Patrice Hill

Inconvenient truth: China, developing world now biggest source of greenhouse gases

China's greenhouse gas emissions have escalated in the past decade even as U.S. emissions have dropped, and that has fundamentally changed the balance of power in international negotiations over blame for climate change and who bears the most responsibility for trying to stop it. Published December 8, 2013

U.S. unemployment falls to five-year low of 7 percent; 203K jobs added

The nation's unemployment rate last month fell sharply from 7.3 percent to 7 percent, the lowest in five years, as businesses added another 203,000 jobs, the Labor Department reported Friday morning. Published December 6, 2013

Economic growth jumped to 3.6 percent in summer

The nation's economy overcame a round of federal budget cuts and posted a surprisingly strong 3.6 percent growth rate in the summer quarter, the Commerce Department reported Thursday morning. Published December 5, 2013

Spending on social welfare rose as economy tanked during recession

Spending on social welfare programs soared by $500 billion to $2.1 trillion during the Great Recession, but the increase was almost entirely due to the historic surge in unemployment to 10 percent rather than a liberalization of benefits by the government, according to two studies out this month. Published November 27, 2013

Treasury aims to sell off GM stock by end of year

The Treasury said Thursday it expects to sell its remaining stock in General Motors by the end of the year, ending the government's controversial bailout and takeover of the leading automaker and closing an important chapter in U.S. economic history. Published November 21, 2013

Janet Yellen nomination approved by banking panel

The Senate Banking Committee on a strong bipartisan vote of 14 to 8 approved the nomination of Federal Reserve vice chairman Janet Yellen to become the next head of the central bank. Published November 21, 2013

Chevron trial nears its end

Chevron's fraud case against Steven Donziger reaches a climax this week as the New York celebrity lawyer takes the stand for the first time to defend himself against charges that he engineered a record-breaking $19 billion judgment against the oil company for contamination of the Amazon rain forest. Published November 17, 2013

Fed nominee Janet Yellen objects to audit of monetary meetings

Federal Reserve Vice Chairman Janet Yellen, President Obama's choice to head the central bank, said on Thursday that she objects to legislation auditing the Fed if it allows Congress to scrutinize and pressure central bankers' deliberations over interest rates and monetary policy. Published November 14, 2013

Yellen to call for no change in Fed policy

Janet Yellen, President Obama's pick to be the next head of the Federal Reserve, is vowing to maintain the central bank's ultra-easy policies on interest rates until she sees more convincing growth in the economy and job market, in prepared testimony to be delivered at her Senate confirmation hearing Thursday. Published November 13, 2013

Fed chairman fight could rattle markets if Paul holds up vote on Yellen

President Obama's nomination of Federal Reserve Vice Chairman Janet Yellen to become the next Fed chairman faces the threat of significant delays at a delicate time for the U.S. economy as a result of a recent move by Sen. Rand Paul to hold up the nomination to try to force a vote on auditing the central bank. Published November 10, 2013

Shutdown drove up unemployment despite strong Oct. job growth

The federal shutdown last month caused a small rise in the unemployment rate to 7.3 percent but it was a surprisingly good month to find jobs in the private sector, the Labor Department reported Friday morning. Published November 8, 2013

Fannie, Freddie close to paying off taxpayer bailout bill

Fannie Mae and Freddie Mac, the housing giants whose combined $188 billion bailout dwarfed all others during the 2008 financial crisis, announced Thursday that they will return another $39 billion in dividends to the U.S. Treasury next month, bringing them close to fully repaying the taxpayers who rescued them. Published November 7, 2013

Economy surges unexpectedly in 3rd quarter

The economy picked up a bit of speed in the summer quarter, growing at a healthy 2.8 percent rate after rising by 2.5 percent in the spring, the Commerce Department reported Thursday. Published November 7, 2013

Welfare-to-work law encourages low wages, raises dependency on federal benefits

The historic welfare reform law of 1996 was widely praised for encouraging Americans to go back to work and not stay on the dole. But after nearly two decades of experience with the law, analysts are finding it created unintended side effects such as a perverse incentive for some employers to pay skimpy wages. Published November 3, 2013

Curb welfare spending or raise minimum wage?

As the unintended effects of welfare reform grow, legislators are debating remedies ranging from curbing spending on welfare-to-work benefits to raising the minimum wage to ensure workers can more easily live on what they earn. Published November 3, 2013

Fed sees strong signals but stays course

The Federal Reserve maintained its easy money policies Wednesday, noting that federal budget cuts and the October shutdown continue to weigh on growth and as a result, the economy continues to need support. Published October 30, 2013

Fed holds steady on its easing policies

The Federal Reserve maintained its easy-money policies Wednesday, noting that federal budget cuts and shutdowns continue to weigh on growth and, as a result, the economy continues to need support. Published October 30, 2013

Business groups to take stand against tea party candidates in primaries

The recent fiscal crisis has opened a major rift between the tea party wing of the Republican Party and business groups that traditionally have backed Republicans, with many business leaders now vowing to counter insurgent candidates. Published October 28, 2013

Shutdown causes plunge in consumer sentiment

The prolonged federal shutdown sent a key gauge of consumer sentiment plummeting for October to the lowest levels seen since Washington's last "fiscal cliff" crisis in at the end of last year. Published October 25, 2013

Federal Reserve stimulus drawdown likely on hold after jobs report

The Federal Reserve likely will put its plans to start withdrawing stimulus from the U.S. economy off until well into 2014 as a result of a report Tuesday that showed the economy posted only tepid job growth in September, even before the federal shutdown and debt crisis weighed on the economy. Published October 22, 2013