News Tag: Economy News
March 4, 2010
The Society of Motor Manufacturers and Traders (SMMT) has today announced UK car sales were up by 26.4% in February compared with the same month in 2009, boosted by the Government’s scrappage scheme.
The £400 million initiative, which was launched last May to boost the ailing car industry, pays drivers of cars at least 10 years old £2,000 off the price of ...
Car sales up 26.4% in February
by Kay Murchie
March 3, 2010
The UK’s closely-watched service sector recovered in February after experiencing a dip in January as a result of bad weather disrupting services, as well as the VAT rise.
The latest activity index from the Chartered Institute of Purchasing and Supply (CIPS)/Markit PMI showed a reading of 58.4 in February, up from 54.5 in January.
Any reading above 50 indicates growth and February‘s ...
UK service sector recovers after snowy January
by Kay Murchie
March 1, 2010
According to the Commerce Department, US consumer spending rose faster than expected in January by 0.5% - the fourth consecutive monthly rise.
The rise in consumer spending, which makes up for more than two-thirds of overall economic activity in the US, was better than expectations of 0.4%.
Meanwhile, the data said personal incomes crept up 0.1% - after a rise of 0.3% ...
US consumer spending up 0.5% in January
by Kay Murchie
February 26, 2010
The Office for National Statistics (ONS) has today revealed that the UK economy grew by 0.3% in the October to December period - slightly higher than the 0.1% estimated last month.
The figures will come as a relief to many who had feared the worst with growth being revised downwards.
However, the revised figures still leave an annual fall of 3.3% - ...
UK Q4 economic growth figures revised upwards
by Kay Murchie
February 24, 2010
Hong Kong’s economy expanded by 2.3% quarter-on-quarter in the final three months of 2009 - beating analysts expectations.
The figures are further proof that Asia is leading the global recovery and come just a few days after figures showed Taiwan’s economy grew at an annualised rate of 18% in the final quarter of 2009.
Meanwhile, the economy contracted by 2.7% in ...
Hong Kong’s economic growth beats expectations in Q4
by Kay Murchie
February 22, 2010
There was further evidence of Asia leading the global recovery today after Taiwan's economy grew at an annualised rate of 18% in the final quarter of 2009.
The strong performance was fuelled by demand for hi-tech products from top buyer China and other key export markets in the region.
Last month, Taiwan exports experienced their strongest growth in more ...
Taiwan and Thailand’s GDP surges due to demand from China
by Kay Murchie
February 18, 2010
Fears over US consumer spending were raised today after retailing giant Wal-Mart reported weaker than expected sales.
The company, which is the world’s largest retailer, reported a 22% rise in its fiscal fourth-quarter profit, but sales at stores open at least 12 months disappointed the market.
Quarterly sales fell to $113.65 billion - slightly below the $114.56 billion expected by most analysts.
Meanwhile, net ...
Wal-Mart results lower than expectations
by Kay Murchie
February 14, 2010
Official figures have revealed further evidence of a strong recovery within India’s economy after industrial output surged by 16.8% in December compared with a year earlier - beating analysts expectations.
According to analysts, the Government is likely to withdraw its stimulus measures as a result of the strong performance. The country's central bank has injected in excess of £80 billion in ...
India industrial output soars 16.8% on year
by Kay Murchie
February 8, 2010
Discount clothing retailer Ethel Austin has entered administration for the second time in two years.
The Liverpool-based retailer, which has 300 stores, will trade as normal while administrators MCR seek a new buyer.
However, MCR could not rule out closures or job losses since there were "no guarantees" that a buyer could be sought in the current economic ...
Ethel Austin enters administration for second time in two years
by Kay Murchie
Indian economy to grow 7.2%
by Kay Murchie
February 3, 2010
The latest survey from the Nationwide Building Society has revealed a rise in UK consumer confidence for the month of January.
The building society’s consumer confidence index gained three points to 73 in January - nearly double the reading of 39 in the same month a year earlier.
Meanwhile, the Nationwide’s expectations index, which gauges peoples’ sentiment about the economy, jobs and personal ...
UK consumer confidence up in January
by Kay Murchie
January 29, 2010
The world’s largest economy is to report its economic growth figures today for the final three months of 2009.
Economists are forecasting growth of around 4.6% in the fourth quarter on an annualised basis, up from 2.2% in the previous quarter.
The US economy emerged from recession in the third quarter after enduring the longest and deepest downturn since the Great ...
US to report Q4 GDP figures today
by Kay Murchie
January 26, 2010
Official figures today have revealed that the UK economy grew by 0.1% between the October and December period, suggesting that the economy has finally emerged from its worst recession since records began in 1955.
Economists had expected that the economy would experience positive growth in the fourth quarter but growth of around 0.4% was expected.
The economy, which contracted for six consecutive ...
The UK finally emerges from recession…..just
by Kay Murchie
January 25, 2010
According to the GfK market research group, consumer confidence in Germany is waning after the group’s climate index stood at 3.2 points in February, falling from a revised 3.4 in January.
The forward-looking consumer confidence indicator, which is based on a survey of 2,000 Germans, is being hit by the fear of rising unemployment which is putting incomes under pressure.
This ...
German morale hit by rising unemployment
by Kay Murchie
January 21, 2010
China‘s economy, which is currently the world’s third largest, saw double digit growth in the fourth quarter of 2009 and the economy is now on target to surpass Japan and become the world’s no.2 economy.
The economy expanded by 10.7% in the final quarter of 2009 compared with the same period a year earlier.
Meanwhile, the economy grew by 8.7% ...
Chinese economic growth exceeds Government expectations
by Kay Murchie
January 18, 2010
Research group Centre for Cities has warned that some UK cities will take years to return to pre-recession levels.
The independent think tank said cities such as Stoke-on-Trent, Barnsley, Doncaster, Burnley and Newport will feel the effects of the recession for many years to come as people in these areas are less qualified and there are fewer business ...
Think tank warns of slow recovery for some UK cities
by Kay Murchie
January 10, 2010
It has been suggested that China, which is the world's third largest economy, has overtaken Germany as the world’s biggest exporter, the Xinhua news agency reported today.
China’s new status will come as no surprise to analysts who have described the economy’s recovery as impressive.
Furthermore, it reflects the ability of its low-cost manufacturers to keep selling abroad despite a slump in global consumer ...
China becomes world’s largest exporter
by Kay Murchie
January 8, 2010
Figures published today by the US Labor Department revealed that the world’s largest economy lost more jobs than expected in December.
Today's figures means the unemployment rate remains at 10%.
US employers cut 85,000 jobs in the month, surprising analysts after the economy added 4,000 jobs, rather than the initial estimate of losing 11,000 jobs during November.
The majority of the job losses were ...
US job losses rise in December
by Kay Murchie
December 21, 2009
Business group, the Confederation of British Industry (CBI), has warned of a “fragile” recovery next year.
However, the group is predicting that the economy will emerge from recession in the fourth quarter.
According to John Cridland, CBI deputy director general, growth will gradually pick up but the first few months of 2010 will be difficult.
"Consumer spending looks to be slightly more resilient ...
CBI warns of slow growth next year
by Kay Murchie
December 17, 2009
International ratings agency, Standard & Poor's (S&P), has cut Greece's credit rating by one notch, to BBB+ from A-minus.
The downgrade came just a few hours after the Greek government unveiled measures including a 10% cut in public spending.
Last week, credit rating agency, Fitch, also cut Greece’s sovereign debt rating to a decade-low to BBB+ from A- with a negative ...
Greece sees further downgrade in credit rating
by Kay Murchie
