Stay updated on financial news, market trends, and economic changes that affect your money. From interest rate hikes to government policy shifts, we break down what’s happening now—and what it means for your finances.
The Federal Trade Commission issued a warning to consumers on Friday not to be duped by the latest scam – sweepstakes scammers posing as government officials. Here’s how the scam works: The crooks call the consumer to tell them they’ve won a sweepstakes prize. The con artist tells the consumer that they must pay the … Read more
Ford Motor Company closed last week on its Department of Energy loan of $5.9 billion, according a statement released on Thursday by Department Secretary Steven Chu. The loan to Ford is the first to be finalized since the program was appropriated in the fall of 2008. The funds will be used to transform factories across … Read more
Builder confidence in the market for newly built, single-family homes edged higher for a third consecutive month in September, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released on Wednesday. The HMI rose one point to 19 this month, its highest level since May of 2008. The HMI survey … Read more
The number of newly unemployed workers claiming jobless benefits fell last week, according to report released on Thursday by the Labor Department. For the week ending September 12, the advance figure for seasonally adjusted initial claims was 545,000, down 12,000 from 557,000 in the week before. The four-week moving average, which smooths out volatility, was … Read more
International buyers are showing less interest in U.S. real estate due to the global recession and severe ongoing credit crunch, according to a statement released today by the National Association of Realtors (NAR). The 2009 NAR Profile of International Buying Activity reported that foreign buyers who use Realtor services make up a smaller share of … Read more
Retail sales rose 2.7% in August, according to a government report released on Tuesday. Analysts had expected an increase of 2%. But the increase is likely to be only temporary – the big boost in sales was led by a 10.6% jump in motor vehicle sales, thanks to the government’s (read: taxpayer’s) $3 billion Cash … Read more
Non-farm employment decreased by 216,000 and the unemployment rate shot up by 0.3% to 9.7% in August, the U.S. Bureau of Labor Statistics reported today. Economists had expected a jobless rate of 9.5% for August. But while the unemployment rate was higher than expected, the number of jobs lost in August was less than July’s … Read more
The number of newly laid off workers filing for unemployment benefits for the first time has dropped slightly from the week before, the government reported Thursday. Initial claims for unemployment in the week ending August 22 was a seasonally-adjusted 570,000, down 10,000 from the previous week’s revised figure of 580,000. The four-week moving average – … Read more
Is there anything more irritating than to take the time to answer a call, only to have to listen to some prerecorded sales pitch? Well, our friendly Federal Trade Commission is looking out for us. Beginning September 1, 2009, “robocalls” – prerecorded commerical telemarketing calls – will be prohibited unless the telemarketer has obtained permission, … Read more
President Obama, while vacationing on Martha’s Vineyard in Massachusetts, announced Tuesday morning that he nominated Ben Bernanke for a second four-year term as head of the Federal Reserve. Obama opened his announcement by saying that Bernanke “has led the Fed through one of the worst financial crises that this nation and the world has ever … Read more
