November Spending Drops as Recession Deepens Across US
The Commerce Department reports consumer spending fell 0.6 percent in November, a fifth straight monthly decline and the longest decline run since 1959. Incomes fell 0.2 percent as layoffs surged, while inflation adjusted spending rose 0.6 percent in November, seen as a temporary blip. Analysts warn the economy may shrink 2.5 to 3 percent this quarter with GDP likely to worsen before a rebound.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Brian Bethune
IHS Global Insight
Michael P Niemira
International Council of Shopping Centers
Wal-Mart Stores Inc
Ann Taylor Loft
Stocks rise modestly on Christmas Eve trading
Wall Street edged up in light holiday trading as government data showed rising unemployment and weaker consumer spending. The Dow gained 48.99 points to 8468.48, while the S&P 500 and Nasdaq inched higher. Trading volumes were thin ahead of Christmas with markets closed early.
MENTIONED IN THIS ARTICLE
Jolly Old Elf
Santa Claus
New York Stock Exchange
New York
Wall Street
U.S
Stephen Carl
Williams Capital Group
Labor Department
Commerce Department
Nellie
Dow Jones
Standard & Poor
Treasury
New York Mercantiles Exchange
Nymex
Japan
Hong Kong
Britain
Germany
France
Mortgage rates hit new low fueling refinance surge
Freddie Mac reports 30 year fixed rates at 5.14 percent the lowest since 1971 as refinancing climbs to a five year high. Despite activity, lenders warn relief is limited to borrowers with solid credit and equity while foreclosures may rise.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
U.S
Freddie Mac
Winter Haven
Fla
Kevin Sandridge
Sandridge
Truck toll on Va roads outweighs fees
A Virginia study by the University of Virginia finds heavy trucks caused 211.4 million dollars in road damage in 2007, while permit fees totaled 2.7 million, nearly a quarter of the highway maintenance bill. VDOT proposes higher overweight permit fees, opposed by trucking groups citing economic strain.
MENTIONED IN THIS ARTICLE
Virginia Transportation Research Council
University of Virginia
Virginia Department of Transportation
Dale Bennett
Virginia Trucking Association
Allen
VDOT
Virginia
Hampton Roads
Joe Harris
Virginia Port Authority
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Bluefield Daily Telegraph
Ichmond
Bennett
Gary Allen
HealthSouth
Southern Hills Rehabilitation Hospital
12Th St
Princeton
Healthsouth.com
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