Payrolls Rise in March as the Economy Starts to Recover

There is finally some good news on the employment front. Data from the Labor Department showed that payrolls rose steeply in March, the third increase in the last five months.

Data showed that Payrolls rose by 162,000 last month as the economy recovery picked up pace and employers showed more confidence. This is the largest increase in payrolls since March 2007, and the report was welcomed by President Obama, who said it was the best news in the last two years. [Read more…]

Geithner Says US Can’t Force China Move on Currency

Timothy Geithner, the US Treasury Secretary, has said that the government cannot force China to change its currency policies. He was responding to the recent criticism that the government was not doing enough to stop China from maintaining its currency at a depressed level. [Read more…]

Geithner Supports Fannie and Freddie Overhaul

Timothy Geithner, the Treasury Secretary, has said that he supports an overhaul of Freddie Mac and Fannie Mae to prevent a housing market crisis similar to the one that led to the recession. He however cautioned that we should be selective in which aspects to change and which to retain as there were many parts of the system that have functioned well despite the crisis. [Read more…]