China surpassed Japan as the world’s second-largest economy last quarter, capping the nation’s three- decade rise from Communist isolation to emerging superpower. Japan’s nominal gross domestic product for the second quarter totaled $1.288 trillion, less than China’s $1.337 trillion, the Japanese Cabinet Office said today. Japan remained bigger in the first half of 2010,...
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President Barack Obama on Wednesday signed into law an act that reduces or suspends tariffs paid by American companies on certain imports needed to manufacture their products. The Manufacturing Enhancement Act easily passed both chambers of Congress earlier this year. At the White House signing ceremony, Obama thanked Democrats and Republicans for working together...
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WASHINGTON – The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation’s toughest job markets. The Treasury Department says it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year. They will use the money for programs to aid unemployed...
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New York – Amtrak Northeast Corridor service between New York and Philadelphia, Pennsylvania, continued to be affected by ongoing signal problems Wednesday in New Jersey, Amtrak said in a 10 a.m. statement. The outage was caused by a downed tree that fell into the overhead wire system near Hamilton, New Jersey, Amtrak said. As...
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President Obama urged House lawmakers to pass emergency funding for teachers Tuesday, saying the government spending is essential to avoid a new round of layoffs at schools across the country. Flanked by Education Secretary Arne Duncan and two teachers in the Rose Garden, Obama said the spending measure being considered by the House of...
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The productivity of U.S. workers unexpectedly fell in the second quarter, indicating companies may redouble efforts to contain costs as the recovery unfolds. The figures show the world’s largest economy lost momentum heading into the second year of the recovery, one reason why companies are holding the line on employment and pay. Flagging growth...
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WASHINGTON — Hoping to show disenchanted voters that they are the party that cares about jobs, House Democrats are convening an emergency session to pass a bill aimed at saving hundreds of thousands of teachers and other public workers from unemployment. Lawmakers rushing back from town hall meetings and vacations for the one-day session...
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DETROIT – Honda Motor Co said on Monday it was recalling more than 428,000 vehicles in the United States and Canada because of a defect that could cause the cars to roll away if they are parked incorrectly. The Honda recall covers Accord, Civic and Element models from the 2003 and 2004 model years...
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Employment shrank more than expected in July, the Labor Department said Friday, as the sluggish recovery from the sharpest job losses in decades raised speculation that the Federal Reserve may take new action this week. Nonfarm payrolls fell by 131,000 as census job cuts continued. Wall Street expected a loss of 87,000. June payrolls...
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The U.S. completed negotiations with BP Plc to establish the $20 billion fund that will compensate victims of the Gulf of Mexico oil spill, the Justice Department said. BP said today it deposited $3 billion into the escrow account, which executives at the London-based company agreed to set up on June 16 after meeting...
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