posted 01-31-2001 06:06 PM         

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As expected, the Fed cut interest rates by 50 basis points this afternoon, citing further weakening in the U.S. economy. The Fed also reiterated it's loosening bias, saying that the threat of recession outweighs the threat of inflation. (source: CNNfn) http://cnnfn.cnn.com/2001/01/31/economy/fed/

The U.S. economy, as measured by GDP, grew at the slowest rate in more than five years in the fourth quarter, the government said. GDP, the broadest measure of the nation's economy, grew at a 1.4% annual rate during the quarter. And, unfortunately, the Fed's aggressive moves during January will not begin to affect growth during this quarter. (source: Washington Post) http://washingtonpost.com/wp-dyn/articles/A8135-2001Jan31.html

posted 01-25-2001 06:08 PM         

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Federal Reserve Chairman Alan Greenspan, providing critical support for President Bush's efforts to cut taxes, told Congress today that rising estimates of budget surpluses give Congress room to cut taxes. However, Greenspan suggested that Congress should consider some mechanism to make sure that the tax cuts could be suspended if the revenue projections turn out to be too optimistic in later years. (source: Washington Post) http://washingtonpost.com/wp-dyn/articles/A45240-2001Jan25.html

Americans' wages and benefits rose solidly in the fourth quarter, wrapping up a year that posted the biggest annual gain in compensation costs since 1991. The Labor Department reported Thursday that its employment cost index, a closely watched gauge of inflation, rose a seasonally adjusted 0.8 percent in the last three months of 2000, down from a 0.9 percent rise in the third quarter, reflecting a job market that cooled late in the year from its earlier red-hot state. (source: CNNfn) http://cnnfn.cnn.com/2001/01/25/economy/wires/economy_wg/

- Sales of previously owned homes fell by 7.4 percent in December, a realtors’ group said Thursday, in a report showing that the slowing U.S. economy is now taking its toll on the housing market.

posted 01-17-2001 06:58 PM         

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OPEC’s top official confirmed that all its members now favor a decrease of 1.5 million barrels a day in crude oil production, or 5% of their current output. The cuts, which are to take effect Feb. 1, are aimed at keeping crude prices firm ahead of an expected slowdown in U.S. economic growth and diminishing seasonal demand for refined products such as heating oil. (source: MSNBC) http://www.msnbc.com/news/517463.asp

Consumer prices jumped 3.4% last year, the biggest increase in a decade, although a fall in gasoline prices helped to hold back inflation in December. (source: Washington Post) http://www.washingtonpost.com/wp-dyn/articles/A5839-2001Jan17.html

posted 01-16-2001 06:00 PM         

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With the American economy showing signs of slouching toward recession ahead of a crucial meeting of OPEC in Vienna on Wednesday, the ministers say they are determined to head off any slump in demand by slashing production in the hope of keeping prices safely above present levels of about $25 a barrel. (source: Washington Post) http://washingtonpost.com/wp-dyn/articles/A63368-2001Jan15.html

In Brief:
- Evidence of a slowing economy continues to mount as inventories at U.S. companies grew significantly during November while sales fell for the second month in a row.

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