Recession | featured news

Consumer prices were flat in July as energy costs retreated following a big surge in June. Over the past 12 months, prices dropped the most in nearly six decades as the recession and lower energy costs kept a lid on inflation.

Germany and France enjoyed a shock return to economic growth in the second quarter of the year, data showed on Thursday, ending their recessions earlier than many policymakers and economists had expected.

Pedal to the metal, Congress sent President Barack Obama legislation Thursday night with an additional $2 billion for "cash for clunkers," the economy-boosting rebate program that caught the fancy of car buyers and instantly increased sales for an auto industry long mired in recession.

Mall-based chains continue to be hit hardest as consumers focus on necessities, but the warehouse club operator Costco’s results also missed analyst estimates.

Almost half of U.S. homeowners with a mortgage are likely to owe more than their properties are worth before the housing recession ends, Deutsche Bank AG said.

A White House spokesman said Wednesday that the United States has avoided falling off an economic cliff, citing as evidence a new report showing factory orders rose in June for the fourth time in five months, an unexpected gain and the latest sign that the ailing manufacturing sector is recovering.

U.S. consumers spent more in June and pending sales of previously owned homes also rose, data issued on Tuesday showed, but the biggest drop in incomes in four-and-a-half years pointed to a slow recovery from the worst recession in decades.

The U.S. economy is no longer on the edge of collapse, but Americans must reduce the budget deficit, Treasury Secretary Timothy Geithner said Sunday.

The recession likely eased in the spring, with the U.S. economy no longer in free-fall. Many analysts predict that when the Commerce Department releases its first estimate of second-quarter activity Friday, it will say the economy shrank at a 1.5 percent pace from April though June. If they are correct, it would mark a vast improvement from the 5.9 percent annualized drop recorded over the prior six months – the weakest showing in 50 years.

It’s no secret that in this recession, many travel companies are playing the discount-and-surcharge game. A lot of unwanted charges are popping up on credit card bills — fees that, if not removed, will end up being contested.