Pope Francis spoke out against the world’s economic systems on Sunday urging those who are unemployed to find work and for everyone to avoid the “god called money.”
The Pope tossed aside prepared text that he was scheduled to deliver to a group of unemployed workers on the island of Sardinia and spoke off-the-cuff for 20 minutes. Continue reading
The U.S. Federal Reserve downgraded the outlook for the U.S. economy through 2014 and highlighted concerns that led the Fed to continue the pace of stimulus.
The Fed said the economy would grow from 2 to 2.3 percent this year down .3 from previous predictions. Next year’s growth is predicted to be a “barely healthy” 3 percent. Continue reading
Japan’s industrial output fell sharply in June, dealing a blow to a government trying to jump start the nation’s ailing economy.
Industrial output fell 3.3% in June when compared to May. The output was 4.8% below the June 2012 levels. At the same time, consumer household spending fell 0.4% in June when analysts had expected a climb of 1%. Continue reading
The ongoing crisis in the Eurozone has led the International Monetary Fund to call for more action to help increase bank lending.
The IMF commended steps taken by European leaders to stabilize financial markets and said their actions decreased the likelihood of a breakup of the Euro. However, the IMF report said that further cuts to interest rates by the European Central Bank would be needed to boost growth. Continue reading
Spain’s record unemployment rate finally fell in the second quarter of the year although one in four Spaniards are still without a job.
The unemployment rate of 26.3% is almost a percentage point below the record high of 27.2% The rate fell amid news of an increase in tourism in the second quarter. Tourism accounts for about 10% of the Spanish GDP. Continue reading
Sales of existing homes fell 1% in June across the country according to the National Association of Realtors.
Sales fell to an annual rate of 5.08 million in June. That figure is lower than the revised version for May which was lowered to 5.14 million. Continue reading
History was made late Thursday afternoon when the nation’s 18th largest city filed for bankruptcy protection.
Detroit’s filing marks years of decline for a once iconic city that houses America’s automotive industry. Financial mismanagement, population loss and a shrunken tax base are all being blamed for the city’s dire state. Continue reading
Consumers love falling oil prices because of the corresponding drop in gas prices at the pump.
However, a significant slide in the price of oil could end up causing major civil unrest in the Middle East and other oil producing nations according to multiple economists and researchers. Continue reading
Clothing, gas and service price increases drove a 1.8% increase in inflation during the month of June according to U.S. government reports.
The rise was 0.4% above May but below the government’s target figure of 2%. The consumer price index rose half a percent in June. Continue reading
Analysts were disappointed with the slow growth in the American retail sector in June.
The seasonally adjusted rate of growth was 0.4%, half the amount expected by most financial analysts. Sales of building materials fell 2.2% in the month according to the commerce department which depressed the overall sales number. Continue reading