Tag: Economy News

Hometrack: House prices fall in September

Hometrack: House prices fall in September

According to housing intelligence group, Hometrack, house prices in England and Wales fell in September – the 15th consecutive monthly fall. According to Hometrack, house prices dipped by 0.1% in September on a monthly basis and are 3.5% lower on the year. Hometrack attributes the ongoing trend to weak demand for housing on the uncertainty [...]

October 3, 2011 | 1 Comment More
CBI urges Government to boost housing market

CBI urges Government to boost housing market

The Confederation of British Industry (CBI) is calling on the Government to launch new initiatives to boost the ailing housing market, suggesting it could help economic growth. The business lobby group wants Chancellor George Osborne to launch the fresh initiatives in his autumn statement, which will be delivered later this year. In a speech to [...]

September 30, 2011 | 0 Comments 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 | 0 Comments More
Chancellor Osborne admits economy is weak

Chancellor Osborne admits economy is weak

At a speech at the insurers Lloyd’s of London, Chancellor George Osborne has admitted that recent weak economic data had led to a downgrade in growth. Speaking at the dinner in London, the Chancellor said: “We warned repeatedly that the recovery would be choppy.” However, despite the sluggish economic recovery, the Government is sticking with [...]

September 7, 2011 | 1 Comment More
Weak UK factory output suggests poor start to Q3

Weak UK factory output suggests poor start to Q3

The Office for National Statistics (ONS) has today revealed UK factory output shrank by 0.2% in July after a flat reading the previous month. The reading was worse than economists had expected and confirm weak prospects for the economy after the figures suggest a poor start to the third quarter. The fall was attributed to [...]

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UK manufacturing activity hits 26-month low

UK manufacturing activity hits 26-month low

The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity contracted at the fastest pace in more than two years in August. The closely-watched CIPS/Markit manufacturing PMI fell to 49.0 last month from an upwardly revised 49.4 in July. The latest figure means the index remains [...]

September 1, 2011 | 0 Comments More
BCC revises UK economic growth forecast

BCC revises UK economic growth forecast

The British Chambers of Commerce (BCC) has today revised its growth prospects for the UK economy. The lobby group is now forecasting growth of just 1.1% this year, down from its 1.3% forecast in June and much lower than the 1.9% it estimated at the start of the year. Meanwhile, it is expecting growth of [...]

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 | 0 Comments 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. [...]

Land Registry reports 1.3% rise in July house prices

Land Registry reports 1.3% rise in July house prices

According to the Land Registry, house prices rose by 1.3% in July compared with June, putting the average cost of a home at £163,049 in England and Wales. On an annual basis, the Registry said prices are 2.1% lower. It must be noted that the Land Registry compiles its data from completed transactions and therefore [...]

Bank of England lowers economic growth forecast

Bank of England lowers economic growth forecast

August 10, 2011 | 0 Comments More
New Zealand economic growth beats expectations in Q1

New Zealand economic growth beats expectations in Q1

Official figures today revealed New Zealand’s economy surged in the January to March period despite the devastating earthquake which hit Christchurch, the country’s second largest city, on 22 February. The economy grew by 0.8% in the three month period – the fastest pace for over a year, according to Statistics New Zealand. The figure was [...]

July 14, 2011 | 0 Comments More
UK interest rates remain on hold

UK interest rates remain on hold

The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5%, as widely expected. Interest rates have now been at this low level since March 2009 – when the economy was in the midst of recession. Recent figures show the economy [...]

July 7, 2011 | 0 Comments More
UK interest rates to remain on hold today

UK interest rates to remain on hold today

The Bank of England’s Monetary Policy Committee (MPC) commenced its two-day rate-setting meeting yesterday and interest rates are expected to remain on hold at the record low of 0.5% - where they have been since March 2009. The bank is presented with a dilemma as it comes under pressure to raise interest rates to combat [...]

Public sector workers protest against pension reforms

Public sector workers protest against pension reforms

A 24-hour strike is underway in the UK as public sector workers protest against pension reforms. The Public and Commercial Services (PCS), which is Britain’s largest civil service union, as well as three teaching unions, are protesting against changes to their pensions. The industrial action will result in Britain’s worst strike for decades and will [...]

June 30, 2011 | 0 Comments More
Bank of England: Home repossessions to stay low

Bank of England: Home repossessions to stay low

According to Sir Mervyn King, the Governor of the Bank of England, a surge in home repossessions is unlikely as UK interest rates are set to remain low. Repossessions have fallen over recent times and many experts have previously argued that homeowners have been saved from repossession because of historically low interest rates, which has [...]

June 28, 2011 | 0 Comments More
US consumer spending unchanged in May

US consumer spending unchanged in May

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 [...]

June 27, 2011 | 0 Comments More
Australia’s jobless rate holds steady at 4.9%

Australia’s jobless rate holds steady at 4.9%

Figures today revealed Australia’s unemployment rate held steady at 4.9% in May. According to the Australian Bureau of Statistics, the economy created just 7,800 jobs last month – far worse than the 25,000 analysts had forecast. However, the number was offset by a rise of 29,800 in part-time employment, which helped maintain the jobless rate. [...]

June 9, 2011 | 0 Comments More
Australia’s economy contracts in Q1

Australia’s economy contracts in Q1

The Australian economy, dubbed the “wonder from down under”, contracted in the first quarter after flood and cyclone disasters led to a fall in coal and agricultural exports. According to the Australian Bureau of Statistics, the economy contracted by 1.2% in the January to March period – the largest quarterly contraction since 1991 – the [...]

June 1, 2011 | 0 Comments More
Japan ends 2 years of deflation

Japan ends 2 years of deflation

The Statistics Bureau has today revealed Japan has overcome deflation for the first time in 25 months after consumer prices rose by 0.6% last month – in line with forecasts. A short period of deflation (where prices fall rather than increase) is a serious threat to an economy because it deters consumers and businesses from [...]

May 27, 2011 | 0 Comments More