Econ 101: March 5, 2012

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.

  • Apple has released a study claiming that it supports half a million American jobs, far more than the 47,000 workers directly employed by the company. [New York Times]
  • GM is suspending production of the Chevy Volt for five weeks as it sells down its current inventory. [CNN Money]
  • China has reduced its economic growth goal to below 8 percent for the first time since 2005. [Bloomberg]
  • The world’s biggest banks have been slow to lay out “living wills” — the be used in the event a major bank fails — by a June deadline. [Financial Times]
  • U.S. banks are clashing with the Federal Reserve over the results of the latest bank “stress test.” [Wall Street Journal]
  • A new study shows that high principal turnover is bad for schools. [Education Week]
  • As part of the foreclosure fraud settlement, banks will receive millions of dollars in mortgage modification incentive payments that the government had been withholding. [Huffington Post]
  • Americans are spending more on their pets than ever before. [Associated Press]