US Economy

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The Marriner S. Eccles Federal Reserve building at sunrise in Washington.

The Fed’s not ready yet. Despite expectations that the Federal Reserve would take its first, albeit tentative, step toward raising interest rates Wednesday, the central bank instead opted to keep a key piece of language in its post-meeting statement. The phrase “considerable period” has been included to assure financial markets that it would be quite …

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Jack Lew

Lower oil prices are an unquestioned positive for the U.S. economy, Treasury Secretary Jack Lew said Thursday. Speaking at the DealBook “Opportunities for Tomorrow” conference in New York, Lew said the plunge in energy and accompanying prices at the pump that have dropped well below $3 a gallon in most places have helped boost a …

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A vacant home in Youngstown, Ohio. This steel mill town was once one of the busiest along the famous American Rust Belt.

Even proud locals in this city of rolling hills on the Mahoning River have to admit that Youngstown has seen better days. But it has also seen worse. In fact, for the first time in years, this symbol of the Rust Belt is seeing some shiny glimmers of hope. The better days in Youngstown were …

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Morgan Stanley has agreed to pay a $4 million penalty for violating the market access rule, the Securities and Exchange Commission said on Wednesday. The regulatory agency said in a release that the financial institution “failed to uphold credit limits for a customer firm with a rogue trader who engaged in fraudulent trading of Apple …

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The Cleveland Clinic, one of the top rated hospitals in America, stands in Cleveland, Ohio

I WENT BACK TO OHIO BUT MY CITY WAS GONE THERE WAS NO TRAIN STATION THERE WAS NO DOWNTOWN —The Pretenders, “My City was Gone” In her classic 1982 song about her hometown, singer-songwriter Chrissie Hynde of The Pretenders mourns the changes in Akron, Ohio—once a gritty but picturesque manufacturing town, sliced up in the …

Americans to spend more this holiday: survey

What are people doing with all the money they’re saving on gas? Steve Liesman tells us the results of a new survey on spending and the economy.

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Michael Corbat, new chief executive officer of Citigroup Inc.

Citigroup said Tuesday that it would be taking a $3.5 billion charge for its fourth-quarter. The bank said it is incurring the charges for investigations and restructuring. Citigroup CEO Michael Corbat said the firm’s fourth-quarter will be “marginally profitable” after the charges. Citi stock traded down 2.5 percent on the day following the announcement. “We …

Licensing requirements may hold back workers

Government requirements for licenses, registrations and certificates may be holding back hiring in some industries.

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Rep. Rosa DeLauro, D-Conn., and Sen. Barbara Mikulski, D-Md., left, urged the Senate to pass the Paycheck Fairness Act earlier this fall to help close the gender wage gap. It failed to gain enough votes.

Ladies, don’t celebrate that promotion or raise just yet. Working women in the United States still face a bigger wage gap than those in other countries. Of 38 countries assessed in the International Labour Organization’s Global Wage Report 2014/15, released Friday, Americans had the widest reported total gap, at 36 percent. That’s a bigger paycheck …

ECB’s Draghi moves markets

There were some sharp reactions and confusion when Mario Draghi didn’t say what investors wanted to hear. Steve Liesman breaks down the European Central Bank’s actions.

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Higher wages and a war for talent are on the horizon as companies compete for a shrinking pool of skilled labor during the next two years, said John Challenger, chief executive officer of outplacement firm Challenger, Gray & Christmas. “We’re at the time in the economic cycle, say the seventh inning, where there just aren’t …

Fed survey finds improvement

The Federal Reserve’s final Beige Book survey on the economy was a bit more upbeat than in past readings.

Strong November auto sales

Falling gas prices and deep discounts helped lure customers into auto dealerships

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November car sales should be robust, confirming the trend of an improving economy and a consumer who’s willing to spend. Vehicle sales for November are expected to come in at an annualized selling pace of 16.7 million to 17 million, above the current full year rate of 16.5 million. Chrysler, the first automaker to report …

Bakken boom going bust?

If oil prices continue to crumble, Brian Sullivan takes a look at what might happen to one of America’s greatest economic success stories: North Dakota’s Bakken shale.