Economy, Economic Recovery | featured news

Consumers spent more on gasoline and a wide range of other goods, data showed, raising hopes of a self-sustaining economic recovery.

The Labor Department said initial claims for unemployment insurance rose by 17,000 to a seasonally adjusted 474,000. That was above analysts' expectations of 460,000.

Unemployment will top out this month at 12.7%, but the recovery will take years, UCLA economists say.

California's jobless rate is close to peaking, but the recovery will be sluggish, with employers not expected to resume hiring until at least next spring, according to new forecasts by UCLA and other analysts.

U.S. job losses slowed sharply in November and the unemployment rate unexpectedly declined, in a sign the labor market is finally starting to heal.

Data, coupled with new information on jobless claims, provides a bit of hope for the economy.

Economists expect the joblessness that has weighed down the nation's economic recovery will start to slowly abate in 2010, but they predict consumers will continue to keep a tight rein on spending, according to a new survey.

As global trade recovers, expect a return to pre-crisis current account dynamics.

Growing discontent over the economy, recovery efforts turn into a wave of criticism and outright anger directed at the administration.

The U.S. economic recovery will be weaker than after previous deep recessions, and the high jobless rate will decline only slowly, the OECD said on Thursday.

The euro region finally sees some modest growth, as Spain and Ireland straggle behind.