US Economy: GDP shrinks 1pc, list of problem banks grows
Separate figures showed 570,000 Americans filed claims for unemployment benefits last week, down from 580,000 a week earlier, according to the Labor Department. Helping stoke spending is the government's `cash-for-clunkers' program, which gives car buyers a discount of as much as US$4,500 to trade in older vehicles for more efficient models. Stocks on Wall Street edged up after the data and on a late rebound in crude oil. US Treasuries weakened and the greenback fell.The European currency's gains versus the dollar accelerated after breaking through a key level of $1.4280, according to BNP Paribas currency strategist Andrew Chaveriat, Bloomberg reported.
The Federal Deposit Insurance Corp. added 111 lenders to its list of 'problem banks.' A total of 416 banks with assets of about US$300 billion have failed the FDIC's grading system. That's the most since June 1994 and will add to pressure on the FDIC's shrinking reserve fund after it increased loss provisions by US$11.6 billion. The US has taken over 81 banks this year.
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