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 [...]
Indonesia, which is Southeast Asia’s largest economy, experienced growth of 6.1% in 2010 compared with the previous year. This represented the fastest annual rate for six years – boosted by consumer spending and investment. The figures made it among the best performers in the G20 developing countries and the economy is now on track to [...]
The Labor Department has revealed the unemployment rate in the US has fallen from 9.4% in December to 9% in January – confounding expectations of a rise to 9.5%. It also follows on from the sharp drop of 9.8% reported for the month of November. However, the large fall has been attributed to jobseekers giving [...]
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 [...]
Global stock markets were lower today as investors awaited US fourth quarter economic growth figures. Analysts expect the economy expanded at an annual rate of 3.5% in the final three months of 2010, after growth of 2.6% in the third quarter. The US economic recovery appears to be gathering momentum after positive figures for the [...]
There is further evidence today of a slowdown in consumer spending after the John Lewis Partnership, which is regarded as a barometer of British retailing, reported a further fall in weekly sales. The renowned employee-owned department store said department store sales fell 2.2% to £50.1 million in the week to 22 January. In the week [...]
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 [...]
Official data today revealed Japan’s economy grew strongly in the July to September period after the expiry of a Government incentive prompted a rush of car buyers and a sharp rise in cigarette sales before a new tobacco tax was levied. In addition, the hottest summer ever boosted sales of air conditioners and other related [...]
An industry report published yesterday revealed a pick up in US manufacturing activity, due to increasing demand from exports. The Institute for Supply Management (ISM) said its latest index of national factory activity grew to 56.9 in October, from 54.4 the previous month. The reading represented the highest since May and surprised analysts who had [...]
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 [...]
The Commerce Department has revealed US retail sales grew 0.6% in September – this followed an increase of 0.7% in August and exceeded expectations. The rise, which was the third consecutive monthly gain, was fuelled by an increase in car sales. Retail sales figures are closely watched because consumer spending accounts for approximately two-thirds of [...]
According to the Commerce Department, consumer spending in the US improved in August, despite households being squeezed amid higher unemployment. Consumer spending, which makes up for more than two-thirds of overall economic activity in the US, rose 0.4% – the same as July’s figure and higher than the 0.3% expected by analysts. In the meantime, [...]
The Commerce Department has today revealed the US economy grew by an annualised 1.7% in the April to June period – slightly higher than the previous estimate of 1.6%. This figure is the third and final estimate for the second quarter and the upward revision was due to a higher rate of consumer spending, which [...]
Employers’ group, the Confederation of British Industry (CBI), has revised its growth forecast for the UK’s economy. It is now predicting the economy will grow by 2% in 2011, not 2.5% as forecast earlier this year. Its downward revision is due to the massive spending cuts, introduced by the Government – deemed necessary in order [...]
The latest Beige Book report, published by the Federal Reserve, has revealed widespread signs that the US economic recovery is slowing. The Fed reported “continued growth in national economic activity” in the six weeks to the end of August, “but with widespread signs of a deceleration.” The most recent official figures revealed the US economy [...]
IMRG, an industry body for global e-retailing, has reported online sales soared in July – at the quickest pace in three years. According to the industry body, the rain discouraged shoppers from venturing onto the high street and opting to purchase from the comfort of their own home. According to IMRG, £5 billion was spent [...]
The Commerce Department has today said US retail sales grew by 0.4% in July – boosted by an increase in car sales. The figures were much needed after two months of declines. However, the figures were less than the 0.5% rise analysts had expected. US retail sales are closely-watched as consumer spending makes up for [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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