Headline News: Economy

• Survey: 1 in 10 boomers borrowing for everyday expenses (AP)
  AP - The economic downturn is hitting roughly one in 10 middle-aged and older Americans especially hard, compelling them to borrow money for everyday living expenses and to seek help from family, friends or charities, according to a survey released Tuesday by the AARP.
  
• Austria expects economic boost from Euro 2008 (Reuters)
  Reuters - When the roar of the crowds has faded and the bunting has been taken down, Austria expects to count a substantial economic benefit from next month's Euro 2008 soccer championship.
  
• Economy - Monday (Investor's Business Daily)
  Investor's Business Daily - Sales ex autos rose 0.1% as record gasoline prices forced consumers to cut back, said SpendingPulse, a unit of MasterCard Advisors. Clothing and electronics were among the few bright spots. "Without gasoline, they are spending a lot less," said Kamalesh Rao, director of economic research at MasterCard Advisors. Core sales, which exclude autos, gas and building materials, fell 0.2%. The Commerce Dept. releases its retail sales figures Tue. morning.
  
• Interest rates rise in weekly auction (AP)
  AP - Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels since February.
  
• Federal government surplus for April shrinks (AP)
  AP - The federal government ran a budget surplus of $159.3 billion in April, smaller than a year ago.
  
• April retail sales barely budged: SpendingPulse (Reuters)
  

  Reuters - Retail sales barely rose in April, as a relentless surge in gasoline prices made consumers cut back other types of spending, according to a report released on Monday.

  
  
  
• Gas prices knock bicycle sales, repairs into higher gear (AP)
  

  AP - Four-dollar-a-gallon gas is good for business — if you run a bike shop. Commuters around the country are dusting off their old two-wheelers — or buying new ones — to cope with rising fuel prices, bicycle dealers say.

  
  
  
• Gas jumps above $3.67, oil passes $126 on Venezuela concerns (AP)
  

  AP - Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher.

  
  
  
• March trade deficit drops by bigger-than-expected amount (AP)
  

  AP - The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. Analysts forecast that trade would continue to be one of the economy's few bright spots this year.

  
  
  
• 2008 growth outlook deteriorated: Blue Chip (Reuters)
  Reuters - Even with some signs of improvement in the U.S. financial markets and a temporary boost from the economic stimulus package, the growth outlook for the second half of this year has deteriorated, according to a panel of economic forecasters.
  
• Economy - Friday (Investor's Business Daily)
  Investor's Business Daily - The world's largest economy will grow by less than a percent this year due to falling consumer sentiment, according to the Reuters/University of Michigan Surveys of Consumers. The U. Mich. confidence gauge hit a 26-year low in April. Consumers tend to believe the economy is in a recession when growth is near zero, said Richard Curtin, director of the survey. But economists are rethinking their recession forecasts in the face of resilient U.S. data.
  
• Oil-Rig Equipment Maker Goes Global As Energy Prices Keep Rising (Investor's Business Daily)
  Investor's Business Daily - High oil and natural-gas prices are making for blowout earnings for energy companies. T3 Energy Services is growing quickly by preventing blowouts.
  
• Mortgage credit losses could total $500 bln: Goldman (Reuters)
  

  Reuters - Goldman Sachs economists expect a total of $500 billion in residential mortgage credit losses, a renewed slowdown in economic activity after the near-term boost from fiscal stimulus, and no monetary policy tightening in 2008 or 2009, according to a research note from the firm.

  
  
  
• March trade gap narrows on record import drop (Reuters)
  

  Reuters - A record drop in U.S. imports because of slowing domestic demand took a big bite out of the U.S. trade deficit in March despite record high oil prices.

  
  
  
• U.S. economic anxiety hits women harder: study (Reuters)
  

  Reuters - The U.S. economic downturn has spread personal financial worries far and wide, but women are more worried about paying bills, losing jobs, providing for children and saving for retirement, according to a study released on Thursday.

  
  
  
• More shoppers seeking shelter from economy in discounters (AP)
  

  AP - Caught in the maelstrom of higher gas and food prices, Americans — even more affluent ones — are seeking shelter in wholesale clubs and discount apparel chains.

  
  
  
• Retail Sales In April Top Views Despite Drags On Consumer (Investor's Business Daily)
  Investor's Business Daily - After a dismal March, retailers rang up solid sales last month, with most topping views as shoppers grabbed bargains and snapped up warm-weather goods.
  
• Will love of mom overcome economy worries on Mother's Day? (AP)
  

  AP - It's a few days before Mother's Day and Robert Jenkins jumps every time the phone rings.

  
  
  
• Greenspan says worst of credit crisis over: sources (Reuters)
  

  Reuters - Former Federal Reserve Chairman Alan Greenspan said on Thursday that the worst of the credit crisis is over, according to sources who attended a speech he delivered in New York.

  
  
  
• Jobless claims, retail sales show resilience (Reuters)
  

  Reuters - The number of U.S. workers filing claims for initial jobless benefits fell last week and retail sales rebounded last month from a dismal March, suggesting the economy, while soft, was not crumbling rapidly.