The Commerce Department has today revealed a decline in US housing starts for the month of February. According to the Commerce Department, construction of new US homes dived 22.5% on a monthly basis in February to a seasonally adjusted annual rate of 479,000 units. This represented the second lowest level since records began in 1959 [...]
The Commerce Department revealed US retail sales grew strongly in February – representing the eighth consecutive monthly rise. According to the Commerce Department, sales grew 1% in February – higher than January’s revised 0.7%. However, economists had expected sales to moderate as consumers are hit by soaring petrol prices. The turmoil in the Middle East [...]
The US trade deficit swelled in January to a seven month high of $46.3 billion (£28.8 billion) – much higher than expected. The widening was attributed to higher prices for imported oil, the Commerce Department reported today. Imports continued to surge – rising for the fourth consecutive month in January by 5.2% on a monthly [...]
The Commerce Department has reported a further rise in consumer spending in the US for the month of January, albeit slower than expected. Spending grew 0.2% in the month after rising by 0.5% in December. While it represented the seventh consecutive monthly rise, it was the weakest pace since June. Consumer spending is closely monitored [...]
The Commerce Department has today revealed the US economy grew by an annualised 2.8% in the October to December period – lower than the first estimate of 3.2%. The growth rate was also lower than the 3.3% expected by most analysts. Today’s estimate is the second reading, a third and final estimate will be available [...]
The Commerce Department has today revealed a sharp fall in sales of new homes in the US for the month of January. According to the Commerce Department, new single-family home sales fell 12.6% on a monthly basis to an annual rate of 248,000 units. On an annual basis, January sales were down 18.6%. However, the [...]
The Commerce Department today revealed US retail sales slowed in January – this was attributed to the heavy snowfall which gripped parts of the country during the month. According to the Commerce Department, sales grew 0.3% in January on a monthly basis – the slowest gain in seven months. However, on an annual basis, sales [...]
The US trade deficit swelled in December to $40.6 billion, from $38.3 billion the previous month. The rise was attributed to higher prices for imported oil, the Commerce Department reported today. Imports surged at the fastest rate since June, rising by 2.6% $203.5 billion – exceeding the $200 billion threshold for the first time since [...]
The Commerce Department has reported a further rise in consumer spending in the US for the month of December. Spending grew 0.7% in the month after rising by 0.3% in November, the sixth consecutive monthly rise. The ongoing rise in consumer spending suggest a sustainable recovery is underway in the world‘s largest economy. Consumer spending [...]
The Commerce Department has today revealed US economic growth for the fourth quarter expanded by an annualised 3.2% – boosted by consumer spending. However, the rate of growth was slightly lower than the 3.7% expected by analysts but follows growth of 2.6% in the third quarter. Meanwhile, the world’s largest economy grew by 2.9% in [...]
The Commerce Department has today revealed a rise in sales of new homes in the US for the month of December. According to the Commerce Department, new single-family home sales rose to a better than expected annual rate of 329,000 units, from a revised 280,000 in November. However, on an annual basis, December sales were [...]
The Commerce Department has revealed a decline in US housing starts for the month of December – partly attributed to the severe wintry weather which gripped parts of the country during the month. According to the Commerce Department, construction of new US homes fell 4.3% on a monthly basis to a seasonally adjusted annual rate [...]
The Commerce Department has revealed US retail sales grew for the sixth consecutive month in December. Sales grew by 0.6% on the month – although this was less than the 0.8% expected by analysts. December’s increase was less than in the previous two months, as retailers started their sales early, while parts of the country [...]
According to the Commerce Department, consumer spending in the US rose 0.4% in November compared with the previous month. The rise represented the fifth consecutive monthly gain, raising hopes that the world’s largest economy is on the road to recovery. Consumer spending makes up for more than two-thirds of overall economic activity in the US [...]
The Commerce Department has today revealed the US economy grew by an annualised 2.6% in the July to September period – slightly higher than the second estimate of 2.5% but much faster than the first estimate of 2%. However, the growth rate was less than the 3% most analysts had expected. Today’s estimate is the [...]
The Commerce Department has today revealed the US economy grew by 2.5% in the July to September period – much faster than the 2% previously estimated and higher than economists had forecast. Today’s estimate is the second reading, a third and final estimate will be available next month. GDP was revised upwards due to higher [...]
The Commerce Department has revealed a severe decline in US housing starts for the month of October – falling to a near record low. According to the Commerce Department, construction of new US homes fell 11.7% on a monthly basis to a seasonally adjusted annual rate of 519,000 units – the lowest since April 2009 [...]
The Commerce Department has revealed US retail sales grew by a better than expected 1.2% last month – this followed an increase of 0.7% in September. The rise, which was the fourth consecutive monthly gain, was fuelled by an increase in car sales. Retail sales figures are closely watched because consumer spending accounts for approximately [...]
The Commerce Department today announced the US trade deficit narrowed by 5.3% in September to $44 billion – slightly less than the $45 billion expected by analysts. The figures led to a politically sensitive gap with China of $27.8 billion – hovering near a record high. The previous record trade deficit with China was $27.9 [...]
According to the Commerce Department, consumer spending in the US rose by 0.2% in September, after increasing by 0.5% the previous two months. The figures suggest consumers are tightening their purse strings despite very low prices. Consumer spending makes up for more than two-thirds of overall economic activity in the US. Meanwhile, personal incomes saw [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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