Manufacturing activity in the 17-member euro zone fell in June to an 18-month low, figures showed today. The Markit Purchasing Managers’ Index (PMI) posted a reading of 52.0 in June from May’s reading of 54.6. However, the index continues to remain above the crucial 50 level which indicates expansion. The slowdown was attributed to the [...]
The Commerce Department has today reported consumer spending in the US was flat in May. This was the first month since September 2009 that there was no growth, surprising analysts who had expected a 0.1% rise. Consumer spending is closely monitored as it accounts for approximately 70% of total economic output. However, many analysts said [...]
The Commerce Department has today revealed the US economy grew by an annualised 1.9% in the January to March period – marginally higher than the previous estimate of 1.8%. On a quarterly basis, growth was up 0.58%. Today’s reading is the third and final for first quarter growth. Stubbornly high unemployment and a depressed housing [...]
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 [...]
The International Monetary Fund (IMF) has warned the Spanish Government to continue with its efforts of cutting public spending and reducing unemployment. Like many other Governments across the globe, Spain is taking steps to reduce the deficit but the IMF warned the economy still faces “considerable” risks. In an annual report, the Washington-based Fund said: [...]
The US housing market remains depressed after figures today revealed sales of previously owned homes plunged 15% on an annual basis last month, according to the National Association of Realtors (NAR). The industry body also said sales were down 3.8% on the previous month to a seasonally adjusted annual rate of 4.81 million units – [...]
Higher prices at the petrol pumps and economic uncertainty has led to a fall in UK retail sales for the month of May, according to the Office for National Statistics (ONS) today. The ONS said retail sales dived 1.4% last month, reversing the strong rise seen in April due to the late bank holidays, good [...]
The Office for National Statistics (ONS) has today revealed UK unemployment fell further in the three months to April. The ONS said unemployment fell by 88,000 in the three month period to 2.430 million – the biggest fall since August 2000. The latest figures means the unemployment rate remained flat at 7.7%. However, the number [...]
Chairman of the Federal Reserve, Ben Bernanke, has acknowledged that economic growth has been weaker than expected this year but expects it strengthen in the latter half of the year. His comments came shortly after it was revealed US employment growth weakened in May, with the jobless rate rising. Speaking at the International Monetary Conference [...]
The Labor Department has today revealed the unemployment rate in the US unexpectedly rose in May to 9.1%, up from 9% in April. Despite the rise in the jobless rate, it was the eighth consecutive month of positive employment growth. The economy created 54,000 jobs in the month – however, this was far less than [...]
Manufacturing activity in the 17-member euro zone fell in May, figures showed today. The Markit Purchasing Managers’ Index (PMI) posted a reading of 54.6 in May, from April’s level of 58. However, the index continues to remain above the crucial 50 level which indicates expansion. The slowdown was attributed to the nation’s weaker economies, which [...]
According to a preliminary estimate from Eurostat today, euro zone inflation eased in May to 2.7%, from 2.8% in April. Last month, the European Central Bank (ECB) raised interest rates from 1% to 1.25% – the first time in almost three years in a bid to fight inflation. However, despite the fall, analysts expect inflation [...]
The Office for National Statistics (ONS) has today revealed UK unemployment fell further in the three months to March. The ONS said unemployment fell by 36,000 in the three month period to 2.46 million. The latest figures means the unemployment rate has fallen to 7.7% from 7.8% in February. In the meantime, the number of [...]
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 [...]
Bank of America, which is the largest in the US by assets, has posted a 38% decline in profits for the first quarter. The bank said profits came in at $2 billion (£1.23 billion), a sharp fall compared with a year ago. Furthermore, its home loans business lost $2.39 billion, as debts were not repaid. [...]
Germany’s Economy Minister Rainer Bruederle has today said the economy will perform better than expected in 2011. According to the minister, the economy is predicted to grow by 2.6% this year – better than a previous estimate of 2.3% in January. However, growth will ease slightly in 2012, slowing to 1.8%, said Mr Bruederle. The [...]
The Office for National Statistics (ONS) has today revealed UK unemployment fell in the three months to February. The ONS said unemployment fell by 17,000 in the three month period to 2.48 million. The latest figures means the unemployment rate has fallen to 7.8% from 8% in January. In the meantime, the number of Britons [...]
The International Monetary Fund (IMF) has today said while the global economy is recovering, challenges remain. The challenges the global economy face are rising oil prices amid the ongoing civil unrest in Libya and the Middle East. Inflationary pressures also pose a threat to economic growth – particularly in Asia, the IMF said in its [...]
Influential think tank, the Centre for Economics and Business Research (CEBR), has said higher inflation and low pay rises means British households face their biggest squeeze since 1921. The report suggests a typical British family will have £910 less to spend this year than they did in 2009 due to higher food and energy prices [...]
It looks as if Germany will continue to drive the recovery in the euro zone after forecasts said the economy will expand by 2.8% this year. In a closely monitored twice-yearly report, the country’s leading economic institutes upwardly revised an earlier forecast of 2% growth. The report said: “In the spring of 2011, the world [...]
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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