Page 13 - Us Economy

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

US consumer sentiment declines in April, inflation expectations rise

The University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 77.9 this month, compared to a final reading of 79.4 in March

Soft or no landing? US Fed's economic picture becomes complicated

Fed policymakers have taken an increasingly cautious tone when they talk about when and how much they might lower borrowing costs

Moderate US producer price, cost of services soothes inflation concerns

High inflation and persistent labor market strength have prompted financial markets and most economists to push back expectations for an initial Fed interest rate cut to September from June

US consumer prices rise more than expected in Mar amid rises in fuel costs

The consumer price index rose 0.4% last month after advancing by the same margin in February, the Labor Department's Bureau of Labor Statistics (BLS) said on Wednesday

US Fed's interest rate-cut confidence wobbles amid unruly inflation figures

If the data doesn't soon resume the trend that appeared to be developing last year, that group could grow and further undermine already weakening rate-cut expectations.

US small-biz sentiment slides to lowest level in more than 11 yrs in March

Twenty-five percent of owners reported inflation was their single most important problem in operating their business, reflecting higher input and labor costs, up 2 points from February