Page 13 - Us Economy

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 .

Commercial aircraft, motor vehicles lift orders of US manufactured goods

Factory orders rose 1.6% after gaining 1.2% in February, the Commerce Department's Census Bureau said on Thursday. The increase in orders was in line with economists' expectations

US Fed keeps key rates unchanged at 5.25%-5.5% for 6th straight meeting

Fed holds rates steady, flags 'lack of further progress' on inflation

US private payrolls increase by 192,000 jobs in April, beat expectations

All industries, with the exception of information, increased hiring last month. Construction led the increase with 35,000 jobs added

Growth in US labour costs accelerates in first quarter amid rise in wages

The Employment Cost Index (ECI), the broadest measure of labor costs, increased 1.2% last quarter after rising by 0.9% in the fourth quarter, the Labor Department's Bureau of Labor Statistics said

Affluent Americans driving US economy, likely delaying Fed rate cuts

Since retiring two years ago, Joan Harris has upped her travel game. Once or twice a year, she visits her two adult children in different states. She's planning multiple other trips, including to a science fiction convention in Scotland and a Disney cruise soon after that, along with a trip next year to neolithic sites in Great Britain. I really have more money to spend now than when I was working, said Harris, 64, an engineer who worked 29 years for the federal government and lives in Albuquerque, New Mexico. Back then, she and her now-ex-husband were paying for their children's college educations and piling money into savings accounts. Now, she's splurging a bit and, for the first time, is willing to pay for first-class plane tickets. She plans to fly business class to Scotland and has arranged for a higher-level suite on the cruise. I suddenly realised, with my dad getting old and my mom dying, it's like, No, you can't take it with you,' she said. I could become incapacitated t

Gold holds steady as investors await US data for more Federal Reserve clues

Spot gold was unchanged at $2,338.08 per ounce by 0932 GMT, holding slightly above its 21-day moving average of $2,336

US economic growth in Jan-Mar slows to a 2-year low; inflation surges

The economy grew at a 3.4% rate in the fourth quarter. The first quarter growth's pace was below what U.S. central bank officials regard as the non-inflationary growth rate of 1.8%

US business activity cools in April to 4-month low due to weaker demand

S&P Global said on Tuesday that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors

American Express beats estimates on high spending by wealthy customers

''We continue to attract high-spending, high credit-quality customers to the franchise," chief executive officer Stephen Squeri said in a statement

US weekly unemployment claims remain unchanged at low level of 212,000

The U.S. central bank has kept its policy rate in the 5.25%-5.50% range since July. It has raised the benchmark overnight interest rate by 525 basis points since March of 2022

US industrial production rises for second month on boost from manufacturing

Manufacturing, which accounts for three-fourths of total industrial production, is showing signs of turning a corner after more than a year of sluggish activity, helped by resilient consumer demand

Treasury Secy Yellen says US working to mitigate risks to global economy

In remarks prepared for a news conference, Yellen said the U.S. labor market was remarkably healthy and inflation was down significantly from its peak, although there was more work to do

US single-family home construction plunges 5.7%; building permits drop

The report from the Commerce Department on Tuesday also showed permits for future construction of single-family houses fell to a five-month low