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12th of August 2011
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News Tag: US

August 11, 2011

US trade deficit widens as exports slump

by Kay Mitchell
”US
The US trade deficit swelled in June to $53.1 billion (£32.9 billion) from an upwardly revised $50.8 billion the previous month, as exports slumped. The deficit was much higher than the $48 billion expected by analysts. According to the Commerce Department, the trade deficit rose to the highest level since October 2008. Exports fell by $4.1 billion (or 2.3%) to $170.9 ...




August 10, 2011

US Fed keeps interest rates on hold

by Kay Mitchell
”US
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 about the economic recovery. However, the announcement ...




August 8, 2011

US unemployment rate dips in July

by Kay Mitchell
”US
The Labor Department has revealed the unemployment rate in the US dipped in July to 9.1%, down from 9.2% in June. The world’s largest economy created 117,000 jobs last month – much better than forecasts. Analysts had been expecting an increase of 85,000, while the unemployment rate was expected to remain at 9.2%. Manufacturing, retail, health care, hotels and restaurants all created jobs ...




August 2, 2011

US consumer spending down in June

by Kay Mitchell
”US
The Commerce Department has today reported an unexpected fall in consumer spending in the US for the month of June. Spending fell 0.2% on the month – the first fall in almost two years – suggesting the economic recovery is losing momentum. Furthermore, the figures confounded analysts’ expectations for a 0.1% increase. Consumer spending is closely monitored as it accounts for approximately 70% ...




US House passes debt bill

by Kay Mitchell
”US
The US House of Representatives has passed the bill to lift the borrowing limit to avoid defaulting on its debt and risk losing its prized triple-A credit rating. The bill was passed by 269 votes to 161 and is now expected to be approved by the Senate and signed into law by President Barack Obama later today. The passing of the bill comes after ...




August 1, 2011

US reach agreement on raising US debt ceiling

by Kay Mitchell
”US
US President Barack Obama has announced Republican and Democratic leaders have come to an agreement on raising the Government debt ceiling to avoid defaulting on its debt. "I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that would have had a ...




July 29, 2011

US economic growth slower in Q2

by Kay Mitchell
”US
The Commerce Department has today revealed the world’s largest economy grew by 1.3% on an annual basis in the April to June period. The figure was far short of expectations of a reading of 1.8%. However, today’s reading is the first estimate and could be revised up or down in the coming months. Meanwhile, first quarter growth was sharply revised downwards to ...




July 28, 2011

Weak housing market and unemployment drag on US economy

by Kay Mitchell
”Weak
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 report said. It said: ...




July 27, 2011

US new home sales fall in June

by Kay Mitchell
”US
The Commerce Department has revealed sales of new homes in the US fell in June, suggesting the housing market remains depressed. According to the Commerce Department, new single-family home sales fell by 1% in June on a monthly basis to an annual rate of 312,000 units – lower than expectations of 325,000 units. Meanwhile, the figures come shortly after the National ...




South Korean economy sees slowdown in Q2

by Kay Mitchell
”South
South Korea, which is Asia’s fourth largest economy, has experienced growth of 3.4% in the second quarter on an annual basis, down from 4.2% in the previous quarter, according to official data today. Meanwhile, quarter-on-quarter growth was 0.8%, down from 1.3% as exports slowed and manufacturing weakened. "Private consumption steadily increased and facilities investment rose. But growth in exports slowed while construction ...




July 21, 2011

US existing home sales down in June

by Kay Mitchell
”US
The US housing market remains depressed after figures have revealed sales of previously owned homes fell 0.8% on a monthly basis to a 7-month low, according to the National Association of Realtors (NAR). The industry body said the fall in sales was attributed to contract cancellations with sales running at an annual rate of 4.77 million units – the lowest level ...




July 19, 2011

Price of gold rises above $1,600

by Kay Mitchell
”Price
The price of gold has risen to a fresh all-time high of $1,610 an ounce on the back of US and euro zone debt worries. As debt concerns in the US build, the dollar continues to weaken and the price of gold typically moves in the opposite direction to the precious metal. Some believe gold will continue its rally, while optimistic investors see ...




July 18, 2011

US consumer prices fall in June

by Kay Mitchell
”US
The Labor Department has revealed the US Consumer Price Index, the core rate of inflation, fell 0.2% in June. The fall was attributed to a drop in energy costs and was the first monthly fall in a year. Meanwhile, the annual inflation rate remained steady at 3.6%. However, the gain in core inflation (which strips out the cost of energy and food) was the ...




July 15, 2011

S&P may downgrade US AAA rating

by Kay Mitchell
”S&P
Standard & Poor's (S&P;) has warned it may lower the US triple-A debt rating if a deal to lift the Government’s $14.29 trillion borrowing limit is not agreed soon. The news comes just one day after fellow ratings agency Moody’s said there is a risk of a possible downgrade. Both warnings come as tense negotiations in Washington enter the fifth day ...




July 14, 2011

Moody’s may downgrade US AAA debt rating

by Kay Mitchell
...




July 13, 2011

US trade deficit widens as oil imports surge

by Kay Mitchell
”US
The US trade deficit swelled in May to $50.2 billion (£31.7 billion) from $43.6 billion the previous month, as oil imports surged. According to the Commerce Department, the trade deficit rose to the highest level since October 2008. Exports fell by 0.5% on a monthly basis to $174.9 billion, while imports rose by 2.6% on the month to $225.1 billion – ...




July 8, 2011

US unemployment rate edges up to 9.2%

by Kay Mitchell
”US
The Bureau of Labor Statistics has today revealed the unemployment rate in the US rose in June to 9.2% from 9.1% in May. According to the Bureau, the number of new jobs created in the world’s largest economy last month represented the lowest in 9 months. The economy created just 18,000 jobs in June – lower than forecasts of a 90,000 rise ...




June 29, 2011

IMF downgrades US economic growth

by Kay Mitchell
”IMF
The International Monetary Fund (IMF) has today downgraded its forecast for the US economy expecting growth of 2.5% this year and 2.7% next year. The forecast for next year is below the Federal Reserve’s prediction of 3.3%. The Washington-based Fund was providing its annual review of the world’s largest economy and is warning the US to come to an agreement to lift the Government’s ...




June 27, 2011

US consumer spending unchanged in May

by Kay Mitchell
”US
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 consumers have been squeezed due to higher petrol prices. ...




June 24, 2011

US Q1 economic growth figures revised upwards

by Kay Mitchell
”US
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 market are impacting negatively on the world’s ...




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