Tag: US

ILO: Global economy on brink of jobs recession

ILO: Global economy on brink of jobs recession

The International Labour Organization (ILO) has warned that the world economy is heading towards a new jobs recession, which could trigger social unrest in some countries. The recent slowdown in the global economy is “dramatically” affecting labour markets and it is expected to take at least five years for employment in developed economies to return […]

October 31, 2011 More
US consumer spending up in September

US consumer spending up in September

Official figures have revealed consumer spending in the US improved last month. According to the Commerce Department, consumer spending rose 0.6% to $68.7 billion (£42.7 billion) in September and follows a 0.2% rise in August. The figures will be a welcome boost for the economy which looked set to be heading towards a double dip […]

October 29, 2011 More
US consumer confidence slumps in October

US consumer confidence slumps in October

US consumer confidence slumped in October, the Conference Board has reported. The closely-monitored Consumer Confidence Index from the Conference Board dived to 39.8 this month from September’s reading of 46.4. Not only was the reading less than forecasts of a level of 46.0, it was the lowest since March 2009, when the US was in […]

October 26, 2011 More
US banks announce third quarter earnings

US banks announce third quarter earnings

US banking giant Citigroup has today reported a rise in its third quarter profit. Citigroup, which is the third largest bank in the US by assets, said third quarter profit came in at $3.77 billion, or $1.23 a share, compared with $2.17 billion, or 72 cents a share, in the same quarter a year earlier. […]

October 17, 2011 More
US retail sales higher in September

US retail sales higher in September

The Commerce Department today revealed US retail sales grew at their quickest pace in seven months in September. According to the Department, sales gained 1.1% on a monthly basis – boosted by clothing and car sales. The figures were better than the 0.7% rise expected by analysts. Furthermore, August retail sales were revised up to […]

October 14, 2011 More
US unemployment rate holds steady at 9.1%

US unemployment rate holds steady at 9.1%

According to the Labor Department, the world’s largest economy added 137,000 new jobs last month, as the public sector cut 34,000 jobs. According to the Labor Department, the private-sector numbers benefited from the return of around 45,000 Verizon workers who had fallen off payrolls in August due to a strike. Excluding those workers, payrolls increased […]

October 7, 2011 More
US economic growth revised upwards for Q2

US economic growth revised upwards for Q2

The Commerce Department has revealed the world’s largest economy grew by 1.3% on an annual basis in the April to June period – higher than an initial estimate of 1%. The figure was also slightly higher than analysts’ expectations of 1.2% and follows a 0.4% growth rate in the first quarter of the year. The […]

September 30, 2011 More
Fed chairman warns of high unemployment

Fed chairman warns of high unemployment

Federal Reserve Chairman, Ben Bernanke, has warned that the world’s largest economy is facing a national crisis due to its high unemployment rate, which currently stands at 9.1%. Earlier this month, the US Labor Department revealed the economy added no new jobs last month, which was a surprise after markets had expected 70,000 new jobs. […]

September 29, 2011 More
US new home sales fall in August

US new home sales fall in August

The Commerce Department has revealed sales of new homes in the US fell to a six-month low in August, suggesting the housing market remains depressed. According to the Commerce Department, new single-family home sales fell 2.3% in August to a seasonally adjusted annual rate of 295,000 units – the lowest level since February. The figure […]

September 27, 2011 More
US exports surge, Obama unveils jobs plan

US exports surge, Obama unveils jobs plan

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, […]

September 9, 2011 More
Fed: US economy remains sluggish

Fed: US economy remains sluggish

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 […]

September 8, 2011 More
OECD lowers growth prospects for major economies

OECD lowers growth prospects for major economies

The Paris-based Organisation for Economic Cooperation and Development (OECD) has revised its growth forecasts for major economies. The US, which is the world’s largest economy, is expected to see growth in the third quarter of 1.1% and 0.4% in the fourth – this is far lower than the previous estimates of 2.9% and 3%. However, […]

Stocks down as RBS faces US lawsuit

Stocks down as RBS faces US lawsuit

Shares in Royal Bank of Scotland (RBS) lost 10% today after it emerged that the bank is being sued by America’s Federal Housing Finance Agency (FHFA) over the sale of residential mortgage-backed securities (RMBSs). The FHFA was established in July 2008 when Fannie Mae and Freddie Mac had to be rescued which, at the time, […]

September 5, 2011 More
US unemployment rate holds steady at 9.1%

US unemployment rate holds steady at 9.1%

According to the Labor Department, the world’s largest economy added no new jobs last month, which was a surprise after markets had expected 70,000 new jobs. This represented the first time since 1945 that there has been a zero payrolls figure after 17,000 jobs were added in the private sector last month but these were […]

September 2, 2011 More
Obama administration downgrade US economic growth prospects

Obama administration downgrade US economic growth prospects

There have been fears of late that the US economy could fall back into recession this year but the Obama administration does not envisage this and is predicting growth of 1.7% this year – albeit 1% less than its forecast earlier this year. Official data from the Commerce Department show the economy grew by just […]

US house prices stabilising, consumer confidence dives

US house prices stabilising, consumer confidence dives

The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas fell in June on an annual basis, by 4.5% – albeit slower than the 4.6% drop in May. The figure was slightly better than the 4.6% decline expected by the market. The US housing market has remained subdued for some time now and many have […]

August 31, 2011 More
US consumer spending up in July

US consumer spending up in July

Official figures have revealed a rise in consumer spending in the US for the month of July – boosted by an increase in car sales. According to the Commerce Department, sales rose by 0.8% in July compared with the previous month – the largest rise in five months and much better than the 0.5% gain […]

August 30, 2011 More
UK Q2 economic growth figures unchanged, US revised down

UK Q2 economic growth figures unchanged, US revised down

The Office for National Statistics (ONS) has revealed the UK economy grew by 0.2% in the April to June period – unchanged from a previous estimate published last month. A third and final estimate will be available next month. However, growth for the second quarter slowed from the 0.5% growth posted in the first quarter. […]

Stocks fall as Morgan Stanley downgrades global GDP

Stocks fall as Morgan Stanley downgrades global GDP

US banking giant Morgan Stanley today downgraded its forecast for global economic growth, sending stock markets falling throughout the world. The American bank lowered its expectations for world growth for the 2011 year to 3.9% from 4.5%, while also downgrading 2012 growth to 3.8% from 4.5%. The downgrade sent shockwaves through stock markets as double-dip […]

August 18, 2011 More
US inflation up on higher tobacco prices

US inflation up on higher tobacco prices

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. […]

August 17, 2011 More