Daily Archives: March 6, 2010

Regulators closes Four Banks

Federal Regulators have seized control of four banks on Friday. The banks that closed are in Florida, Illinois, Maryland and Utah. The number of banks closed since January 1, 2010 is 26.

Sun American Bank, Bank based in Boca Raton, closed with $535.7 million in assets and $443.5 million in Deposit. The bank sold by regulators to Raleigh, NC First Citizens Trust and Bank .

AP Yahoo Finance News has the rest of the story.

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36,000 People Became Unemployed in February, Unemployment Rate Remains at 9.7

On  Friday, the Department of Labor released the latest unemployment figures. 36,000 people filed for unemployment claims in February leaving the unemployment rate  9.7 %.

The Obama Administration breathe a sigh-of-relief. Earlier this week the a White House Economic adviser said that between 50,000 to 75,000 was laid off.  The administration blame the parade of storms that affected the eastern seaboard of the United States during the month.

“Eight months into the much-touted recovery, the economy should be adding jobs not just losing jobs at a slower pace,” University of Maryland economist Peter Morici wrote in an analysis.

“No study of economic history could yield a conclusion other than that the US economy (walks) along the precipice of a double dip recession.”

Not every one is negative on the news.

“Going into today’s report, we had expected that the big winter storms that hit the East Coast during the job survey might have cut into the job gain,” Nomura Securities chief economist David Resler wrote. “Overall, we see these data as broadly encouraging and consistent with the judgment that private sector businesses will soon be adding consistently to their payrolls.”

CNBC has more.