By Laura Conaway

Call it a mighty .3 percent. France and Germany report their economies were each growing by that much between April and June. Feast on the headline: "France and Germany Exit Recession." The overall eurozone economy was still contracting, a .1 percent. Last quarter, the U.S. economy was shrinking at a pace of 1 percent.

The FDIC has forced Citigroup to hire external consultants who'll decide whether management, including CEO Vikram Pandit, is up to the task.

Foreclosures hit a new record in July, up 7 percent from the month before and 32 percent from this time last year. Real estate agents report that in the second quarter, 63 percent of sales involved distressed homes -- meaning the owners were in foreclosure or at risk of it.

The Commerce Department says retail sales fell by .1 percent in July. Economists in a Thomson Reuter survey said they'd expected a gain of .7 percent. Auto sales rose by 2.4 percent, its biggest jump in six months and owing largely to the Cash for Clunkers program.

Almost 5 million of America's most polluting cars got left out of Cash for Clunkers, the L.A. Times reports. That's because the classic car lobby persuaded the government to exclude cars made before 1984. Collectors didn't want to see them destroyed, and auto parts dealers didn't want to lose their business.

And major food companies have warned the U.S. Agriculture Department that the nation could run out of sugar (WSJ, sub. req'd.) if it doesn't ease up on import restrictions. The food co's also threatened to jack up prices and lay off workers.

categories: Morning Report

5:44 - August 13, 2009

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