The Federal Reserve’s Historic Announcement

Mark it down. At 2:15 p.m. on Tuesday, August 10, 2010, the U.S. Federal Reserve made a historic announcement. It signaled that the central bank was going to “preserve the size of its balance sheet.” The announcement didn’t sound all that dramatic, but don’t be fooled. In the two subsequent days, the stock market fell over 300 points, and the price of gold rose $20.

NJ Unemployment Climbs To 9.7%

TRENTON- Employment in New Jersey fell in July and the state’s unemployment rate edged up to 9.7 percent. The loss was mainly due to a decline in public sector payrolls at the federal and local government levels.