Headline News: Economy

• When Double Dippers become economic party poopers (AP)
  

  AP - They're a minority, but a vocal one, and they're hovering like storm clouds over a brittle recovery.

  
  
  
• US growth slows fueling fears over recovery (AFP)
  

  AFP - US economic growth slowed dramatically in the second quarter, the government has said, stoking fears that the recovery is losing steam and fueling a fierce political debate over how to respond.

  
  
  
• Regulators close banks in Fla., Ga., Ore., Wash. (AP)
  AP - Regulators on Friday shut banks in Florida, Georgia, Oregon and Washington, lifting to 108 the number of U.S. banks to fail this year as the industry has struggled to cope with mounting loan defaults and recession.
  
• House approves bill on drilling, oil spills (AP)
  AP - The House approved a bill Friday to boost safety standards for offshore drilling, remove a federal cap on economic liability for oil spills and impose new fees on oil and gas production.
  
• Bernanke financial disclosure shows no-frills plan (AP)
  AP - Bernanke's 2009 financial disclosure shows that he mostly left his money where it has been: in no-frills annuities, U.S. Treasury securities and mutual funds.
  
• Bernanke recouped personal losses in 2009 (Reuters)
  Reuters - Federal Reserve Chairman Ben Bernanke's personal finances recovered in 2009, disclosure forms released by the central bank on Friday showed.
  
• Chicago exploring lease options for Midway Airport (Reuters)
  Reuters - Fifteen months after a deal to lease Midway Airport to private operators fizzled out in a poor economy, the city of Chicago continues to keep its options for a future lease deal open.
  
• Imports slow Q2 growth as business spending surges (Reuters)
  Reuters - U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010.
  
• Obama hails auto bailout as good news in Michigan (AP)
  

  AP - A year after the government's big auto-industry bailouts, President Barack Obama on Friday trumpeted increased car sales and progress on battery-powered vehicles as a beacon of success in his administration's battle to revive a hurting U.S. economy. But his upbeat assessment can't mask daunting challenges for U.S. automakers and painfully high unemployment.

  
  
  
• FAA downgrades Mexico's air safety rating (AP)
  AP - Mexico's aviation safety rating was downgraded Friday due to concerns about the country's safety oversight, the Federal Aviation Administration said.
  
• Bleak outlook for economy as growth slows (AP)
  

  AP - The economy is still growing, just not by much. And until that changes, don't look for the jobs to come back.

  
  
  
• Obama hails news economy growing, wants more (Reuters)
  

  Reuters - President Barack Obama said on Friday he welcomed news that the U.S. economy grew by 2.4 percent in the second quarter, but said more work was needed to increase that growth rate and generate jobs.

  
  
  
• Dollar sinks to 8-month low vs yen as growth slows (AP)
  AP - Weakening U.S. economic growth and worried comments from Federal Reserve officials drove the dollar to an 8-month low Friday against the Japanese yen.
  
• Oil prices settle near $79 (AP)
  AP - Energy prices settled higher on a day of uneven trading after the government said the economic recovery slowed during the second quarter as consumers conserved their money.
  
• Summary Box: Recovery loses traction in the spring (AP)
  AP - RECOVERY LOSES SPEED: The economy grew at a 2.4 percent pace this spring, its most sluggish showing in nearly a year. Growth is probably even slower now, economists said.
  
• The government's revisions to GDP, at a glance (AP)
  AP - A look at the government's revisions to gross domestic product on a quarterly basis. GDP measures the value of all goods and services made in the United States. It is the best gauge of the nation's economic health. The first number is the new estimate of GDP growth, the second number the old estimate.
  
• Obama defends economy, takes wheel of electric car (AFP)
  

  AFP - President Barack Obama took to the wheel of a new electric car Friday on a Detroit-area tour of the revitalized auto industry, touting his economic policies but urging the need to do more.

  
  
  
• ALL BUSINESS: A bright spot in a tough economy (AP)
  AP - FedEx Corp. is reversing one of the uglier corporate trends of the recession: Starting in January, it will restore matching contributions to its employees' 401(k) plans. For some workers, that means retiring with tens of thousands more dollars socked away.
  
• On the Call: AEP Chairman-CEO Michael Morris (AP)
  AP - Power companies have struggled since the recession with soft demand, particularly from the industrial sector, where they have some of their biggest customers. American Electric Power Inc.'s chairman and CEO, Michael Morris, said demand from those clients was up during the second quarter. Credit Suisse analyst Daniel Eggers wanted to know if it's a trend that has legs.
  
• Oil prices slip on US growth slowdown (AFP)
  

  AFP - World oil prices fell Friday as traders digested news of a sharp economic slowdown in leading energy consumer the United States.