The Bottom Line
As the economy stalls, record numbers of Americans are dipping into their nest eggs.
As the economy stalls, record numbers of Americans are dipping into their nest eggs. Fidelity Investments says the number of people making hardship withdrawals from their retirement plans jumped 17 percent last year. Vanguard reports a 16 percent jump. The Boston Globe
Wal-Mart last week reported surprisingly strong second-quarter sales. One reason: The retailer has cashed $350 million in federal economic stimulus checks for customers, who spend at least some of the money at Wal-Mart.Marketwatch.com
An American military supercomputer has shattered a computing milestone by performing more than 1.026 quadrillion calculations per second. The $133 million Roadrunner computer was made from components originally intended for videogame consoles. The New York Times
Mortgage delinquencies and foreclosures reached record levels in the first quarter of 2008, the Mortgage Bankers Association reported. Nationally, 6.35 percent of all mortgages were at least 30 days past due, up from 5.82 percent in the fourth quarter of last year.Los Angeles Times The end of the construction boom is hitting Latinos especially hard. More than 250,000 Hispanic workers in the construction industry have lost their jobs in the past year, helping push the Latino unemployment rate to 7.3 percent, compared with 5 percent for the overall population. The Washington Post