Bernanke predicts growth as recession set to end this year
Federal Reserve Chairman Ben Bernanke told Congress he sees the recession bottoming and growth starting later this year though the recovery may be weak. He noted firmer home sales, revived consumer spending, and improved lending conditions as signs the banking system can stabilize if markets steady.
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Houston economist warns 2009 will hit jobs hard
University of Houston economist Barton Smith warns Houston faces about 60,000 job losses over two years as global recession and falling oil demand bite. He notes the energy boom could turn bust, comparing the coming slump to the 1980s oil bust but stopping short of those levels. Houston, home to ConocoPhillips, Marathon, BP, and Shell, hosts major refineries and petrochem plants.
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Oil prices ease after five month high as storage claw tops
Oil prices slipped from five month highs ahead of a government report expected to show crude inventories at a new 19 year peak. Benchmark June crude fell to 53.84 while prices have risen about 8 percent since last Tuesday as driving season nears and refineries cut output.
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