Wednesday, September 25, 2002

U.S. Poverty Rate Rises, Income Drops Eroding some of the social and economic gains of the late 1990s, the nation's poverty rate rose last year while the typical household's income went down, the government reported yesterday. Government and private researchers said the changes largely reflected the effects of the economic recession. In its annual report on income and poverty, the Census Bureau said that 1.3 million more Americans slipped below the government's official poverty line last year, the first increase since 1993. As a result, 11.7 percent of the population is considered to be in poverty, up from 11.3 percent in 2000. 1:16:07 PM  Google It!  comment  []

IMF forecasts gloom for global economy A plunge in share prices poses a serious threat to world economic growth, the International Monetary Fund warned today. In a gloomy forecast, the IMF yet again cut its expectations for global growth in its latest "World Economic Outlook" from its previous economic projections in April. "There is a significant risk of a more subdued recovery, especially if the impact of recent equity market declines in both the United States and Europe proves greater than presently expected," the IMF said. 1:13:59 PM  Google It!  comment  []

Argentina Says It Will Skip International Loan Payment The Argentine economy minister announced that his country would no longer pay back loans from the International Monetary Fund and other multitlateral lenders. 12:41:32 PM  Google It!  comment  []

Consumer Confidence Declines for the 4th Consecutive Month Consumer confidence declined 1.3 percent in September, to a 10-month low because of falling stocks, weak employment numbers and a growing concern about a potential war with Iraq. 12:38:28 PM  Google It!  comment  []

Existing-home sales fall 1.7 percent in August, but still remain at brisk level Consumers, rattled by the possibility of a war with Iraq and worried about the economy's direction, bought fewer existing homes in August, sending sales down by 1.7 percent. 12:33:33 PM  Google It!  comment  []