Latest National Economic News

It hurts more to be unemployed now than the last time the jobless rate hit 10 percent.

Americans have more than triple the debt they had in 1982, and less than half the savings. They spend 10 weeks longer off the job. And a bigger share of them have no health insurance, leaving them one medical emergency away from financial ruin. FULL STORY

President Barack Obama warned Monday that more job losses should be expected in the months ahead despite recent signs of economic recovery.

He also called for "new models" of economic growth to help avoid a repeat of what he said was the debt-driven expansion of the past. FULL STORY

The number of Americans filing personal bankruptcies surged 9% in October and were on target for the highest annual total in four years, according to a report issued Wednesday. FULL STORY

The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday. FULL STORY

Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter.

"They were the worst three months of all time," said RealtyTrac spokesman Rick Sharga. FULL STORY

Within weeks of taking office, U.S. President Barack Obama rode to the rescue of homeowners resigned to financial ruin. Obama, grappling with the worst U.S. housing crisis since the Great Depression, pledged to help as many as 9 million families keep their homes by reworking their mortgages. FULL STORY

Disappointed investors who threatened to abandon venture capital have carried through, sending the number of new funds tumbling and signaling a smaller industry with fewer venture capitalists.

In the first three quarters of this year, only 86 U.S. funds raised money, according to data compiled by the Venture Capital Journal and the National Venture Capital Association FULL STORY

The recession has hit middle-income and poor families hardest, widening the economic gap between the richest and poorest Americans as rippling job layoffs ravaged household budgets. FULL STORY

With the economy starting to rebound but still fragile, Federal Reserve policymakers this week are expected to keep emergency programs to encourage spending and borrowing intact. But to avoid unleashing inflation later on, they are likely to consider ways to rein in programs designed to keep mortgage rates down and get banks to lend more freely. FULL STORY

The unemployment rate for the District rose dramatically to 11.1 percent in August, the highest level since July 1983, but fell for the second consecutive month in Virginia and stabilized in Maryland, according to government data released Friday. FULL STORY

The Federal Deposit Insurance Corporation (FDIC), which controls the banking sector, has shut Irwin Union Bank & Trust and Irwin Union Bank.

The move comes after their parent firm - Irwin Financial - was unable to meet an FDIC demand to boost their capital.

The failure of the two banks is likely to cost the FDIC $850m (£522m). FULL STORY

Florida’s unemployment rate for August was 10.7 percent, relatively unchanged from the revised July rate of 10.8 percent, but up 4.2 percent from a year ago. It is also 1 percentage point higher than the national average of 9.7 percent.

The rate represents 984,000 jobless out of a labor force of 9.1 million. FULL STORY