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News Tag: US

October 31, 2011

ILO: Global economy on brink of jobs recession

by Kay Mitchell
”ILO:
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 to pre-crisis levels, according to ...




October 29, 2011

US consumer spending up in September

by Kay Mitchell
”US
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 recession just a few weeks ago. Consumer spending ...




October 26, 2011

US consumer confidence slumps in October

by Kay Mitchell
”US
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 recession. Furthermore, the index remains far away from the ...




October 17, 2011

US banks announce third quarter earnings

by Kay Mitchell
”US
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. The bank, which received two Government bailouts in ...




October 14, 2011

US retail sales higher in September

by Kay Mitchell
”US
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 a 0.3% increase after reporting that volumes were unchanged. US ...




October 7, 2011

US unemployment rate holds steady at 9.1%

by Kay Mitchell
”US
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 by 58,000. The latest figure means the unemployment ...




September 30, 2011

US economic growth revised upwards for Q2

by Kay Mitchell
”US
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 upward revision was attributed to higher ...




September 29, 2011

Fed chairman warns of high unemployment

by Kay Mitchell
”Fed
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. This represented the first time since ...




September 27, 2011

US new home sales fall in August

by Kay Mitchell
”US
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 is now less than half the 700,000 ...




September 9, 2011

US exports surge, Obama unveils jobs plan

by Kay Mitchell
”US
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, imports fell 0.2% to $222.8 billion – attributed ...




September 8, 2011

Fed: US economy remains sluggish

by Kay Mitchell
”Fed:
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 unemployment, weak retail sales and a depressed housing ...




OECD lowers growth prospects for major economies

by Kay Mitchell
”OECD
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, an unexpected sharp downgrade comes ...




September 5, 2011

Stocks down as RBS faces US lawsuit

by Kay Mitchell
”Stocks
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, represented one of the most major ...




September 2, 2011

US unemployment rate holds steady at 9.1%

by Kay Mitchell
”US
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 cancelled out by 17,000 jobs ...




Obama administration downgrade US economic growth prospects

by Kay Mitchell
”Obama
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 0.4% in the first ...




August 31, 2011

US house prices stabilising, consumer confidence dives

by Kay Mitchell
”US
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 suggested it is holding back ...




August 30, 2011

US consumer spending up in July

by Kay Mitchell
”US
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 expected by the market. Consumer spending is ...




UK Q2 economic growth figures unchanged, US revised down

by Kay Mitchell
”UK
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. On an annual basis, meanwhile, there ...




August 18, 2011

Stocks fall as Morgan Stanley downgrades global GDP

by Kay Mitchell
”Stocks
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 fears increase. Meanwhile, Morgan Stanley criticised ...




August 17, 2011

US inflation up on higher tobacco prices

by Kay Mitchell
”US
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. However, the main reason was the 2.8% ...