September 2009

Fed suggests economic activity has picked up

September 27, 2009

The Federal Open Market Committee (FOMC) states that the country's economic activity seems to have picked up following what they termed as a "severe downturn." However, they are guarded on many fronts such as business fixed investments and job creation. Businesses are still cutting back and job losses are still ongoing.

Google search sees the economy recovering

September 16, 2009

Add to all the statistics about the recession, an interesting predictor on whether it is about to end - online search statistics. This is an interesting twist to predict which way the economy is heading. Google says by looking at Americans' search habits, they are confident the economy is recovering.

California solar energy company begins construction of new plant with finalized loan guarantee

September 11, 2009

The Administration announced it has finalized a $535 million loan guarantee to a solar energy company in California. Solyndra, Inc., which manufactures innovative cylindrical solar photovoltaic panels that provide clean, renewable energy will receive the Department of Energy (DOE) funding to finance construction of the first phase of the company's new manufacturing facility.

MBA projects a less than one percent drop in home sales

September 10, 2009

The Mortgage Bankers Association (MBA) is projecting that total existing home sales for 2009 will be about 4.9 million units. This is a less than 1 percent drop in home sales compared to 2008. However, their projections for new home sales show quite a sharp decline. The MBA believe that new home sales for 2009 will decline about 17 percent compared to 2008.

Housing recovery underway says the Mortgage Bankers Association

September 09, 2009

The Mortgage Bankers Association (MBA) is confident that a housing recovery is underway. The MBA points to several reports on recent housing market conditions that they believe reinforce the view that home sales are in the process of recovery after reaching bottom in January 2009. Some of the factors for this optimism are that both existing home sales and new home sales increased strongly in July, marking the fourth consecutive monthly increase. In addition, the MBA states that July housing starts provide further evidence that single-family home building activity has also recovered somewhat after reaching bottom earlier this year.

Mortgage applications up due to lower rates

September 09, 2009

Mortgage loan applications were up 17 percent compared to the previous week, according to the Mortgage Bankers Association (MBA) weekly survey. The application are up over 64 percent, compared to the same week last year. The MBA attributes this up tick in mortgage applications to lower mortgage rates.

Construction industry unemployment rate down to 16.5 percent in August

September 08, 2009

The construction industry unemployment shows signs of improving by recording its lowest unemployment rate in eight months. The construction industry unemployment rate stood at 16.5 percent in August 2009, this is the lowest it has been since December 2008, when the rate was 15.3 percent.

Unemployment rate rises to 9.7 percent in August

September 07, 2009

Employment fell by 216,000 and the unemployment rate rose to 9.7 percent in August 2009, according to a Bureau of Labor statistics report. The report states that job losses have moderated in many industry sectors in recent months, however, since the recession began in December 2007, employment has dropped by 6.9 million, and the unemployment rate has increased by 4.8 percentage points.

$40 million in CDC funding to help states fight healthcare associated infections

September 07, 2009

The Centers for Disease Control and Prevention (CDC) announced plans to distribute funding to state health departments to help prevent healthcare associated infections (HAIs). The funds will be distributed through cooperative agreements to 49 states, Washington, D.C., and Puerto Rico. The funding for this initiatives comes from the Recovery Act.

Labor Department announces grant of nearly $522,000 to assist workers affected by layoffs in Iowa

September 07, 2009

Secretary of Labor Hilda L. Solis announced a $521,910 grant to assist approximately 90 workers affected by layoffs at Featherlite Inc. located in Cresco, Iowa.

Small Business Administration to expand microloan program with new funding

September 07, 2009

The U.S. Small Business Administration (SBA) plans to expand its microloan program and increase access to capital for small businesses across the country by utilizing new funding from the Recovery Act. The new funding would provide $50 million for loans and $24 million for technical assistance. With the additional resources, SBA plans to focus on adding new lenders and encouraging entrepreneurs to seek out SBA-backed microlenders to finance their businesses.

eBay to sell Skype to an investment group

September 04, 2009

eBay Inc. (NASDAQ: EBAY) announced it has signed a definitive agreement to sell its Skype communications unit to an investor group led by Silver Lake and includes Index Ventures, Andreessen Horowitz and the Canada Pension Plan (CPP) Investment Board. The investor group will purchase a 65 percent interest in Skype for approximately $1.9 billion in cash, in a transaction valuing Skype at $2.75 billion. eBay will retain the remaining 35 percent equity interest.

$2.3 billion in tax credits to manufacturers of clean energy equipment

September 01, 2009

Authorized by the Recovery Act, a new program was announced that will provide $2.3 billion in tax credits to manufacturers of advanced clean energy equipment. The new program was announced by the Department of the Treasury (DOT) and the Department of Energy (DOE). The main goals of the tax credits are to increase economic development and set the country on the path to energy independence.