News Tag: US
August 11, 2011
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 ...
US trade deficit widens as exports slump
by Kay Mitchell
August 10, 2011
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 ...
US Fed keeps interest rates on hold
by Kay Mitchell
August 8, 2011
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 ...
US unemployment rate dips in July
by Kay Mitchell
August 2, 2011
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 consumer spending down in June
by Kay Mitchell
US House passes debt bill
by Kay Mitchell
August 1, 2011
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 ...
US reach agreement on raising US debt ceiling
by Kay Mitchell
July 29, 2011
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 ...
US economic growth slower in Q2
by Kay Mitchell
July 28, 2011
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: ...
Weak housing market and unemployment drag on US economy
by Kay Mitchell
July 27, 2011
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 ...
US new home sales fall in June
by Kay Mitchell
South Korean economy sees slowdown in Q2
by Kay Mitchell
July 21, 2011
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 ...
US existing home sales down in June
by Kay Mitchell
July 19, 2011
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 ...
Price of gold rises above $1,600
by Kay Mitchell
July 18, 2011
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 ...
US consumer prices fall in June
by Kay Mitchell
July 15, 2011
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 ...
S&P may downgrade US AAA rating
by Kay Mitchell
July 13, 2011
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 – ...
US trade deficit widens as oil imports surge
by Kay Mitchell
July 8, 2011
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 ...
US unemployment rate edges up to 9.2%
by Kay Mitchell
June 29, 2011
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 ...
IMF downgrades US economic growth
by Kay Mitchell
June 27, 2011
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. ...
US consumer spending unchanged in May
by Kay Mitchell
June 24, 2011
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 ...
US Q1 economic growth figures revised upwards
by Kay Mitchell
Economy News
