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No, you cant change your FSA contributions in the middle of the year without a qualified life-changing event, such as getting married, having a child or experiencing the death of a dependent. And youll lose any money that you dont use by the end of the year.

But you may be able to use the FSA money on more expenses than you realize. As long as your children are under age 13 and you need child care so that you can work or look for work (or so that one parent can attend school full-time), you can use the money for before- or after-school care or special programs, a nanny or babysitter, and even the cost of day camp during the summer or school holidays. School tuition (beyond preschool) and overnight camp do not qualify.

The Department of Commerce reports:

[T]otal May exports of $174.9 billion and imports of $225.1 billion resulted in a goods and services deficit of $50.2 billion, up from $43.6 billion in April, revised. May exports were $1.0 billion less than April exports of $175.8 billion. May imports were $5.6 billion more than April imports of $219.4 billion.

The first graph shows the monthly U.S. exports and imports in dollars through May 2011.

Exports decreased in May and imports increased (seasonally adjusted). Exports are well above the pre-recession peak and up 15% compared to May 2010; imports are almost back to the pre-recession peak, and up about 16% compared to May 2010.

The second graph shows the U.S. trade deficit, with and without petroleum, through May.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

The petroleum deficit increased in May as both prices and the quantity of oil imported increased.

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Tags: Billion

FOR Federal Reserve officials, marking down America’s economic outlook has become a depressing routine. A year ago they projected growth of about 4% this year and next. By last month they had chipped those numbers down to 2.8% this year and 3.5% next. “We don’t have a precise read on why this slower pace of growth is persisting,” said Ben Bernanke, the chairman. But he ventured that “balance-sheets and deleveraging issues” may be stronger headwinds than expected.

The same diagnosis may explain similar disappointments in other highly indebted rich countries. In late 2009 the Bank of England reckoned Britain would be growing by 4% this year. It now thinks it will grow by closer to 2%; the private-sector consensus is a mere 1.5%. The Bank of Spain has avoided similar climbdowns by starting out pessimistic and remaining so.

In a study early last year, the McKinsey Global Institute, the consultancy’s research arm, noted that combined public and private debt burdens had reached historic highs in many rich countries.

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DEVELOPER Peel’s agreed £96m takeover of the Pinewood Shepperton film and TV studios has now been completed.

Its offer period has closed and after reviewing the level of acceptances Peel revealed that it holds 71.1% of the stock, including its almost 30% stake prior to its approach.

Last month Peel, which owns the Port of Liverpool and 35% of Liverpool John Lennon airport, was boosted with an announcement by the Office of Fair Trading that it would not refer the deal to the UK Competition Commission.

It had to raise its initial approach by about £8m after a rival bid emerged from former Harrods owner Mohamed al Fayed.

However, Peel increased its offer after the Pinewood board described the group as a “supportive shareholder”.

Tags: Pinewood Shepperton, Studios, £96m Takeover