Page 5 - Us Economic Growth

Wealth of 5 richest men doubled since 2020; 5 bn people now poorer: Oxfam

Fortunes of five richest men have more than doubled since 2020 and the world could have its first-ever trillionaire in just a decade while it would take more than two centuries to end poverty, rights group Oxfam said on Monday. Releasing its annual inequality report on the first day of the World Economic Forum (WEF) Annual Meeting here, Oxfam said seven of 10 of the world's biggest corporations have a billionaire as a CEO, or principal shareholder. It further said that 148 top corporations made USD 1.8 trillion in profits, 52 per cent up on three-year average, and dished out huge payouts to rich shareholders, while hundreds of millions faced cuts in real-term pay. Oxfam called for a new era of public action, including public services, corporate regulation, breaking up monopolies and enacting permanent wealth and excess profit taxes. The world's five richest men have more than doubled their fortunes from USD 405 billion to USD 869 billion since 2020 "at a rate of USD 14 million per

China's exports rise, but deflation persists as economy enters 2024

Analysts also anticipate that interest rates will drop at least 1.5 percentage points in the United States and Europe this year, which should improve demand for imported goods

Gold to maintain upward trajectory in 2024, ended CY23 with 15% return

Yellow metal to maintain its impressive run in 2024 on the back of triggers such as the moderation in US economic growth, expectation of rate cuts this year and continued buying from central banks

'World is watching,' says US President Biden as Israel, Ukraine aids stall

Biden said he was willing to consider immigration policy changes to secure a deal, winning praise from a key Republican lawmaker

US inflation slows sharply in October, core pressures ease to 2-year low

In the 12 months through October, the CPI climbed 3.2 per cent after rising 3.7 per cent in September

US economic outlook strengthens, inflation progress bumpy: Survey

Forecasters see more straightforward progress on the so-called core measures for both CPI and PCE inflation, which strip out the more volatilie components of food and energy

US growth for last qtr likely reflected consumers' resistance to Fed hikes

The government is expected Thursday to report stellar growth for the US economy during the July-September quarter, highlighting the durability of consumer and business spending despite the Federal Reserve's efforts to cool the expansion with high interest rates. Last quarter's robust growth, though, will probably prove to be a high-water mark for the economy before a steady slowdown beginning in the current October-December quarter and extending into 2024. Thursday's report is sure to be seized upon by the Biden administration as evidence that its policies have helped spur solid growth, though surveys show that most Americans hold a sour view of the president's handling of the economy. The Commerce Department's figures are expected to show that the nation's gross domestic product the economy's total output of goods and services expanded at a 3.8% annual pace in the third quarter, according to a survey of economists by FactSet. If accurate, that would amount to the fastest quarterl

Safe-haven gold gains buoyed by Middle East conflict; US data in focus

US business activity ticked higher in October while output in the euro zone took a surprise turn for the worse, surveys showed on Tuesday

US retail sales exceed forecasts, economic data defies expectation again

Sales, unadjusted for inflation, increased 0.7% after upwardly revised advances in the prior two months, according to the Commerce Department

Biden looks to spotlight his foreign policy as 2024 reelection bid heats up

This probably wasn't how President Joe Biden envisioned his big foreign policy week ending. Biden spent much of the time trying to make the case to world leaders at the UN General Assembly as well as to Democratic donors and voters that his decades of foreign policy experience and demonstrated moral clarity set him apart from Donald Trump, the early front-runner for the Republican presidential nomination. But just as Biden is looking to spotlight his foreign policy chops with his 2024 reelection bid heating up, he is facing a growing list of national security headaches, several of which emerged in recent days. There is a diplomatic spat between US allies Canada and India over the killing of a Sikh activist on Canadian soil, growing concern about the future of US funding for Ukraine, and the indictment of the influential chairman of the Senate Foreign Relations Committee, Sen. Bob Menendez, D-N.J. Each will test Biden and his administration. Menendez and his wife were indicted Frida

US economic growth for last quarter is revised down to 2.1% annual rate

The US economy expanded at a 2.1 per cent annual pace from April through June, showing continued resilience in the face of higher borrowing costs for consumers and businesses, the government said Wednesday in a downgrade from its initial estimate. The government had previously estimated that the economy expanded at a 2.4 per cent annual rate last quarter. The Commerce Department's second estimate of growth last quarter marked a slight acceleration from a 2 per cent annual growth rate from January through March. Though the economy has been slowed by the Federal Reserve's strenuous drive to tame inflation with interest rate hikes, it has managed to keep expanding, with employers still hiring and consumers still spending. Wednesday's report on the nation's gross domestic product the total output of goods and services showed that growth last quarter was driven by upticks in consumer spending and business investment. The American economy the world's largest has proved surprisingly

US economy unexpectedly accelerated to a 2.4% growth rate in April-June qtr

The US economy surprisingly accelerated to a 2.4 per cent annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve's 16-month-long fight to bring down inflation. Thursday's estimate from the Commerce Department indicated that the gross domestic product the economy's total output of goods and services picked up from the 2 per cent growth rate in the January-March quarter. Last quarter's expansion was well above the 1.5 per cent annual rate that economists had forecast. Driving last quarter's growth was a burst of business investment. Excluding housing, business spending surged at a 7.7 per cent annual rate, the fastest such pace since early 2022. Companies plowed more money into factories and equipment. Increased spending by state and local governments also helped fuel the economy's expansion in the April-June quarter. Consumer spending, the heart of the nation's economy, was also soli

Congressional Budget Office predicts slower economic, job growth into 2024

The Congressional Budget Office reported Wednesday that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024. The latest 10-year budget and economic outlook from the nonpartisan office shows how difficult it is to figure out where the United States is going in the wake of the pandemic. Many economists and investors were caught off guard as Federal Reserve interest rate increases, intended to combat high inflation, have not led to mass layoffs and a recession. Rather, growth and hiring have stayed relatively solid. The CBO said it expects rates to continue to rise, as well as slower growth in the gross domestic product for the rest of this year and unemployment reaching 4.7 per cent by the end of 2024. In February, the agency projected that the unemployment rate would jump to 5.1 per cent. It currently stands at 3.6 per cent. The CBO now estimates that rate will end the year a

India's Superman stature in world order by 2075 to be US' kryptonite

Off the back of superior economic growth, EMs and the Indian capital market are expected to grow in stature over the decades to come

US is courting India for its growing economic clout, against China: Report

The United States is courting India for its growing economic influence and also considering the latter as an indispensable accomplice in their rivalry with China, according to The Economist.The Economist is a British weekly newspaper printed in demi tab format and published digitally.According to the publication, India's foreign policy has become more assertive and more hostile to China. The US is also seeing that the Indian diaspora is the world's biggest, and remarkably influential which would be helpful for them.But what is the more alluring asset that India have is the economy which is growing to its full potential.The US and India are seeing their partnership growing deep and close. Prime Minister Narendra Modi is all set to visit the US this week where President Joe Biden is throwing a formal banquet for him at the White House. PM Modi has also been invited to address a joint session for the second time--an honour previously accorded only to the likes of Winston Churchill, ...

As debt ceiling deal goes for vote, Prez Biden requests lawmakers' support

President Joe Biden says he feels good about the debt ceiling and budget deal negotiated with House Speaker Kevin McCarthy as the White House and congressional leaders work to ensure its passage this week in time to lift the nation's borrowing limit and prevent a disastrous U.S. default. Biden spent part of the Memorial Day holiday working the phones, calling lawmakers in both parties, as the president does his part to deliver the votes. A number of hard right conservatives are criticizing the deal as falling short of the deep spending cuts they wanted, while liberals decry policy changes such as new work requirements for older Americans in the food aid program. A key test will come Tuesday afternoon when the House Rules Committee is scheduled to consider the package and vote on sending it to the full House for a vote expected Wednesday. I feel very good about it," Biden told reporters Monday as he left Washington for his home in Delaware. I've spoken to a number of the members, he

Explained: Why spending cuts may not shake the economy of United States

The deal averted default, but it hindered what was already a slow recovery from the Great Recession

Demand for commercial property in India robust, US, Europe struggle

The unabated interest hikes by the Federal Reserve of the United States have resulted in a situation where cheap money is no more available

US firms prioritize others over China: American Chamber of Commerce China

The survey was conducted between April 18 and 20 and was published in the 2023 American Business in China White Paper on Wednesday

US labour costs pick up, likely locking in one more Fed rate hike

The employment cost index, a broad gauge of wages and benefits, increased 1.2% in the first quarter, according to Labor Department figures released Friday