It's a mess, alright. Change is coming, however.
Fox News:Obama to Inherit Economy in Worst Crisis in 70 Years
WASHINGTON -- To the victor goes the mess.
Barack Obama's presidential election victory comes with an albatross of a prize -- an economy beset by a stubborn housing slump and the worst financial crisis in 70 years...
"He will inherit an economy that is in recession and ... is likely to get worse before it gets better," said Stuart Hoffman, chief economist for PNC Financial Services...
As election results were being announced in the U.S., Asian stocks rallied early Wednesday. Japan's Nikkei 225 stock average climbed 2.9 percent, while Hong Kong's Hang Seng Index surged 6.1 percent. South Korea's Kospi jumped 5.5 percent...
Analysts said investors appeared to be looking forward to the end of political uncertainty and hoping the new U.S. president will move to boost the economy, which got another bit of dismal news Tuesday.
The Commerce Department reported Tuesday factory orders dropped 2.5 percent in September from August, more than three times as much as analysts had expected. Excluding autos and aircraft, orders fell 3.7 percent, the steepest drop since 1992, when the department began tracking sector-specific changes...
The factory orders report came a day before the release of the Institute of Supply Management's gauge of activity in the U.S. services sector for October. That index will be released Wednesday and is expected to fall, though not as steeply as its sister manufacturing index did Monday, when it dropped to its lowest level since the country's last deep recession, the 1981-82 downturn.
Major Wall Street firms projected the deficit will hit $988 billion for the current budget year, more than twice the record...
WASHINGTON -- To the victor goes the mess.
Barack Obama's presidential election victory comes with an albatross of a prize -- an economy beset by a stubborn housing slump and the worst financial crisis in 70 years...
"He will inherit an economy that is in recession and ... is likely to get worse before it gets better," said Stuart Hoffman, chief economist for PNC Financial Services...
As election results were being announced in the U.S., Asian stocks rallied early Wednesday. Japan's Nikkei 225 stock average climbed 2.9 percent, while Hong Kong's Hang Seng Index surged 6.1 percent. South Korea's Kospi jumped 5.5 percent...
Analysts said investors appeared to be looking forward to the end of political uncertainty and hoping the new U.S. president will move to boost the economy, which got another bit of dismal news Tuesday.
The Commerce Department reported Tuesday factory orders dropped 2.5 percent in September from August, more than three times as much as analysts had expected. Excluding autos and aircraft, orders fell 3.7 percent, the steepest drop since 1992, when the department began tracking sector-specific changes...
The factory orders report came a day before the release of the Institute of Supply Management's gauge of activity in the U.S. services sector for October. That index will be released Wednesday and is expected to fall, though not as steeply as its sister manufacturing index did Monday, when it dropped to its lowest level since the country's last deep recession, the 1981-82 downturn.
Major Wall Street firms projected the deficit will hit $988 billion for the current budget year, more than twice the record...