Shaky consumer spending keeps US economy in the mire
The downturn in America’s economy eased in the second quarter, official figures revealed today, supporting President Obama’s claim that the US has “stepped away from the precipice”. More
FDIC launches test of toxic assets sale program
The U.S. Federal Deposit Insurance Corp launched the first test of its Legacy Loans Program to help banks rid their balance sheets of toxic assets so they can raise new capital and increase lending, the agency said on Friday. More
US GDP contraction slows to 1%
The US economy continued to shrink in the second quarter making this recession the longest on record, but the more moderate decline lifted hopes that government stimulus measures could be loosening the grip of the downturn. More
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