December | featured news

The committee of academic economists that dates the beginning and end of recessions said it isn't ready to put an end date on the recession that began in December 2007.

China gave up its title to Japan as the largest holder of U.S. Treasury securities in December as foreigners bought U.S. assets at a brisk pace.

The government says the trade deficit surged to a larger-than-expected $40.18 billion in December, the biggest imbalance in 12 months.

A forecasting gauge of existing-home sales rose in December, suggesting the housing market is steadying after sharp swings caused by a government tax credit.

Personal incomes rose more than expected in December and consumer spending increased for the third straight month, helping the economy slowly recover from the worst recession in decades.

Construction of new homes dipped unexpectedly last month in the U.S. as bad weather hit much of the country.

The government said the economy shed 85,000 jobs last month, surprising forecasters, while the unemployment rate held steady at 10 percent.

U.S. retailers largely saw a strong finish to the 2009 holiday season even though sales fell at apparel chains and department stores in December, according to MasterCard Advisors' SpendingPulse.

Before leaving for Asia, the president discloses plans for a December event to highlight efforts to turn around the economy.