The Commerce Department has revealed US exports hit an all-time high in July, while imports fell. According to official figures, exports surged 3.8% to $178 billion (£111 billion) after two months of declines. The rise in exports was attributed to strong overseas sales of manufactured goods, particularly to countries in Central and South America. Meanwhile, [...]
The latest Beige Book report, published by the Federal Reserve today, has revealed widespread signs that US economic growth continues to slow. The Fed said: “Economic activity continued to expand at a modest pace, though some districts noted mixed or weakening activity.” The economic recovery of the US remains sluggish in the face of higher [...]
Figures from the US Labor Department have revealed US wholesale price inflation rose last month on the back of rising tobacco and light motor truck prices. According to the Labor Department, the cost of finished goods rose 0.2% in July, with fresh fruit, beef and veal all attributing to pushing up the rate of inflation. [...]
The Federal Reserve’s policy-setting arm, the Federal Open Market Committee (FOMC), elected to keep interest rates on hold between 0% and 0.25% yesterday. Rates have been at the record low since December 2008 and the Fed has announced it will hold rates at this historic low until 2013 – suggesting the central bank is concerned [...]
The latest Beige Book report, published by the Federal Reserve, has revealed widespread signs that US economic growth is slowing. The Fed said: “Economic activity continued to grow; however, the pace has moderated in many districts.” The economic recovery of the US remains sluggish in the face of higher unemployment and a depressed housing market, [...]
The Federal Reserve yesterday opted to keep interest rates at the record low of between 0% and 0.25% and hinted that they will stay this way for the medium-term. US interest rates have now been at this rate since December 2008 in an effort to stimulate economic growth. The US central bank also lowered its [...]
Ben Bernanke, chairman of US central bank, the Federal Reserve, said he expects economic growth to be between 3.1% and 3.3% for the 2011 year - lower than a previous forecast of 3.4% to 3.9%. Mr Bernanke said the reduced growth was the result of lower defence spending, slower exports and bad weather. At a [...]
The Labor Department has today revealed US prices rose by 2.1% on an annual basis in February - up from 1.6% in January. On a monthly basis, prices rose by 0.5% – the fastest rise since June 2009, driven by higher oil and food costs. Food costs rose by 0.6% month-on-month, the most in two-and-a-half [...]
The Federal Reserve’s policy-setting arm, the Federal Open Market Committee (FOMC), elected to keep interest rates on hold between 0% and 0.25% yesterday – a move which was widely expected. Interest rates have been held at this historic low for two years. In a statement, the central bank said that the economic recovery is on [...]
Federal Reserve chairman, Ben Bernanke, has warned that a prolonged rise in oil prices would pose a danger to economic growth in the US. Speaking to the Senate Banking Committee, Mr Bernanke’s comments come after Brent crude hit $119 a barrel – a two-and-a half-year high. There have also been fears about the impact on [...]
Minutes from the December 14 policy meeting have revealed that US central bank, the Federal Reserve, will press ahead with its $600 billion (£385 billion) stimulus programme. The fresh round of stimulus comes despite improvements in the world’s largest economy, the minutes revealed. Many economists suggested that the strengthening recovery would result in the Fed [...]
US industrial production recovered in November - rising by 0.4% after a 0.2% contraction in October. The result beat expectations of a forecast of 0.3% and represented the biggest gain since July. Meanwhile, the Labor Department today revealed consumer prices slowed in November. The Consumer Price Index edged up 0.1% - slightly below the forecast [...]
The Federal Reserve’s policy-setting arm, the FOMC, elected to keep interest rates on hold between 0% and 0.25% - a move which was widely expected. The Federal Open Market Committee also reaffirmed its commitment to buy $600 million in Government bonds - a policy which was branded “QE2“ (quantitative easing) and designed to boost the [...]
The Federal Reserve’s policy-setting arm, the FOMC, is scheduled to announce its decision on monetary policy today, with economists expecting no change in interest rates or to its quantitative easing programme. Last month, the Federal Open Market Committee, opted to restart its stimulus programme. The measures, introduced to stimulate the economic recovery, saw the central [...]
The core measure of inflation in the US slowed further last month, posting a 0.6% annual rise - the lowest year-on-year gain on record and way below the Federal Reserve’s target of about 2%. Core prices, which exclude food and energy costs, have now remained flat for three consecutive months, the Labor Department said today. [...]
The Labor Department has revealed the world’s largest economy added 151,000 new jobs last month. The news was gratefully received after concerns of a sluggish recovery, which led the Federal Reserve to introduce a fresh round of stimulus this week. However, the latest figures means the unemployment rate continues to hold steady at 9.6% - [...]
The Bank of Japan (BoJ) has today left interest rates at almost zero, in a bid to boost the economy and continue its battle deflation. The move follows its surprise decision last month to cut interest rates to this level. The Japanese recovery has been faltering of late and exports, a crucial driver for economic [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% – where they have been since May 2009. Interest rates are expected to remain on hold until at least 2011, as a result of uneven growth and low inflation. The news comes after the Bank of [...]
European equities markets were higher Tuesday as banks came back from big declines on Monday, helped by a statement from Societe Generale’s (Euronext: GLE) CEO that his bank is healthy. The FTSE 100 was up 0.87 percent to 5,174.25 in London, while the FTSE 250 added 0.27 percent to 10,011, with banks the best performers [...]
Rics: Housing market remains in the doldrums
The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market remained weak in August with house prices falling further. According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate. The [...]
CML: Mortgage lending edges higher in July
The Council of Mortgage Lenders (CML) has reported the number of loans for house purchase rose in July. According to the Council, there were 48,400 loans advanced for house purchase in the month – up by 1,000 from June’s figure but almost 7,000 lower when compared with July 2010. Commenting on today’s figures, Paul Smee, [...]
UK inflation edges higher in August
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.5% last month from July’s rate of 4.4%. However, the figure was in line with analysts’ expectations. Higher inflation continues to be led by rising food costs but the main reason behind last month’s rise was a 5.1% [...]
Fresnillo down on silver prices
European equities markets were lower Monday on the possibility that Greece could default soon and on speculation that Moody’s Investors Service could cut its rating on several big banks with holdings tied to Greece. The FTSE 100 was down 1.63 percent to 5,129.62 in London, while the FTSE 250 dropped 1.65 percent to 9,983.75 as [...]
IFS warns of tough times for UK households
A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]
ICB final report recommends ring-fencing
The Independent Commission on Banking’s (ICB) final report has been published today and is recommending that UK banks should ring-fence their retail banking operations. According to the report, ring-fencing would protect banks from riskier investment banking divisions and would “make it easier and less costly to resolve banks that get into trouble”. The ICB, which [...]
Tullow Oil leads 100 in London
European equities markets were significantly lower Friday on an increased possibility that Greece could default on its debt as soon as this weekend, raising the concern level over the European region’s debt problems and ratcheting up worries that the economic recovery is faltering. Additionally, markets reacted to the resignation of European Central Bank board member [...]
SMMT: UK car sales rise in August
The Society of Motor Manufacturers and Traders (SMMT) have revealed UK car sales saw their first rise in 14 months in August. According to the trade body, car sales rose by 7.3% in August compared with the same month in 2010, with sales of smaller cars rising by more than 30%. The Ford Fiesta remained [...]
Factory gate inflation higher than expected in August
The Office for National Statistics (ONS) has today revealed UK producer output prices held steady in August – remaining at the highest annual rate since October 2008. According to the ONS, output prices (factory gate) annual inflation for all manufactured products held steady at July’s upwardly revised reading of 6.1% in August. The figures were [...]
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Fed Chairman comments on unemployment and deficit
Federal Reserve chairman Ben Bernanke has warned that stubbornly high unemployment will remain. Mr Bernanke said the weak labour market means a recovery is not yet “truly established.” His comments come despite the drop in the US unemployment rate last month. Last week, the Labor Department reported the unemployment rate in the US fell from [...]