News
Politico | U.S. economy shrank at steep 2.9 percent rate in Q1
The U.S. economy shrank at a steep annual rate of 2.9 percent in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago. But the setback is expected to be temporary, with growth rebounding solidly since spring.
Bloomberg | Orders for U.S. Capital Goods Rise as Investment Picks Up
Orders for U.S. business equipment climbed in May, showing corporate investment is helping revive the economy after a slump at the start of the year.
WSJ | U.S. Ruling Loosens Four-Decade Ban On Oil Exports
The Obama administration cleared the way for the first exports of unrefined American oil in nearly four decades, allowing energy companies to start chipping away at the longtime ban on selling U.S. oil abroad.
Econ Comments & Analysis
Bloomberg View | Millennials Skip the Ring and Mortgage
They’re living at home in growing numbers. They're not buying homes, which creates ripple effects throughout the housing market. They’re having more babies out of wedlock than in it.
FOX News | Great Recession and slow recovery have widened US wealth gap as home prices trail stock gains
The Great Recession and the slow recovery have sharply widened the gap between the wealthiest Americans and everyone else, according to a study that underscores the unevenness of wealth gains since the recession ended.
Blogs
WSJ | Economists React to -2.9% Q1 GDP Revision: ‘Different Shades of Nasty’
The U.S. economy contracted at a 2.9% annual pace in the first quarter this year, the Commerce Department said Wednesday. That is a sharply lower reading than earlier estimates and marked its sharpest pullback since the recession ended five years ago. Economists weighed in on the third read, what it might mean for the economic recovery, and where activity stands in the second quarter.
