US homebuilder confidence remained unchanged in August, according to the National Association of Home Builders (NAHB)/Wells Fargo sentiment index. The index showed a reading of 15 in August, unchanged from July’s reading, suggesting the US housing market remains subdued. However, the reading was in line with forecasts. The index, which first commenced more than 25 [...]
The Commerce Department has revealed a rise in US retail sales for the month of July. Sales grew 0.5% last month – the best reading since March and follows June’s upwardly revised figure of a 0.3% rise. The rise, which was better than forecasts of a 0.2% gain, was partly attributed to strong demand for [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 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 – [...]
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 [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
