Page 14 - Us Economy

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

Nonfarm payrolls in US increased by 303,000 last month, shows data

Data for February was revised slightly lower to show 270,000 jobs added instead of 275,000 as previously reported

Immigrants contribute to economy but there's worry over risks: US citizens

Americans are more worried about legal immigrants committing crimes in the U.S. than they were a few years ago, a change driven largely by increased concern among Republicans, while Democrats continue to see a broad range of benefits from immigration, a new poll shows. The poll from The Associated Press-NORC Center for Public Affairs Research found that substantial shares of U.S. adults believe that immigrants contribute to the country's economic growth, and offer important contributions to American culture. But when it comes to legal immigrants, U.S. adults see fewer major benefits than they did in the past, and more major risks. About 4 in 10 Americans say that when immigrants come to the U.S. legally, it's a major benefit for American companies to get the expertise of skilled workers in fields like science and technology. A similar share (38%) also say that legal immigrants contribute a major benefit by enriching American culture and values. Both those figures were down compared

US revises economic growth estimate to 3.4% annual pace for Oct-Dec quarter

The US economy grew at a solid 3.4 per cent annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. The government had previously estimated that the economy grew at a 3.2 per cent annual rate last quarter. The Commerce Department's revised measure of the nation's gross domestic product the total output of goods and services confirmed that the economy decelerated from its sizzling 4.9 per cent rate of expansion in the July-September quarter. But last quarter's growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software. It marked the sixth straight quarter in which the economy has grown at an annual rate above 2 per cent. For all of 2023, the US economy the world's biggest grew 2.5 per cent, up from 1.9 per cent in 2022. In the current January-March quarter, the economy is believed to be growing at a .

US durable goods orders best expectation, biz spending outlook brightens

The rebound in orders reported by the Commerce Department on Tuesday, which was driven by increases in transportation equipment, primary metals and machinery

Goldman Sachs to resume commercial property investment in US market

The underlying strength of the U.S. economy should support a rebound in the US market too, although he cautioned about the speed of a recovery