Economy

For the second time in three days, President Obama criticized Republicans for holding up small-business legislation.

Jobless claims hit 500,000 for the first time since November last week, raising fears that unemployment may rise.

The Department of Labor on Thursday announced that jobless claims increased over last week.

The White House on Tuesday responded to concerns raised by House Minority Leader John Boehner (R-Ohio) that recently enacted reforms would stifle economic growth by inundating businesses with complex rules. 

Latinos and African-Americans in California have experienced significantly higher foreclosure rates than non-Hispanic borrowers in the state, according to the Center for Responsible Lending (CRL). 

The first-of-its-kind report shows Latino and African-American borrowers in the Golden State have foreclosure rates that are 2.3 and 1.9 times that of non-Hispanics, respectively.

Forty-seven percent favor ending the moratorium now, while 46 percent say the ban should remain in place, according to Gallup.

Senate Small Business Chairwoman Mary Landrieu (D-La.) on Tuesday sharply criticized President Obama's reaction to the oil spill in the Gulf of Mexico by halting nearly all drilling activity in the area.

Bankruptcy filings rose 20 percent in the 12-month period ending in June, according to the Administrative Office of the U.S. Courts.

Republicans reminded Vice President Biden of the prediction he made that the stimulus would fix the economy in 18 months.

Bank repossessions of homes hit a record high during the second quarter, with over 260,000 properties returning to lenders, according to Foreclosure-Support.com, which analyzes home foreclosures.

The figure is up 5 percent from the previous quarter and up 38 percent from the second quarter last year.

Bank repossessions occur after a home has been in foreclosure for quite some time.