All told the government would reap more than $500 billion in new revenue if a full menu of tax cuts were allowed to expire. The expiring provisions include Bush-era cuts on wage and investment income and cuts for married couples and families with children, among others. Also expiring is a 2 percentage point temporary payroll tax cut championed by President Barack Obama.
US manufacturing grows for 1st time in 4 months
WASHINGTON (AP) â¿¿ U.S. manufacturing grew for the first time in four months, buoyed by a jump in new orders and more jobs. The increase is a hopeful sign that the economy may be improving after a weak stretch.
The Institute for Supply Management, a trade group of purchasing managers, said Monday that its index of factory activity rose to 51.5. That's up from 49.6 in August.
A reading above 50 signals growth, lower than that indicates contraction. The index had been below 50 from June through August.
US builders boost housing spending, cut elsewhere
WASHINGTON (AP) â¿¿ U.S. builders spent more to construct homes in August, further evidence of a housing rebound. Still, the increase couldn't offset cuts in public projects and commercial real estate.
Overall construction spending dipped 0.7 percent in August from July, the Commerce Department reported Monday. It was the second straight monthly decline.
The decline lowered construction spending to a seasonally adjusted annual rate of $834.4 billion. That's nearly 12 percent above a 12-year low hit in February 2011 and roughly half of what's considered healthy.
Red Lobster â¿¿ for the non-seafood lover in you
NEW YORK (AP) â¿¿ Red Lobster isn't just for the seafood lover in you. It's also for that eater in every group who just wants a chicken dish.
The chain that brought seafood to the masses is hoping to broaden its appeal by revamping its menu on Oct. 15 to boost the number of dishes that cater to diners who don't want seafood, including lighter options such as salads. Red Lobster also is increasing the number of dishes that cost less than $15 to attract customers who have cut back on spending.