Consumer spending, inventories seen lifting U.S. second-quarter GDP
By Lucia Mutikani WASHINGTON (Reuters) - U.S. economic growth likely rebounded in the second-quarter from a winter-induced slump at the start of the year and will probably continue to gather momentum through the rest of 2014. Gross domestic product likely grew at a 3.0 percent annual rate, according to a Reuters survey of economists, lifted by an acceleration in both consumer spending and stock accumulation by businesses. I do think we can sustain a 3 percent growth number for the next couple of quarters," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York. Earlier in the second quarter, growth estimates were as high as 4 percent, but they were lowered as consumer spending and business investment rebounded less than expected.
Mon, 28 Jul 2014 11:35:08 -0400
Rare tornado touches down outside Boston, no deaths reported
Police and emergency crews in the city of Revere, Massachusetts, outside Boston scrambled to clean up after a rare tornado touched down on Monday, downing power lines, damaging homes and overturning at least one car. The National Weather Service confirmed that a tornado touched down during a storm that brought heavy rains, lightning and flooding to Boston and many of its northern suburbs. State emergency management officials said they were not aware of injuries or fatalities from the storm. "We are in the process of evaluating the aftermath of the severe storm that passed through Revere this morning," Revere Mayor Dan Rizzo said on his official Twitter page.
Mon, 28 Jul 2014 12:39:50 -0400
Slower U.S. healthcare cost rise extending life of Medicare fund: trustees
By Jason Lange and David Morgan WASHINGTON (Reuters) - Tamer spending at U.S. hospitals and expected savings from President Barack Obama's healthcare overhaul are shoring up the funding outlook for the Medicare program for the elderly, trustees of the program said on Monday. Medicare's trust fund for hospital bills will run out of money in 2030, four years later than previously estimated, the trustees said in a report. The trustees, however, reiterated a warning that the Social Security program would run out of money to fully pay disability benefits by 2016 and could not meet all of its obligations on pensions after 2033. While the arrival date for Medicare's crunch has been pushed into the future, an aging population is already stressing the finances of programs that provide income for the disabled.
Mon, 28 Jul 2014 15:38:16 -0400
Report: Man climbed atop basketball hoop in escape
CAMP VERDE, Ariz. (AP) A man who was a known flight risk escaped from a central Arizona jail by hoisting himself atop a basketball hoop, grabbing on to an overhead security fence and pulling it apart.
Mon, 28 Jul 2014 16:21:04 -0400
Tornado rips off roofs, downs trees near Boston
REVERE, Mass. (AP) A storm system that wreaked havoc across the eastern half of the U.S. spawned a tornado just north of Boston on Monday, ripping roofs off homes, uprooting dozens of large trees and forcing businesses to close.
Mon, 28 Jul 2014 16:20:20 -0400
2 men charged, ID'd in fatal Tioga carjacking, crash
Philadelphia police have identified the two men charged in the carjacking and crash on Friday in the Tioga section of the city that left three children dead and their mother critically injured.
Mon, 28 Jul 2014 16:15:10 -0400
Police charge 2 men in fatal Philly carjacking
PHILADELPHIA (AP) Police on Monday charged two men with murder in a carjacking and subsequent crash that killed three children and critically injured their mother as they were selling fruit on a street corner for a church fundraiser.
Mon, 28 Jul 2014 16:13:35 -0400
US Court: Virginia marriage is for all lovers
RICHMOND, Va. (AP) Virginia's same-sex marriage ban is unconstitutional, a federal appeals court ruled Monday in a decision that could overturn similar prohibitions in the Carolinas and West Virginia.
Mon, 28 Jul 2014 16:12:28 -0400
Trial begins in Wisconsin baby kidnapping case
MADISON, Wis. (AP) The trial has begun for a Colorado woman accused of kidnapping her newborn nephew in Wisconsin and abandoning him in freezing temperatures.
Mon, 28 Jul 2014 16:12:18 -0400
Trial for dad, stepmom of boy found in basement
DETROIT (AP) A trial is scheduled for Sept. 8 to decide whether the father and stepmother of a 12-year-old Detroit boy found in his basement after an 11-day disappearance will lose custody of their children.
Mon, 28 Jul 2014 16:09:39 -0400
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