In today’s news we are linking to economic updates and a news article on the Internet’s 40th birthday!
New York, October 30 — Internet today has revolutionized lives but in the process it has traveled miles. As Internet turns 40, let’s take a walk down the memory lane to see how it all began. Click above link for the full story.
Focus on the Economy
Washington Bureau – The U.S. economy expanded at a faster-than-expected 3.5% rate in the third quarter, unofficially marking the end of the worst recession since World War II and boosting hopes for the strength of a long-awaited recovery.
But the growth surge, which ended four straight quarters of economic contraction, poses a challenge to Washington policy-makers: It was largely a result of a rebound in consumer spending which, in turn, was heavily influenced by federal stimulus spending.
PRESIDENT OBAMA TODAY: The Recovery and Transparency Board will release its reports detailing how the economic stimulus plan’s funds have been spent through Sept. 30 and how effective the plan has been in terms of job creation, with the White House claiming the plan “has created and saved at least 1 million jobs.”
Oil prices traded down at just over $79 a barrel Friday as the strengthening U.S. dollar outweighed news that the U.S. economy had snapped four straight quarters of contraction, suggesting demand for crude will improve.
By midday in Europe, benchmark crude for December delivery was down 69 cents to $79.18 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to settle at $79.87 on Thursday.
Photo Credit: http://jedsundwall.com/img/internet.jpg