U.S. Economy Contracts in First-Quarter on Inventories, Trade

The U.S. economy contracted in the first quarter for the first time in three years as it buckled under the weight of a severe winter, but there are signs activity has since rebounded. The Commerce Department on Thursday revised down its growth estimate to show gross domestic product shrinking at a 1.0 annual rate. It was the worst performance since the first quarter of 2011 and reflected a far slower pace of inventory accumulation and a bigger than previously estimated trade deficit.

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Friday's US Jobs Report Is So Stunningly Bad It's A Danger To The Global Economy

WASHINGTON (AP) — Another bad month for the U.S. job market is lengthening the list of perils facing the global economy.
American employers added only 69,000 jobs in May, the fewest in a year and not even close to what economists expected. For the first time since June, the unemployment rate rose, to 8.2 percent from 8.1 percent.
It was the third month in a row of weak job growth and further evidence that, just as in 2010 and 2011, a winter of hope for the economy has turned to a spring of disappointment.

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Federal Debt Has Already Grown $700B in FY12; $40 Per Day Per Full-Time Worker

(CNSNews.com) - So far in fiscal 2012--which began on Oct. 1--the federal government has borrowed more than $700 billion, according to the official debt numbers posted by the U.S. Treasury.  ✧ That means that since Oct. 1, the debt has been increasing at a pace of approximately $40 per day per each full-time worker in the United States. Read more at CNSNews...

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Debt Will Surpass Total U.S. Economy

WASHINGTON TIMES - President Obama‘s budget, released Monday, was conceived as a blueprint for future spending, but it also paints the bleakest picture yet of the current fiscal year, which is on track for a record federal deficit and will see the government’s overall debt surpass the size of the total U.S. economy. Read more at the Washington Times... Read More......