve  
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Morning briefing: Concerns about food aid after Russian export ban

* Governments and corporations around the world scrambled to assess the impact of Russia's ban on grain exports. Japan, Asia's second-largest wheat importer, said it is seeking U.S. corn or wheat for feed. Franciscus Welirang, chairman of the Flour Mills...

By Ariana Eunjung Cha  |  August 6, 2010; 6:36 AM ET  |  Permalink  |  Comments (0)
Categories:  *Morning briefing  
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Economic agenda: Friday, Aug. 6, 2010

At 8:30 a.m. -- The Labor Department releases employment numbers for July. Economists surveyed by Bloomberg expect the economy will have added 90,000 private sector jobs, but the unemployment rate is predicted to rise to 9.6 percent from the...

By Mike Shepard  |  August 6, 2010; 6:29 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Driver in Toyota crash case freed as prosecutors decide against pursuing a new trial

By Peter Whoriskey The driver of a Toyota Camry that fatally careened into another family's car was freed from an eight-year prison term on Thursday, after the judge and prosecutors weighed new evidence that the accident might have been caused...

By Peter Whoriskey  |  August 5, 2010; 10:17 PM ET  |  Permalink  |  Comments (36)
Categories:  Corporations  
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New jobless claims rise

By Sonja Ryst Jobless claims rose unexpectedly in the last week of July to the highest level since April, contradicting an encouraging employment report Tuesday and underscoring concerns that high corporate profits are not generating jobs. The Labor Department said...

By Sonja Ryst  |  August 5, 2010; 10:23 AM ET  |  Permalink  |  Comments (22)
Categories:  Unemployment  
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Retailers post monthly sales gains, but is it enough?

By Ylan Q. Mui Several of the nation's largest chain stores posted solid sales gains in July compared to a year ago, but analysts warned that consumer spending has slowed considerably in recent months. Target reported this morning that sales...

By Ylan Q. Mui  |  August 5, 2010; 9:50 AM ET  |  Permalink  |  Comments (0)
 
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Morning briefing: Greece set to get second installment of loan

*Greece is expected to receive the second installment of a rescue loan from the IMF and the EU next month after making "remarkable" progress in an austerity program that cut civil service pay and increased taxes. The IMF and EU,...

By Ariana Eunjung Cha  |  August 5, 2010; 7:04 AM ET  |  Permalink  |  Comments (0)
Categories:  *Morning briefing  
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Economic agenda: Thursday, Aug. 5, 2010

At 8:30 a.m. -- The Labor Department releases data on new claims for unemployment benefits. Economists expect the number to hold steady at roughly 455,000. At 10:30 a.m. -- Major retailers release sales data for July. At 10:30 a.m....

By Mike Shepard  |  August 5, 2010; 6:34 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Reports continue to suggest tepid, but still growing economy

Encouraging data Wednesday on service industries and private-sector employment are providing more evidence that while the economy is still sluggish, it's also still growing. The positive news, which , comes as analysts have been scratching their heads over recent contradictory reports on several economic indicators.

By Sonja Ryst  |  August 4, 2010; 4:41 PM ET  |  Permalink  |  Comments (1)
Categories:  U.S. Economy  
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In PR push, Geithner argues against extending all Bush tax cuts

By Brady Dennis Treasury Secretary Timothy F. Geithner continues the administration's recent public relations push later this afternoon with a speech on tax and fiscal policy at the Center for American Progress, in which he plans to argue that responsible...

By Brady Dennis  |  August 4, 2010; 1:11 PM ET  |  Permalink  |  Comments (28)
Categories:  U.S. Economy , U.S. Treasury  
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Morning briefing: World markets mostly fall

* Consumers in the 16-nation euro zone remained reluctant to spend. Retail sales were flat in June from the previous month as analysts had expected. Compared with a year earlier, June sales edged up 0.4 percent. * Service sector growth...

By Ariana Eunjung Cha  |  August 4, 2010; 6:42 AM ET  |  Permalink  |  Comments (0)
Categories:  *Morning briefing  
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Economic agenda: Wednesday, Aug. 4, 2010

At 8:15 a.m. -- Payroll services firm ADP releases its monthly report on private-sector employment in the United States. At 10 a.m. -- The Institute for Supply Management releases its index of service sector activity. Economists surveyed by Bloomberg...

By Mike Shepard  |  August 4, 2010; 5:38 AM ET  |  Permalink  |  Comments (1)
Categories:  *Economic agenda  
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July sales: GM's four core brands up 25%, Ford up 3%, Toyota down 3%

UPDATED at 3:43 p.m.: By Frank Ahrens General Motors' July sales of its four remaining brands shot up 25 percent last month compared with July of last year. GM's four core brands are Chevy, Cadillac, GMC and Buick. The automaker,...

By Frank Ahrens  |  August 3, 2010; 3:43 PM ET  |  Permalink  |  Comments (11)
Categories:  U.S. Economy  
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Low wages, spending, factory orders cast gloom on Wall St.

Americans saved more money in June than any time in the past year amid growing uncertainty over the strength of the economic recovery. Government data released Tuesday morning showed the personal savings rate -- the amount of each paycheck that goes unspent -- jumped to 6.4 percent, a far cry from the heady days of the spending boom when Americans logged a rate of less than 1 percent. The rate in June was the highest since June 2009.

By Ylan Q. Mui  |  August 3, 2010; 12:57 PM ET  |  Permalink  |  Comments (19)
Categories:  U.S. Economy , Unemployment  
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Morning briefing: Russia drought, China flooding cause jump in food prices

*Russia's worst drought in at least half a century and China's worst flooding in more than a decade are boosting some food prices. Russia's national weather center said the drought threatens sowing plans for winter grains. Wheat jumped to a...

By Ariana Eunjung Cha  |  August 3, 2010; 6:42 AM ET  |  Permalink  |  Comments (0)
Categories:  *Morning briefing  
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Economic agenda: Tuesday, Aug. 3, 2010

At 8:30 a.m. -- The Commerce Department releases data on personal income and personal spending for June. Economists surveyed by Blomberg are expecting an increase of 0.2 percent in income and a 0.1 percent rise in spending. At 9:30...

By Mike Shepard  |  August 3, 2010; 5:51 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Govt. will move quickly on new financial rules, Geithner says

Treasury Secretary Timothy F. Geithner on Monday said the government would move "as quickly as possible" to put new regulations in place but would not "simply layer new rules on top of old, outdated ones." Geithner said that the administration's push to overhaul the current regulatory system was "an obligation, never a choice." But at the same time, he said, "the reforms that are now the law of the land will help us rebuild a pro-growth, pro-investment financial system."

By Brady Dennis  |  August 2, 2010; 4:34 PM ET  |  Permalink  |  Comments (9)
Categories:  Budget and fiscal policy , Financial regulation , U.S. Economy  
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July manufacturing slows, but remains positive

U.S. manufacturing businesses grew more slowly in July but kept up their positive momentum. The Institute for Supply Management said Monday that its index of manufacturing industries amounted to 55.5 last month, growing at a 0.7 percent lower rate than in June. But the index expanded in July for the 12th consecutive month. Any reading above 50 suggests growth. "Indications are that demand is still quite strong," The ISM said in a press release.

By Sonja Ryst  |  August 2, 2010; 3:50 PM ET  |  Permalink  |  Comments (0)
Categories:  U.S. Economy  
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Bernanke: U.S. has long way to go on economic recovery

Federal Reserve Chairman Ben Bernanke said financial conditions "have become somewhat less supportive of economic growth in recent months," according to a copy of a speech prepared for delivery this afternoon. In his first public remarks since a government report on the GDP Friday showed that the recovery may have lost momentum, Bernanke said the country has a "considerable way to go to achieve a full recovery in our economy."

By Ariana Eunjung Cha  |  August 2, 2010; 11:39 AM ET  |  Permalink  |  Comments (8)
Categories:  Federal Reserve , U.S. Economy  
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Morning briefing: dollar weak vs. euro, pound

*The United Arab Emirates said it will suspend some key BlackBerry services beginning Oct. 11, following up on its proclamation last week that the devices present a potential national security threat. *The Chinese government's efforts to cool its housing market...

By Ariana Eunjung Cha  |  August 2, 2010; 7:11 AM ET  |  Permalink  |  Comments (3)
Categories:  *Morning briefing  
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Week ahead: July employment report

By Neil Irwin It will be another packed week of economic data, which altogether should offer a sense of whether the pace of economic recovery stabilized in July or decelerated further. Monday The Institute for Supply Management releases its index...

By Neil Irwin  |  August 2, 2010; 6:18 AM ET  |  Permalink  |  Comments (0)
Categories:  *Morning briefing  
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