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Daily Archives: October 23, 2011

Speech by Governor Duke on the Federal Reserve System and individual financial planning

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The Federal Reserve System and Individual Financial Planning, Governor Elizabeth A. Duke At the 2011 Virginia Beach Financial Planning Day, Virginia Beach, Virginia, October 22, 2011

  • Beginning in 2008, in the face of rising unemployment and falling home values, households reduced spending and increased saving. Although many households have suffered tremendous financial hardship, in the aggregate, U.S. consumers have moved from a near-zero savings rate in 2005 to a savings rate that is currently running around 5 percent. In addition, household debt levels have contracted notably: Mortgage debt and consumer debt have declined 7 percent and 5 percent, respectively, since mid-2008. This decline partly reflects the weakness in the economy: Tight underwriting standards have damped new loan originations, and a sizeable amount of debt has been discharged through bankruptcies or foreclosures. But households also appear to have a greater aversion to debt than in the past, and a renewed interest in paying down debt more aggressively. Because of smaller debt balances and lower interest rates, the share of aggregate household income devoted to debt payments is at its lowest level since 1994. Going forward, as income and asset values recover, these improvements in the aggregate household position should be felt by more and more U.S. households.”
  • Related postings on financial system

    • BEA October 2011 Survey of Current Business

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    Survey of Current Business, October 2011: “In October, we traditionally present recent statistics on services traded across borders and services delivered via affiliates of multinational companies, thus taking a broad view of services provided to and by the United States in international markets. Cross-border trade statistics are presented for 2010, while services provided through affiliates… Continue Reading

    Jobless rates down in 25 states, up in 14 in Sep; payroll jobs down in 25, up in 24 states

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    Regional and State Employment and Unemployment Summary, September 2011: Regional and state unemployment rates were generally little changed in September. Twenty-five states recorded unemployment rate decreases, 14 states posted rate increases, and 11 states and the District of Columbia had no rate change, the U.S. Bureau of Labor Statistics reported today. Thirty-eight states registered unemployment… Continue Reading

    The Costs of Reproduction: History and the Legal Construction of Sex Equality

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    The Costs of Reproduction: History and the Legal Construction of Sex Equality, Deborah Dinner, Washington University in Saint Louis – School of Law. Harvard Civil Rights-Civil Liberties Law Review (CR-CL), Vol. 46, 2011 “Today, legal and political actors argue that sex equality does not require society to share the costs of pregnancy, childbirth, and childrearing… Continue Reading