Page 10 - Us Economy

US can prosecute Turkish bank in Iran sanctions case, rules appeals court

US prosecutors charged Halkbank in 2019 over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions

IMF upgrades US economic outlook, lowers expectations from Europe, China

The International Monetary Fund on Tuesday upgraded its economic outlook for the United States this year, while lowering its expectations for growth in Europe and China. It left its forecast for global growth unchanged at a relatively lackluster 3.2% for 2024. The IMF expects the US economy the world's largest to expand 2.8% this year, down slightly from 2.9% in 2023 but an improvement on the 2.6% it had forecast for 2024 back in July. Growth in the United States has been led by strong consumer spending, fuelled by healthy gains in inflation-adjusted wages. Next year, though, the IMF expects the US economy to decelerate to 2.2% growth. With a new presidential administration and Congress in place, the IMF envisions the nation's job market losing some momentum in 2025 as the government begins seeking to curb huge budget deficits by slowing spending, raising taxes or some combination of both. The IMF, a 190-nation lending organisation, works to promote economic growth and financial .

Most voters split on whether Trump or Harris can fix weak US economy: Poll

Voters remain largely divided over whether they prefer Republican Donald Trump or Democrat Kamala Harris to handle key economic issues, although Harris earns slightly better marks on elements such as taxes for the middle class, according to a new poll. A majority of registered voters in the survey by The Associated Press-NORC Centre for Public Affairs Research describe the economy as poor. About 7 in 10 say the nation is going in the wrong direction. But the findings reaffirm that Trump has lost what had been an advantage on the economy, which many voters say is the most important issue this election season above abortion, immigration, crime and foreign affairs. Do I trust Trump on the economy? No. I trust that he'll give tax cuts to his buddies like Elon Musk, said poll respondent Janice Tosto, a 59-year-old Philadelphia woman and self-described independent. An AP-NORC poll conducted in September found neither Harris nor Trump had a clear advantage on handling the economy and jobs

US weekly unemployment claims unexpectedly fall 19,000 to 241,000

Initial claims for state unemployment benefits dropped 19,000 last week to a seasonally adjusted 241,000 for the week ended Oct. 12

Tariffs, tax cuts core to Donald Trump's economic pitch to voters

Beyond tax cuts and tariffs, Trump has promised he would support the oil and gas industry by backing new pipelines and restoring fracking on federal land in a bid to boost the economy

US unemployment benefit claims jump to 258,000, at highest level in a year

The number of Americans filing for for unemployment benefits last week jumped to its highest level in a year, which analysts are saying is more likely a result of Hurricane Helene and the Boeing machinist strike than a broader softening in the labour market. The Labor Department reported Thursday that applications for jobless claims jumped by by 33,000 to 258,000 for the week of October 3. That's the most since August 5, 2023 and well above the 229,000 analysts were expecting. Analysts highlighted big jumps in jobless benefit applications last week across states that were most affected by Hurricane Helene, including Florida, North Carolina, South Carolina and Tennessee. Claims will likely continue to be elevated in states affected by Helene and Hurricane Milton as well as the Boeing strike until it is resolved, said Nancy Vanden Houten, lead US economist of Oxford Economics. We think, though, that the Fed will view these impacts as temporary and still expect it to lower rates by (

US inflation likely cooled again last month in sign of healthy economy

US inflation last month likely reached its lowest point since February 2021, clearing the way for another Federal Reserve rate cut and adding to the stream of encouraging economic data that has emerged in the final weeks of the presidential campaign. The consumer price index is expected to have risen just 2.3% in September from 12 months earlier, down from the 2.5% year-over-year increase in August, according to economists surveyed by FactSet, a data provider. A reading that low, likely reflecting lower gas prices and only a slight rise in food costs, would barely exceed the Fed's 2% inflation target. A little over two years ago, inflation had reached a peak of 9.1%. Measured month over month, consumer prices are thought to have risen a scant 0.1% from August to September, down from a 0.2% increase the previous month. The improving inflation data follows a mostly healthy jobs report released last week, which showed that hiring accelerated in September and that the unemployment rate

US trade deficit narrows sharply in August on increase in exports

The trade gap contracted 10.8 per cent to $70.4 billion from a revised $78.9 billion in July, the Commerce Department's Bureau of Economic Analysis said

Share Market Today: RBI MPC meet, Q2 earnings, Middle East war, Oil, FIIs

At 6:40 AM, GIFT Nifty futures were trading 89 points higher at 25,262 levels, suggesting a robust opening for the markets.

US job growth accelerates in Sep, unemployment rate declines to 4.1%

The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000

Construction sector helps to lift US private payrolls in Sep, shows data

Private payrolls increased by 143,000 jobs last month after rising by an upwardly revised 103,000 in August, the report showed

US East Coast port strike likely as union, management trade wage offers

The White House reiterated on Monday it was not considering using the federal Taft-Hartley Act to halt a strike, which would force workers to go back on the job while negotiations continue

US economy in 'solid shape' with gradual rate cuts coming, says Powell

Federal Reserve Chair Jerome Powell signalled on Monday that more interest rate cuts are in the pipeline but suggested they would occur at a measured pace intended to support a still-healthy economy. His comments, at a conference of the National Association for Business Economics in Nashville, Tennessee, disappointed the hopes of many investors that the Fed would implement another steep half-point reduction in its key rate before the end of the year. The Fed cut its rate by a larger-than-usual half point earlier this month as it has moved past its inflation fight and pivoted toward supporting the job market. The broad S&P 500 stock index initially fell 0.6 per cent after his remarks, but recovered afterwards to close about 0.4 per cent higher. "We're looking at it as a process that will play out over some time," Powell said during a question and answer session, referring to the Fed's interest rate reductions, "not something that we need to go fast on. It'll depend on the data, the

Rates will over time reach neutral level, says US Fed chief Powell

"If the economy evolves broadly as expected, policy will move over time toward a more neutral stance," Powell said

US economy grew at 3% rate last quarter, govt says in final estimate

The American economy expanded at a healthy 3% annual pace from April through June, boosted by strong consumer spending and business investment, the government said Thursday, leaving its previous estimate unchanged. The Commerce Department reported that the nation's gross domestic product the nation's total output of goods and services growth picked up sharply in the second quarter from the tepid 1.6% annual rate in the first three months of the year. Consumer spending, the primary driver of the economy, grew last quarter at a 2.8% pace, down slightly from the 2.9% rate that the government had previously estimated. Business investment was also solid: It increased at a vigorous 8.3% annual pace last quarter, led by a 9.8% rise in investment in equipment. The U.S. economy, the world's biggest, displayed remarkable resilience in the face of the 11 interest rate hikes the Federal Reserve carried out in 2022 and 2023 to fight the worst bout of inflation in four decades. Since peaking at

US 30 year mortgage rate slips to 6.13%, refinancing activity jumps

Refinancing now accounts for more than 57 per cent of all mortgage applications, the data show, above the historic median of 48 per cent

US Fed's relaxed bank capital plan faces pushback from regulator: Report

At least three of five FDIC board directors whose support is needed to formally propose the new draft currently oppose doing so, the sources said

US household wealth rises in Q2 to record $163.8 trn on real estate gains

The snapshot of households' financial wellbeing comes less than a week before the Federal Reserve is widely expected to reduce borrowing costs for the first time since the pandemic recession

US Treasury reports $380 billion federal budget deficit in August

The deficit for the first 11 months of the 2024 fiscal year reached $1.897 trillion, a 24 per cent increase from a gap of $1.525 trillion in the year-ago period

US banks share fall on warnings of slower-than-anticipated recovery

Bank executives this week softened investor hopes ahead of a widely expected interest rate cut by the Federal Reserve, as well as persistent worries over the economy