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Dollar rises on better U.S. economic growth

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Better-than-expected economic growth and strong home sales in the U.S. are pushing the dollar higher against most major currencies. The Commerce Department said that the economy grew at a 1.7 percent annual rate in the April-June quarter. That’s better than its initial estimate of 1.5 percent. Separately, the National Association of Realtors said that its… Continue Reading Dollar rises on better U.S. economic growth

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The price of oil is rising after U.S. crude inventories shrank more than expected for a fourth consecutive week.   Benchmark oil rose 31 cents to $97.15 per barrel Wednesday in New York. Brent crude fell 5 cents to $114.59 per barrel in London.   The government says crude inventories totaled 360.7 million barrels last… Continue Reading Oil prices rise on hefty decline in US stockpiles

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Springs unemployment rate unchanged in July

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Colorado Springs unemployment figures remained unchanged in July, according to preliminary data from the Colorado Department of Labor and Employment. The area’s unemployment rate is 9.8 percent, higher than the state’s average of 8.3 percent. Colorado’s unemployment rate went up .1 percent in July from  the previous month. The state’s labor department said the increase… Continue Reading Springs unemployment rate unchanged in July

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Bach sets goal of 6,000 new jobs next year

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In an State of the City address that was part pep rally and part campaign speech, Mayor Steve Bach set one concrete goal for his administration: to create 6,000 new civilian jobs next year. “That’s how many we need to achieve full employment,” he said. “We’ve created 627 in 2012, so we have set a… Continue Reading Bach sets goal of 6,000 new jobs next year

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Colorado could lose as much as $366 million in federal funding for education, clean water, law enforcement and other state or local services if Congress doesn’t stop sequestration efforts, according to the Colorado Fiscal Policy Institute, a nonprofit, nonpartisan advocacy organization. The House of Representatives passed a budget that would cut 22 percent of the… Continue Reading Budget cuts could take millions from state programs

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US factory orders fell .5 percent in June

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Companies placed fewer orders with U.S. factories in June from May, signaling further weakness with manufacturing.   The Commerce Department said Thursday that factory orders fell 0.5 percent in June, the third decline in four months.   Orders for core capital goods, considered a good proxy for business investment, dropped 1.7 percent. Demand fell for… Continue Reading US factory orders fell .5 percent in June

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While the economic index for the mountain states remains higher than the national average, leading economic indicators are slipping, according to the Goss Institute for Economic Research. The overall business conditions index slipped to 56.1. The index is a measure of indices for new orders, production, employment, inventories and delivery lead time. The big problem… Continue Reading Colorado drought conditions lead to slower economic growth

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UPS sees global economy getting worse

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  UPS expects the global economy to get worse before it gets better. Again.   The world’s largest package delivery company is more pessimistic about U.S. growth than many economists. It predicts global trade will grow even slower than the world’s economies — a trend not seen since the recession. It’s making cuts in its… Continue Reading UPS sees global economy getting worse

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  The latest signs of a rebound in the housing market and a handful of better earnings reports were enough to bring buyers back to the stock market Wednesday.   The Dow Jones industrial average rose 69 points to 12,874 in the first 1 ½ hours of trading, overcoming an early deficit of 50 points.… Continue Reading Jump in housing starts, earnings send stocks up

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  The outlook for the U.S. economy appeared dimmer Monday after a report that Americans spent less at retail businesses for a third straight month in June.   The report led some economists to downgrade their estimates for economic growth in the April-June quarter. Many now think the economy grew even less than in the… Continue Reading US economy appears weaker as retail sales slump

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