Page 12 - Us Economy

Fitch ups 2024 world growth forecast to 2.6%; cautions on inflation

However, for 2025, Fitch expects world growth to edge down to 2.4 per cent as US growth slows to a below-trend rate of 1.5 per cent and growth in the Eurozone picks up to 1.5 per cent

US weekly unemployment claims hit 10-month high; producer prices fall

That was reinforced by other data from the Labor Department on Thursday showing producer prices unexpectedly falling in May

US job gains blow past expectations in May, wage growth accelerates

Nonfarm payrolls increased by 272,000 jobs last month, the Labor Department's Bureau of Labor Statistics said

US job growth to remain at moderate pace in May, wage gains hold steady

The Labour Department's closely watched employment report on Friday is also expected to show the unemployment rate remained below 4 per cent for the 28th straight month

US factory activity slows for second month in May as new goods orders fall

The Institute for Supply Management's manufacturing purchasing managers index for May fell to 48.7 from 49.2 in April

US inflation increases moderately in April, consumer spending slows

The personal consumption expenditures (PCE) price index increased 0.3% last month, the Commerce Department's Bureau of Economic Analysis said on Friday, matching the unrevised gain in March

US economic growth revised lower for Q1; weekly jobless claims edge up

The labor market is steadily rebalancing in the wake of 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 to slow demand in the overall economy

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The downside pressure on gold further intensified on Thursday on better-than-expected S&P US Global manufacturing and services PMI data

US unemployment benefits claims fall as labour market continues to thrive

The number of Americans applying for unemployment benefits fell last week as layoffs remained historically low despite the Federal Reserve's efforts to loosen the labor market. Jobless claims for the week ending May 18 fell by 8,000 to 215,000, down from 223,000 the week before, the Labor Department reported Thursday. The four-week average of claims, which softens some of the week-to-week volatility, rose a modest 1,750 to 219,750. Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week and a sign of where the job market is headed. They have remained at historically low levels since millions of jobs were lost when the COVID-19 pandemic hit the U.S. in the spring of 2020. The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in a bid to stifle the four-decade high inflation that took hold after the economy rebounded from the COVID-19 recession of 2020. The Fed's intention was to loosen the labor market an

US labour market rebalancing, economy slowing further in second quarter

The labor market is steadily rebalancing in the wake of 525 basis points worth of rate hikes from the U.S. central bank since March 2022 to cool demand in the overall economy

US consumer inflation eases to 0.3% in April; retail sales unchanged

The reports suggested that domestic demand was cooling, which is likely to be welcomed by officials at the U.S. central bank as they try to engineer a "soft-landing" for the economy

US homebuilder sentiment tumbles as high interest rates slow buyer traffic

Spot gold rose 0.4% to $2,367.29 per ounce, as of 1322 GMT. U.S. gold futures rose 0.6% to $2,372.70

US homebuilder sentiment tumbles as high interest rates slow buyer traffic

NAHB measures of current sales, sales expectations for the next six months and traffic of potential buyers all fell

Tesla plans to fire 601 more employees in California amid falling sales

The electric carmaker said last month it would lay off 6,020 people in California and Texas, as part of the headcount cuts

US producer prices in Apr soar more than expected on strong services, goods

The report from the Labor Department on Tuesday also showed wholesale goods prices rising solidly last month, though the cost of food declined

Asian shares hit 15-mth high ahead of highly anticipated US inflation data

MSCI's broadest index of Asia-Pacific shares outside Japan climbed slightly and hit its highest since early 2023

Crews prepare for demolition at Francis Scott Key bridge collapse site

After weeks of preparation, crews are scheduled to conduct a controlled demolition Sunday to break down the largest remaining span of the collapsed Francis Scott Key Bridge in Maryland, which came crashing down under the impact of a massive container ship on March 26. Of the crew members, 20 are from India and one is Sri Lankan. The steel span landed on the ship's bow after the Dali lost power and crashed into one of the bridge's support columns shortly after leaving Baltimore. Since then, the ship has been stuck among the wreckage and Baltimore's busy port has been closed to most maritime traffic. Six members of a roadwork crew plunged to their deaths in the collapse. The last of their bodies was recovered from the underwater wreckage earlier this week. All the victims were Latino immigrants who came to the U.S. for job opportunities. They were filling potholes on an overnight shift when the bridge was destroyed. The controlled demolition will allow the Dali to be refloated and ..

America's debt tops $34 trn, but commission to address it appears dead

For Mike Johnson it was effectively a Day 1 priority. It's well past time, the newly elected House speaker said in October, to establish a bipartisan commission to tackle the federal government's growing USD 34.6 trillion in debt. "The consequences if we don't act now are unbearable, he said, echoing warnings from his predecessor and other House Republicans. More than six months later, the proposal appears all but dead, extinguished by vocal opposition from both the right and the left. The collapse underscores an unyielding dynamic in Washington, with lawmakers in both parties loath to consider the unpopular tradeoffs that would be necessary to stem the nation's swelling tide of red ink particularly in an election year. Facing the reality that any fiscal commission would almost certainly suggest that Americans pay more or get less from their government, lawmakers have time and again done what they do so well: punt the problem to the next Congress. And they seem poised to do so ..

US weekly jobless claims increase more than expected as labor market eases

The Fed last week left its benchmark overnight interest rate unchanged in the current 5.25%-5.50% range, where it has been since July

Baltimore bridge collapse: Officials release timeline, cost for rebuilding

Maryland plans to rebuild the Francis Scott Key Bridge in just over four years at an estimated cost between USD 1.7 billion and USD 1.9 billion, a state transportation official said Thursday. The state plans to build a new span by fall of 2028, said David Broughton, a spokesperson for the Maryland Department of Transportation. He said the cost estimate is preliminary, and detailed engineering specifics have not been confirmed. As salvage efforts continue, authorities also announced late Wednesday they had recovered the body of a fifth person who was missing after the bridge's March 26 collapse, which shut down the port of Baltimore, one of the busiest ports in the country. Six members of a roadwork crew plunged to their deaths when a container ship lost power and crashed into one of the bridge's supporting columns. The Key Bridge Response Unified Command announced that the victim found Wednesday was identified as Miguel Angel Luna Gonzalez, 49, of Glen Burnie, Maryland. All of the .