US Business News and Reports
USA Business News
Knowledge is his best tool to make crucial decisions to keep the business afloat. From our US Business News and Reports section, read the trends in corporate management by top companies of every state, American consumer spending, and stock market investing.
Keep yourself updated about the steps that the government is undertaking to solve the nation’s financial crisis. Learn what analysts are saying about U.S. consumer confidence, and more.
Groupon to offer “Epic Deals” starting Nov.15
In an effort to grab a much larger share of the holiday spending, online discount firm Groupon Inc. on Thursday said it plans to launch much bigger, ticket items this year as the company ramps up its business following its initial public offering.
US Trade Deficit Narrows in September
A new data released by the United States Commerce Department showed a slight decrease in the country’s trade deficit in September, but was still above last year’s record.
US Senate Votes for Jobless Benefit Extension
Fueled by angry sentiments of the voters ahead of the November mid-term elections, the United States Senate has voted on Tuesday to clear the final hurdles for the passing of the legislation aimed to extend the unemployment benefits of some 2.5 million Americans.
White House Eyes Jobs Growth by Spring
The White House now eyes job growth by spring next year following predictions by different economic experts, saying that job market development is most likely to sprout in the early quarters of 2010.
US Companies Eye New Job Offering – Survey
Companies in the US are now eyeing the creation of new jobs for the American people as they look ahead into 2010 sales, a new data from a private research firm showed on Monday.
US Retail Sales Drags Down Auto Industry
The US retail sales have dragged down the sales of the auto industry in September as consumers continue not to spend. According to the Commerce Department, the low demand for retail products resulted to a drop of 1.5 percent, and an even slow sales output for the auto market at the end of the cash for clunkers program of the government.
US Govt Creates only 30, 000 Jobs out of $787B Stimulus Fund
A new data regarding the state of the $787 billion US stimulus package has now raised the question on whether the Obama administration has failed in its implementation.
Unemployment Seen at 10 Percent despite End of Recession
Unemployment in the United States is seen rising to around 10 percent in the second half of 2009 despite reports that the recession is finally over.
United Auto Works, Ford Close in on Contact Changes
The United Auto Works and Ford Motor Co. have finally closed in on contract changes after six weeks of discussion.
Tougher Job Competition Seen in the US
Tougher job competition among jobless Americans is seen in the United States as 6.3 percent of unemployed workers battle it out for a single opening.
United States in on Sale, Turns in to Shoppers Paradise
The whole US is literally on sale as retail stores, luxury product companies, and major manufacturers slashed down their prices to cope up with the lost profit due to the long months of recession.
US Govt Looking to extend Unemployment and Health Benefits of Laid-off Workers
The Obama-administration has bared plans to provide more lift to unemployed workers by extending their unemployment claims and health care benefits.
US New Home Sales Record Extended Streak
New home sales in American is gaining momentum as sales in August showed a 0.7 percent increase making it the fifth straight month that the housing market has registered gain.
US Holiday Spending Falls Flat
High unemployment rate, low salary, and decreasing job security in the United States are pushing holiday spending into a flat progress as American consumers save up in an unprecedented rate as lessons of the recession was put in mind of the people, a retail research group said on Monday.
US 2009 Imports Sharply Below Average, Lowest Since 2003
Import volume in the United States to go down by 18 percent, according to experts. US imports will mostly hit only 12.5 million containers, the lowest since 2003 and the 25th consecutive month that the imports were lower in terms of year-on-year average.
US Retail Sales Rose as Economy Surges
Retail sales in the US increased by some 2.7 percent in August, the fastest since the start of 2006, the US Commerce Department said on Tuesday.
US Trade Deficits to China Grows Bigger, Chinese Unhappy About it
The Chinese government hit back on the Obama-administration over an old trade dispute, saying that the US failed to honor the deal it has promised with China during the G20 summit.
US Govt Pushes for “Cash for Fridge”
Following the successful turnout of the “cash for clunkers” auto program of the Obama-administration, the government on Monday said that it will be coming up with a new stimulus deal for American consumers called “cash for refrigerators”.
Unemployment Rate Drops in 17 States in July
The US Labor Department on Friday said that the government's stimulus package is now showing its effect as it helped some 17 States to lower the jobless rate in the area in July, giving signs that the recession has finally bottomed down.
Weak Job Market, Low Consumer Spending Slow Down Economic Recovery
Analysts on Friday said that there are still no signs of fast economic recovery in the US as weak spending habits by the consumers still looms, preventing small and medium scale businesses to continue full operations due uncertainties in the market mood.
US Housing Recovery on the Right Track
The US Department of Commerce said that sales in the single-family homes increased for the fifth straight month in July as housing producers’ pricing fell significantly, giving the distinction that the recession, the longest since the great depression, has bottomed down.
US Banks still Barely Recovering
Even if there’s a slight recovery for US banks, they still remain in tight straights – especially the smaller ones – experts say. A clear breakwater for the large financial institutions of the nation came as a flood of financial results were reported for the period April-June but regional banks are still bleeding red.
US Government to Bring "Green Jobs" to Midwest
As part of the $787 billion stimulus package of the government, President Obama said that he will invest some $2.4 billion for creation of jobs in the Midwest to help it recover from the blows of the economic recession. Indiana, one of the most economically battered regions of the US will benefit most from the funding.
US Congress Passes for Second Reading the Legislation Limiting Exec Pay
The Congress has now passed to the US Senate the legislation that would put a limit to the high pay that company executives were receiving.
Unemployment Claims Declines, Jobs Cuts Decrease in July
The number of people filing for unemployment claims in the US has dropped significantly giving hopes to majority of the Americans that the economy may soon be one its way back to stability. The survey also showed that job cuts for July was lower.
US Job Loss Still Looms, Consumers Tentative Over Economy
Conference Board on Tuesday said that US consumer spending habit and its confidence to the economy may have great effects to incoming back-to-school shopping season as parents begin to worry more about personal problems such as job security.
Revenue Loss Prompts US Airways to Slash 600 Jobs
Due to the current economic recession, some 600 airport employees of the US Airways will be booted out of their jobs.
US Retailers Saved by Auto Sales
Despite weary spending and consumer confidence still at all time low, the economy is showing small steps back to recovery following a reported jump in the sales of automobiles and lowering of gasoline prices that help US retailers catch up with losses.
US Export Remains Strong-Commerce Department
The US Department of Commerce, citing its recent figure, said the trade deficit in May is the lowest in a decade as exports remained strong while imports were drastically declining as the demand for cars, auto parts, and PCs were also decreasing.
Toyota to invest $500 million to Boost US Sales
Japanese carmaker Toyota Motor Corp. is now planning to invest heavily in its plant in Indiana to upgrade its SUV manufacturing line after the sales of its car in the US hit a downhill turn.
US auto industry welcomes below 30 drop, fall slowing down
A recent study showed that US auto sales are showing some signs resistance from the falling vehicle market as it registered a 28 percent drop. It is the first time that the auto sales market breaks the 30 percent drop since it crashed down in September 2008.
Tough Budget Choices Faced by California and Other States
Lawmakers around the nation have spent Tuesday in around-the-clock, grueling budget sessions as they face a tough time in painful cuts and other government shutdowns. The most dramatic negotiations unfolded in California in the middle of a $24.3 billion historic deficit.
Orion Plant tops GM's List
General Motors Corp. on Friday announced that it will start the production of its line of small and subcompact cars at the Orion plant in Orion, Michigan.
US Sheds 345,000 Jobs in May
The US labor sector shed 345,000 jobs in May which is lower compared to 504,000 in April. Meanwhile, the Labor Department said that there are 14.5 million displaced workers, pushing the joblessness to 9.4 percent in the US.
US Retail Industry to Expand Abroad
Retail executives said they are expecting that the US economy will recover sooner, allowing them to expand and open stores in foreign economies.
US Retailers Continue to Reel from Low Consumer Spending
The retail business has trimmed its expenses to maintain its operation and cushion the impact of low consumer spending amid the economic crisis.
Your 401(k) May be Worthless
Employees are becoming bitter because they're watching their 401(k) balances fall. Who can blame them? The defined contribution plan is failing them and some employers have even suspended their monthly contributions.
GM Reveals Last Contingency Plan to Avoid Bankruptcy
Struggling carmaker General Motors Corp. (GM) on Monday revealed its final restructuring plans that include massive workforce reduction which can affect more than 21,000 employees and possible government takeover on its majority of stock.
GM Must Prepare to File Bankruptcy: Fed
In a New York Times report, the US Treasury Department has urged carmaker giant General Motors to file for bankruptcy in June despite the company's claim that it can restructure itself to prevent financial meltdown.
71 Percent of US Companies Lay Off Workers
According to a recent study, more than 70 percent of US companies have resorted to massive layoffs as consumer spending and sales were down amid financial crisis. Meanwhile, some companies said that layoff have its own negative ramification as human resources are considered as one of the most important element for a successful business.
Jobless in US Reaches 13 Million
According to the latest survey, unemployment rate in March rose by 8.5 percent or 12 million employees lost their jobs. In just a month, the report said that more than 663,000 people were laid off as businesses continue to reduce its workforce to cut cost amid slumping sales and low consumer demand.
Carmakers Provide Incentives to Buyers Who Lost Work
Following the steps of Korean company Hyundai, US carmakers have announced it will provide incentives to buyers to lure them to buy new cars. One of these includes car payment coverage for those buyers who will lose their jobs within one year of purchasing a vehicle.
Number of Jobless in the US Reaches 25-year High
Unemployment rates continue to rise despite releasing billion-dollar worth of stimulus package to American community to boost economic activity. According to a recent study, unemployment rate in February rose to 8.5 percent from 8.1 percent in the previous month, with a total of 5 million people who lost their jobs.
Jobless Rates Reach 10 Percent in 7 States
With the worsening economic condition now on its second year, the Labor Department said 7 states have reached more than 10 percent unemployment rate in February. According the report, Rhode Island and North Carolina hit record-high joblessness.
Government Seeks Deeper Concessions from Carmakers
The US carmakers were asked by the federal government to provide more concessions to make sure the funds are properly used. Meanwhile, Chrysler and General Motors filed $5 billion and $16.6 billion additional loans from the government to keep its finances afloat despite slumping sales and weak demand.
Social Security Members to Receive $250
In line with the stimulus programs, the federal government has released $13 billion that will be shared by more than 50 million Social Security beneficiaries, according to vice president Joe Biden. Starting in May, recipients will have $250 one-time payment that is expected to help common Americans in their finances.
More US Banks Shut Down
The Federal Deposit Insurance Corp. has recently shut down three more banks in the US including Kansas, Colorado, and Georgia. According to some experts, more financial institutions are facing possible meltdown due to prolonged recession, warning that government should act quickly so solve this looming financial crisis.
Congress Votes for 90 Percent Tax Cut On Executives' Bonuses
Following the controversial bonuses given to top executives of American International Group (AIG), an insurance company which received bailout money from the government, lawmakers passed a new measure to avoid excessive pays for senior employees to make sure that bailout package will go to the right projects.
US Fed Prepares Plan Towards Economic Recovery
To revive the ailing US economy, the Federal Reserve held a conference on Tuesday to discuss plans on how to tackle the global recession that hit most industrialized countries. Meanwhile, the finance leaders still implement its zero to 0.25 percent lending rates which can urge businesses and consumers to borrow, thus stimulating more economic activity.
Economists Believe US Economy Will Rebound in 2nd Half
Despite the weakening condition of the US economy in the first few months of 2009, economists believe that it will recover and become more stable during the second half of the year as investment and consumer spending will be stronger and will consequently trigger higher economic growth in the country.
Majority of Americans Support Obama's Economic Plans
A study recently conducted by Washington Post and ABC News revealed that nearly 70 percent of Americans support the economic plans proposed by President Barack Obama which means that he is enjoying popularity among his constituents. The survey also revealed that 75 percent of Americans are optimistic that Obama will do a great job during the course of his presidency.
Auto Industry Asks Government Another $14 Billion
US automaker giants Chrysler and General Motors seek another bailout plan worth $14 billion from the federal government saying that it needed more financial assistance apart from the billion-dollar stimulus package the two carmakers received last year.
Obama Plans to Save Millions of Homeowners from Foreclosure
After signing the stimulus bill, President Barack Obama said he will immediately address the foreclosure crisis in the country which left thousands of Americans homeless while still threatening more homeowners who are facing eviction from their houses.
Obama set to Sign $787 Stimulus Plan on February 17, 2009
US President Barack Obama expressed his joy after the Congress passed the stimulus bill on Friday. With this event, the President said he will immediately sign the economic measure which can help businesses and companies get back on its feet while providing millions of job opportunities to people especially those laid-off workers.
US Demand for Oil Continue to Rise Amid Output Cut
To curb the plummeting price of crude oil due to over production and low consumer demand, the Organization of Petroleum Exporting Countries (OPEC) cut its production by almost 1.3 million barrels per day.
Obama Orders Executive Pay Limit
President Barack Obama ordered companies which received Federal bailout package to implement salary cap of $500,000 for executives, saying this move is not only fair, but “basic common sense”.
Obama Stimulus Bill Reaches $850 Billion
President-elect Barack Obama’s proposed recovery bill has grown to $850 billion after he successfully convinced his Democratic allies to increase this stimulus plan which can boost the economy and cushion the impact of recession.
US Jobs Continue to Decline
Jobs loss will continue to hunt the US economy as experts predicted that in the second quarter of 2009, economic recession will emerge, forcing big companies to lay off thousands of workers and reduce its operating expenses.
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