Government spending cuts set to take effect this week will be felt at the local level as everyone from defense contractors in Virginia to waitresses in New Mexico take a hit. The overall impact on the U.S. economy may be more muted.
Americans’ drive to rebuild savings and pay down debt may mean the gains from the current mini boom in mortgage refinancing will accrue over years rather than have a more immediate effect on the U.S. economy.
Atlantic superstorm Sandy may cut U.S. economic growth as it keeps millions of employees away from work and shuts businesses from restaurants to refineries in one of the nation’s most populated and productive regions.
Banks loosened credit standards on most types of loans in the second quarter, with commercial and industrial lenders citing “aggressive competition” as a reason for the easier terms, according to a Federal Reserve survey.