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China retained its spot as the biggest foreign holder of U.S. Treasury debt in January even as it trimmed its holdings for a third straight month. The string of declines underscored worries that the U.S. government could face much higher interest rates to finance soaring budget deficits.
Business inventories were basically flat in January even though sales rose for an eighth consecutive month.
Banks borrowed less from the Federal Reserve's emergency lending program over the past week, providing further evidence that the strains caused by the financial crisis are easing.
The Treasury Department has received $6.56 million from the sale of warrants it held from Texas Capital Bancshares Inc. as part of the support it provided the bank during the financial crisis.
Housing construction fell in February as winter blizzards held down activity in the Northeast and South. The decline highlighted the challenges facing builders as they struggle to emerge from the worst housing slump in decades.
The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year's record for the full year.
Consumer borrowing broke a record stretch of declines with a small increase in January as a boost in auto loans offset continued weakness in credit card borrowing.
Banks borrowed less from the Federal Reserve's emergency lending program over the past week, providing further evidence that the strains caused by the financial crisis are easing.
Orders to U.S. factories posted the biggest increase in four months in January, led by a surge in demand for commercial aircraft. The increase was another sign that manufacturing is helping to support the economic recovery.
The Treasury Department has received $11.15 million from the sale of warrants it received from New York's Signature Bank as part of the support it provided during the financial crisis.
Productivity in the final three months of last year surged at a faster pace than previously thought as labor costs fell more rapidly.
Treasury Secretary Timothy Geithner says the administration will not accept a bill overhauling financial regulations that does not contain strong protection for consumers.
The Treasury Department said Monday it will auction 272 million warrants for Bank of America stock to recoup taxpayer money from the controversial financial bailout fund.
Construction spending fell for a third straight month in January as a lag in commercial activity such as office buildings and hotels offset a housing rebound.
Personal spending jumped by a larger amount than expected in January but Americans' incomes barely budged as millions of Social Security recipients did not get their usual cost of living boost. The weak income growth could depress spending in the months ahead, acting as a further drag on the fragile economic recovery.
The federal government fell further into the red in 2009, with its financial position hitting a deficit of $11.46 trillion.
The government now says that China did not lose its place in December as the largest foreign holder of U.S. Treasury debt.
Banks borrowed less from the Federal Reserve's emergency lending program over the past week, another sign that strains on private credit markets are easing.
Orders to U.S. factories for big-ticket manufactured goods shot up in January by the largest amount in six months, but the strength came from a surge in demand for commercial aircraft.
Mixed reports Monday on manufacturing, construction and personal income and spending made clear that the economy is enjoying modest growth even though the recovery remains fragile.
Now that the government's debt ceiling has been increased, the Treasury Department said Tuesday it will once again expand an emergency program created at the height of the financial crisis to help the Federal Reserve manage its books.
The Treasury Department said Thursday it has authorized another four auctions of bank warrants to recoup taxpayer money from the controversial financial bailout fund.
The Treasury Department says it has authorized another four auctions of bank warrants to recoup taxpayer money from the controversial financial bailout fund.
The federal deficit through the first four months of the budget year is running at a record-breaking pace even though the deficit in January was slightly smaller than expected.
Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades.
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