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04/22/2013

In2009, the US spent way more than it brought in and ran an eye-popping shortfall that topped 10% of the size of the economy.

This year the deficit is expected to be half that -- around 5.3% of GDP, the Congressional Budget Office estimates.

And by 2015, it's projected to drop to 2.4%.

What's more, the national debt that has accumulated from annual deficits is also projected to fall to an estimated 73.1% of GDP in 2018 from an estimated 76.3% today.

03/14/2013

According to data from Spectrem Group, the Chicago-based wealth research firm, there are now 8.99 million U.S. households whose net worth totals $1 million or more (not including primary residence). That's up from 8.6 million in 2011 and just short of the all-time record set in 2006, when the United States had 9.2 million millionaire households.

The stock market's rise has been the biggest driver of millionaire creation. With this year's gains, Spectrem said, the United States may have already exceeded its all-time record. $$

10/23/2012

With no data on the U.S. economy Tuesday, investors were focused on the latest quarterly reports from Corporate America.

Shares of DuPont ($DD) fell 8% after the Dow component reported weaker-than-expected quarterly earnings and announced plans to cut 1,500 jobs worldwide. Another Dow component, United Technologies ($UTX), reported better-than-expected earnings but missed on revenue and lowered its revenue forecast for next year.

Economic bellwether and Dow component 3M ($MMM)reported earnings that were in line with forecasts, but the company missed revenue estimates and pulled back on its guidance.

UPS ($UPS), another economic bellwether, reported results that were roughly in line with expectations.

After the bell, Facebook ($FB) and Netflix ($NFLX) will release their reports.

Analysts at S&P Capital IQ predict third-quarter earnings for companies in the S&P 500 will grow by just 0.04% overall this quarter, the worst since the third quarter of 2009.

10/11/2012

Claims for unemployment benefits fell sharply last week to their lowest level in more than four years, but the drop was due mostly to a technical issue.

About 339,000 people filed for first-time unemployment benefits in the week ended October 6, down 30,000 from the previous week, the Labor Department said Thursday.

Much of the drop last week was caused by an anomaly, a Labor Department analyst told CNNMoney. One state posted a large decline in claims, which is not typical during the last week in September.

Usually, most states report a rise in initial claims at the end of the quarter. The Labor Department seasonally adjusts its figures to account for those trends, but this year the rise was smaller than expected because of that state.

10/09/2012

Tuesday brings the unofficial start to third-quarter earnings season, with aluminum producer Alcoa ($AA) and KFC-owner Yum Brands ($YUM) reporting after the closing bell.

Alcoa is typically considered the kick-off to earnings since it's the first major Dow ($INDU) component to report. It's also considered a bellwether of the economy because of its global reach.

But Yum may actually grab the spotlight because of its large presence in China, where report after report have been showing slowing growth.

10/08/2012

While financial institutions in the Standard & Poor's 500 Index climbed 24% in 2012 for the biggest rally in nine years, they remain 58% below the record of February 2007, according to data compiled by Bloomberg. Signs of a housing recovery prompted Wall Street firms to raise estimates for profit growth to 21% for the third quarter and 32 percent in the fourth, the most of 10 S&P 500 industries.

Bulls say banks will continue to rally as Federal Reserve stimulus boosts earnings and helps companies from BB&T Corp. to KeyCorp and Wells Fargo & Co. ($WFC) rebound from the 84% drop during the financial crisis.

09/28/2012

U.S. stocks closed out the third quarter with big gains: the Dow is up 4.3%, the S&P 500 is up 5.8% and the Nasdaq is up 6.4%. And year-to-date, the gains are even more impressive: the Dow is up 10%, the S&P 500 is up 15% and the Nasdaq is up 20%. $$

09/27/2012

A record number of American households carry student loan debt, while the average outstanding loan balance is the highest it's ever been, according to a new report from the Pew Research Center. The Pew analysis found that about one out of five (19%) households, or around 22.3 million, were burdened with student debt in 2010. That figure is more than double the 9% it was in 1989, and it marks a big jump from 15% in 2007.

Here are some of the more alarming figures from the report:

- The average outstanding student loan balance rose from $23,349 in 2007 to $26,682 in 2010.

- Most debtor households had less than $50,000 in outstanding student debt in 2010. But the share of households owing high amounts has climbed: In 2007, 10% of debtors owed more than $54,238. By 2010, 10% of them owed more than $61,894 (adjusted for inflation).

- Among households headed by someone younger than 35 years old, a record 40% owed student debt in 2010.

- Student loan debt hit $904 billion in the first quarter of 2012, a $30 billion increase from the previous quarter, and up from $241 billion a decade ago

09/19/2012

As more people cut back on taking on new debt and others ditch credit altogether, fewer are ending up with rock-bottom credit scores.

Compared to last year, about 1.4 million fewer people are now in the lowest FICO scoring range, according to new data from FICO ($FICO), the most widely-used credit scoring metric. This year, just 14.2% of consumers fall into the 300 to 549 score range.

The number of people in this bottom range has also dropped since 2005, when FICO began tracking annual score distribution data. Back then 800,000 more consumers received scores in the lowest range.

09/13/2012

Foreclosure notices -- including default notices, scheduled auctions and bank repossessions -- were filed on 193,508 properties during the month, an increase of 1% compared with July. But filings were still 15% lower than the year-earlier period.

The foreclosure hot spots have been shifting. Filings are rising in "judicial states" such as New Jersey, New York and Maryland, where the foreclosure process goes through the courts, and falling in "non-judicial states" such as California, Arizona, Nevada and the District of Columbia, where they're handled by a trustee, usually a title company.

One silver lining of the report was that actual bank repossessions -- the end game for the foreclosure process when mortgage borrowers lose their homes -- fell 2% month over month and 19% compared with August 2011, marking the 22nd consecutive month of year-over-year declines.

Apple $AAPL on Wednesday unveiled a thinner, taller, faster iPhone 5 at a highly anticipated event in San Francisco.The ...
09/12/2012

Apple $AAPL on Wednesday unveiled a thinner, taller, faster iPhone 5 at a highly anticipated event in San Francisco.

The device, which is 18% thinner and 20% lighter than the iPhone 4S, is the thinnest smartphone in the world, according to Apple. With a four-inch screen, the iPhone 5 allows for five rows of apps -- one more than previous versions of the device, which sported a 3.5-inch screen.

Apple said the iPhone 5's processor speed is twice as fast as the previous version, an advance made possible by the company's new "A6" chip.

09/10/2012

American International Group's $AIG shares fell 2.1% on Monday a day after the U.S. Treasury Department said it will sell $18 billion of the insurance company's shares.

The Treasury's sale will lower the government's stake in the bailed-out insurer to around 20% from its current 53%. Investors had widely expected the Treasury to cash out of its AIG shares, but many investors had expected the sales to happen over more time.

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