BofA CEO: it will be ‘much tougher' to make money for the remaining 2009 year
Bank of America Inc. posted better than expected second quarter earnings of $3.2 billion on Friday. The bank's CEO, Kenneth Lewis, admitted it will be much tougher to make money in the second half of 2009 after the bank's current profits relied on one-time gains. Lewis anticipates more loan losses as the unemployment rate continues to rise.
Summers: Economy has ‘walked some substantial distance back from the abyss'
The U.S. economy is starting to show signs of recovery however the full impact of the $787 billion stimulus will not be felt until 2010. We were at the brink of catastrophe at the beginning of the year but we have walked some substantial distance back from the abyss said Lawrence Summers, director of the White House's National Economic Council.
Fifteen US states have an unemployment rate topping 10 percent
The unemployment rate in various states all over the U.S. is increasing with more and more states reporting unemployment rates over 10 percent. Currently 15 states have an unemployment rate of over 10 percent, the Associated Press reported. The Federal Reserve this week projected that the national unemployment rate, currently at a 26-year high of 9.5 percent, will pass 10 percent by the end of the year.