President Barack Obama says the $787 billion economic stimulus program he enacted within weeks of taking office is helping the economy begin to pull itself out of the recession. The Commerce Department reported Friday that the economy contracted at a pace of…

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Barack Obama – United States Department of Commerce – United States – Recession – Politics

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Obama credits stimulus for economy’s progress

WASHINGTON (Reuters) – The deepest U.S. recession since the Great Depression showed signs of easing during the second quarter, buttressing hopes for a second-half recovery that may be anemic as consumers remain under spending stress.

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U.S. economy shrinks modestly, consumption falls

NEW YORK (Reuters) – Oil rose more than a dollar on Friday after data showed the U.S. economy shrunk less than expected in the second quarter, raising hopes the recession was easing.

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Oil rises, U.S. GDP data stokes optimism

California’s rapid economic decline has prompted Gov. Arnold Schwarzenegger to propose what once was unthinkable _ rolling back generous pensions in a state heavily influenced by public employee unions. The Republican governor has said he’s motivated by the…

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California – Arnold Schwarzenegger – Republican – United States – Society and Culture

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Public pensions draw scrutiny amid Calif. crisis

NEW YORK (Reuters) – Stocks were little changed on Friday as investors fretted about the economy’s recovery prospects after government data showed a drop in second-quarter consumer spending but reinforced hopes that the worst of the economic slump is over.

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Stocks flat as GDP data sparks caution

The House has voted to rush an additional $2 billion into the popular but financially strapped “cash for clunkers” car purchase program. The bill was approved on a vote of 316-109. House members acted within hours of learning from Transportation Secretary Ray…

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United States Department of Transportation – United States – Government – Transportation Department – Business

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House approves $2B more for ‘cash for clunkers’

Chevron on Friday said that its second-quarter profits fell 71 percent and the second-largest U.S. oil company put its entire land-based natural gas drilling operation on hold, citing dismal demand. “By the end of the year, we will not have a single gas land-…

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Chevron profits sink; natural gas drills shut down

Social Security officials say they expect an even larger spike in new disability claims than they had predicted, as aging, injured baby boomers tumble out of the work force and need income. Officials estimate they’ll receive 3.3 million new disability claims…

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Social Security – Baby Boomer – Disability – Law – United States

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Disability benefit claims surge during recession

Shares of PerkinElmer Inc. sank Friday after the health and industrial sciences company reported weaker sales due to recent strength in the dollar, and lowered its profit expectations for the year. PerkinElmer stock lost $1.82, or 9.5 percent, to $17.27 in…

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PerkinElmer skids on 2Q revenue and lower outlook

Traders aren’t making big moves on the final day of a huge month for the stock market. Investors reacted coolly to a report that the nation’s economy shrank at a slower pace than expected in the April-June quarter. Most stocks rose but major indexes seesawed…

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Gross domestic product – Business – Economy – Investing – Stocks and Bonds

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Stocks mostly rise as GDP shrinks at slower pace

NEW YORK (Reuters) – The benchmark S&P 500 index briefly turned negative on Friday, while both the Dow and the Nasdaq trimmed earlier gains, as investors fretted about the economy’s recovery prospects following a mixed report on second-quarter gross domestic product.

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Wall Street loses ground on GDP data

MIAMI (Reuters) – The United States and Swiss bank UBS AG have struck a deal to settle their dispute over tax evasion and bank secrecy, backing off from an escalating standoff that had threatened to damage ties between the two countries.

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Breakthrough deal announced in UBS tax dispute

U.S. prosecutors and Swiss officials have reached an agreement to settle civil charges brought against Switzerland’s UBS. A department of justice attorney, though didn’t provide specifics on the deal, which surrounds attempts by U.S. authorities to gain access to the accounts of UBS’ 52,000-strong American clients.

A Miami federal judge had given both sides until Aug. 3 to find a compromise. The new deal — which could involve UBS handing over details of specific U.S. clients – will be announced on Aug. 7.

The agreement ends months of wrangling between U.S. prosecutors and the Swiss financial giant. American authorities had wanted details of U.S. private banking clients who have parked a combined $14.8 billion worth of assets in UBS accounts. The U.S. had demanded the bank hand over the clients’ identities and their account details, presumably so the government can pursue tax-evasion cases against them.

Until now, UBS has refused to comply, saying disclosing the information would violate Swiss law and devastate the country’s world-famous reputation for banking privacy. On Aug. 7, we’ll see how far UBS is willing to bend these rules to satisfy U.S. authorities.

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US & Switzerland Reach Compromise on Tax Evasion

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Table: Big (Lobbying) Spenders

BusinessWeek’s Business Outlook columnist Jim Cooper assesses second-quarter gross domestic product and discusses the possibility that an economic recovery is under way

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It’s Looking Like a Recovery