What recovery? Unemployment shoots past 10 percent

Dantheman62 · 11-07-2009, 01:07 AM

Joblessness at 10 percent for 2nd time since WWII; millions of unemployed feel no recovery!

WASHINGTON (AP) -- Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.

The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.

President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.

For the rest of the article....
http://finance.yahoo.com/news/What-r...22944.html?x=0

Freddie Mac loses $6.3B in 3Q
Freddie Mac loses $6.3 billion, avoids request for federal aid for 2nd-straight quarter

WASHINGTON (AP) -- Freddie Mac's losses narrowed to $6.3 billion in the third quarter, but the government-controlled mortgage finance company didn't need a federal cash infusion.

The McLean, Va.-based company has received about $51 billion since it was seized by federal regulators in September 2008, but said it didn't need any more money for the second-straight quarter.

"We continued to see some positive housing market developments, including higher volumes of home sales and modest increases in house prices in certain areas of the country," the company's new chief executive, Charles Haldeman, said in a statement Friday.

However, he cautioned, high unemployment and rising foreclosures will continue to "impede a full recovery," and the company may need more money from the Treasury Department to stay afloat. The government reported Friday that the unemployment rate hit 10.2 percent, the highest since early 1983

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http://finance.yahoo.com/news/Freddi...96059.html?x=0

Small banks in Ga., Mich., Minn., Mo. closed
Regulators shut small banks in 4 states; marks 119 US bank failures this year

CHARLOTTE, N.C (AP) -- Regulators on Friday shut small banks in Georgia, Michigan, Minnesota and Missouri, bringing the number of bank failures this year to 119 amid the struggling economy and a cascade of defaults on loans.

The Federal Deposit Insurance Corp. took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits, and Home Federal Savings Bank in Detroit, with $14.9 million in assets and $12.8 million in deposits.

The government agency also closed Prosperan Bank, based in Oakdale, Minn., with $199.5 million in assets and $175.6 million in deposits, and Gateway Bank in St. Louis, with $27.7 million in assets and $27.9 million in deposits.

Ameris Bank, based in Moultrie, Ga., agreed to assume the assets and deposits of United Security, while Liberty Bank and Trust Co., based in New Orleans, is buying the assets and deposits of Home Federal Savings.

Alerus Financial of Grand Forks, N.D., agreed to assume the assets and deposits of Prosperan Bank, while Central Bank of Kansas City is buying the assets and deposits of Gateway Bank.

The failure of the four banks is expected to cost the federal deposit insurance fund an estimated $132.7 million.

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http://finance.yahoo.com/news/Small-...64371.html?x=0

Consumer borrowing drops $14.8B in September
Consumer borrowing drops by $14.8 billion in September, record 8th straight decline

WASHINGTON (AP) -- Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. Economists worry the declines in borrowing will drag on the fledgling recovery.

The Federal Reserve said Friday that borrowing fell at an annual rate of $14.8 billion in September. That's the biggest decline since July and was larger than the $10 billion drop economists expected.

Americans are borrowing less as they try to repair cracked nest eggs and replenish rainy day funds in a dismal jobs market. Many are finding it hard to get credit as banks, hit by the worst financial crisis in decades, have tightened lending standards.

Borrowing by consumers for revolving credit, including credit cards, fell at an annual rate of 13.3 percent in September, the same as August. This category has declined for a record 12 straight months.

For the rest of the article...
http://finance.yahoo.com/news/Consum...46440.html?x=0

11-07-2009, 01:07 AM	#1
Dantheman62 Avalon Senior Member Join Date: Sep 2008 Location: So. Cal. U.S. Posts: 4,205	What recovery? Unemployment shoots past 10 percent Joblessness at 10 percent for 2nd time since WWII; millions of unemployed feel no recovery! WASHINGTON (AP) -- Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought. The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery. President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers. For the rest of the article.... http://finance.yahoo.com/news/What-r...22944.html?x=0 Freddie Mac loses $6.3B in 3Q Freddie Mac loses $6.3 billion, avoids request for federal aid for 2nd-straight quarter WASHINGTON (AP) -- Freddie Mac's losses narrowed to $6.3 billion in the third quarter, but the government-controlled mortgage finance company didn't need a federal cash infusion. The McLean, Va.-based company has received about $51 billion since it was seized by federal regulators in September 2008, but said it didn't need any more money for the second-straight quarter. "We continued to see some positive housing market developments, including higher volumes of home sales and modest increases in house prices in certain areas of the country," the company's new chief executive, Charles Haldeman, said in a statement Friday. However, he cautioned, high unemployment and rising foreclosures will continue to "impede a full recovery," and the company may need more money from the Treasury Department to stay afloat. The government reported Friday that the unemployment rate hit 10.2 percent, the highest since early 1983 For the rest of the article... http://finance.yahoo.com/news/Freddi...96059.html?x=0 Small banks in Ga., Mich., Minn., Mo. closed Regulators shut small banks in 4 states; marks 119 US bank failures this year CHARLOTTE, N.C (AP) -- Regulators on Friday shut small banks in Georgia, Michigan, Minnesota and Missouri, bringing the number of bank failures this year to 119 amid the struggling economy and a cascade of defaults on loans. The Federal Deposit Insurance Corp. took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits, and Home Federal Savings Bank in Detroit, with $14.9 million in assets and $12.8 million in deposits. The government agency also closed Prosperan Bank, based in Oakdale, Minn., with $199.5 million in assets and $175.6 million in deposits, and Gateway Bank in St. Louis, with $27.7 million in assets and $27.9 million in deposits. Ameris Bank, based in Moultrie, Ga., agreed to assume the assets and deposits of United Security, while Liberty Bank and Trust Co., based in New Orleans, is buying the assets and deposits of Home Federal Savings. Alerus Financial of Grand Forks, N.D., agreed to assume the assets and deposits of Prosperan Bank, while Central Bank of Kansas City is buying the assets and deposits of Gateway Bank. The failure of the four banks is expected to cost the federal deposit insurance fund an estimated $132.7 million. For the rest of the article... http://finance.yahoo.com/news/Small-...64371.html?x=0 Consumer borrowing drops $14.8B in September Consumer borrowing drops by $14.8 billion in September, record 8th straight decline WASHINGTON (AP) -- Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. Economists worry the declines in borrowing will drag on the fledgling recovery. The Federal Reserve said Friday that borrowing fell at an annual rate of $14.8 billion in September. That's the biggest decline since July and was larger than the $10 billion drop economists expected. Americans are borrowing less as they try to repair cracked nest eggs and replenish rainy day funds in a dismal jobs market. Many are finding it hard to get credit as banks, hit by the worst financial crisis in decades, have tightened lending standards. Borrowing by consumers for revolving credit, including credit cards, fell at an annual rate of 13.3 percent in September, the same as August. This category has declined for a record 12 straight months. For the rest of the article... http://finance.yahoo.com/news/Consum...46440.html?x=0