Bernanke: Fed intends to be ‘forceful’ in supporting recovery

Federal Reserve Chairman Ben S. Bernanke said Friday that the central bank plans to respond forcefully to the nation’s sluggish economic recovery amid a broad defense of the Fed’s actions to date to keep the economy growing.

At his closely-watched Jackson Hole speech, Bernanke did not offer a hint that new action was imminent, but in uncharacteristically forward-looking and direct language, Bernanke said the Fed intends to be “forceful…in supporting a sustainable recovery.”

"We must not lose sight of the daunting economic challenges that confront our nation," he said.

Household income falls below recession levels

Household income is down sharply since the recession ended three years ago, according to a report released Thursday, providing another sign of the stubborn weakness of the economic recovery.

From June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent to $50,964, according to a report by Sentier Research, a firm headed by two former Census Bureau executives.

Apple misses lofty earnings forecasts, disappoints investors

Apple says its growth slowed in the most recent quarter, disappointing investors who thought its progress was unstoppable.

In both revenue and net income, Apple posted the smallest increases in years for the April to June period, failing to meet analyst expectations.

U.S. Added 80,000 Jobs in June; Unemployment Rate at 8.2%

The nation’s employers added 80,000 jobs in June, not enough to significantly reduce the backlog of nearly 13 million unemployed workers.

The lackluster increase followed a May gain revised to 77,000, the Labor Department reported Friday. The unemployment rate remained 8.2 percent.

Congress approves bill to save jobs, freeze student loan rates

The U.S. Congress has approved a measure to freeze federally subsidized loan rates for college students for a year and to fund the nation’s transportation construction and maintenance program for two years. It is the first long-term highway measure approved since 2005 and was approved on bipartisan votes of 373 to 52 in the House and 74 to 19 in the Senate.

U.S. Supreme Court upholds 2010 Affordable Care Act.

The Supreme Court on Thursday largely let stand President Obama’s health care overhaul, in a mixed ruling that Court observers were rushing to analyze.

The decision was a striking victory for the president and Congressional Democrats, with a majority of the court, including the conservative chief justice, John G. Roberts Jr., affirming the central legislative pillar of Mr. Obama’s term.

NATO condemns downing of Turkish jet by Syria

BEIRUT — NATO on Tuesday condemned the downing of a Turkish jet by Syria as “completely unacceptable,” and Turkey put Syria on notice that it would retaliate for any future violations along its border.
The act was “another example of the Syrian government’s disregard for international norms of peace, security and human life,” NATO said in Brussels after Turkey briefed NATO ambassadors on the circumstances surrounding the shooting of the jet.
NATO did not propose any measures against Syria, but Secretary General Anders Fogh Rasmussen said the alliance would be closely monitoring events along its southeastern border and would gather to “discuss what else will be done” should another such incident occur.

Fed Extends Effort to Lower Long-Term Interest Rates

The Federal Reserve announced Wednesday a modest increase in its efforts to reduce borrowing costs for businesses and consumers by extending its existing “Operation Twist” asset-purchase program through the end of the year.

The Federal Reserve said it would extend for six months a bond-buying program designed to provide a modest boost to the economy. The Fed said there were signs that hiring is slowing and the U.S. economy is facing significant new threats from financial troubles overseas.

I’ll Have Another Scratched From Belmont, Ending Triple Crown Bid

I’ll Have Another has been scratched from the Belmont Stakes due to an injury, ending the horse’s bid to become the 12th horse ever to win the Triple Crown.

The impressive three-year-old colt, who had been a longshot winner of the Derby and an impressive winner three weeks ago in the Preakness, might be suffering from tendonitis in his left front leg, according to his trainer, Doug O’Neill.