Page 14 - Us Economy

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

US inflation tops Feb forecasts, reinforcing Fed's cautious approach

The so-called core consumer price index, which excludes food and energy costs, increased 0.4% from January, according to government data out Tuesday. From a year ago, it advanced 3.8%

Year after Silicon Valley Bank crisis, a struggle over what needs to change

Regulators say they are now paying closer attention to midsize banks, recognizing that problems can quickly spread between banks with diverse geographic footprints and customer bases

US polls 2024: Biden, Trump clash in dueling visits to swing-state Georgia

While Trump has targeted those border issues and economic malaise on the campaign trail, Biden has sought to reassure voters that his policies have revived the post-pandemic economy

Biden signs package of spending bills hours before shutdown deadline

President Joe Biden on Saturday signed a USD 460 billion package of spending bills approved by the Senate in time to avoid a shutdown of many key federal agencies. The legislation's success gets lawmakers about halfway home in wrapping up their appropriations work for the 2024 budget year. The measure contains six annual spending bills and had already passed the House. In signing it into law, Biden thanked leaders and negotiators from both parties in both chambers for their work, which the White House said will mean that agencies may continue their normal operations. Meanwhile, lawmakers are negotiating a second package of six bills, including defense, in an effort to have all federal agencies fully funded by a March 22 deadline. To folks who worry that divided government means nothing ever gets done, this bipartisan package says otherwise," Senate Majority Leader Chuck Schumer, D-N.Y., said after lawmakers passed the measure Friday night just hours before a deadline. He said the

US employers add strong 275K jobs in sign of continued economic strength

America's employers delivered another healthy month of hiring in February, adding a surprising 275,000 jobs and again showcasing the US economy's resilience in the face of high interest rates. Last month's job growth was up from a revised gain of 229,000 jobs in January. The unemployment rate ticked up two-tenths of a point to 3.9 per cent but was still the 25th straight month in which it has remained below 4 per cent. Friday's government report reflected the job market's sustained ability to withstand the 11 rate hikes the Federal Reserve imposed to fight inflation, which made borrowing much costlier for households and businesses. Employers have continued to hire briskly to meet steady demand from consumers across the economy. Yet despite sharply lower inflation, a healthy job market and a record-high stock market, many Americans say they are unhappy with the state of the economy a sentiment that is sure to weigh on President Joe Biden's bid for re-election. Many voters blame Bide

US weekly jobless claims unchanged as market continues to gradually ease

Initial claims for state unemployment benefits held at a seasonally adjusted 217,000 for the week ended March 2, the Labor Department said on Thursday

Hiring spree: US companies added 140,000 jobs in February, shows ADP data

Private payrolls increased by 140,000 last month after a 111,000 gain in January, according to figures published Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy

Three out of five large economies recorded slow growth, shows data

Some larger economies are doing better than others. The United States (US) and China in particular have shown a stronger growth rate in the fourth quarter of the calendar year 2023

85% of small US businesses show optimism for growth in 2024: Survey

While it seems increasingly unlikely the US economy is headed for recession, small businesses still face headwinds like higher costs and difficulty retaining qualified workers. But owners say they're optimistic as 2024 gets underway, according to a new survey from American Express. Eighty-five percent of all small businesses surveyed said they were satisfied with the success of their business, and 86 per cent said they achieved their 2023 business goals. In August 2023, by contrast, 80 per cent of all small businesses surveyed said their long-term financial confidence was being negatively impacted by the economy. Even in uncertain economic conditions, small businesses continue to demonstrate resiliency and dedication, said Gina Taylor, executive vice president and general manager of American Express' small business products and Business Blueprint. Our latest data shows small businesses see a positive 2024 ahead and they're taking steps, including hiring, and implementing new tools,

'US-India alliance for women's economic empowerment being revitalised'

An alliance between the US and India that seeks to facilitate women's economic participation in India by catalysing commitments from private sector, civil society and government leaders in both countries is being revitalised, a senior US diplomat said on Tuesday. The US-India Alliance for Women's Economic Empowerment will work across the board to harness the resources of the private sector and NGOs to foster commitments for women's retention, and stem employment and entrepreneurship, Deputy Chief of Mission in India Patricia A Lacina said. She was delivering the keynote address at the WEConnect International Empowering Inclusion-Advancing Value Chains Summit 2024. "...we are revitalising the US-India Alliance for Women's Economic Empowerment. A public-private partnership to enhance mentorship," she said. Last year, the US-India Strategic Partnership Forum (USISPF), the US Department of State, the US Agency for International Development (USAID) and the George Washington University .

US retail sales decline sharply in Jan, weekly jobless claims fall

Retail sales dropped 0.8% last month, the Commerce Department's Census Bureau said on Thursday, also likely weighed down by winter storms

US factory production declines in Jan for first time in three months

Excluding autos, manufacturing decreased 0.6% from December, the most since March. It also marked the fourth-straight monthly decline

US weekly jobless claims fall more than expected last week: Report

Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 218,000 for the week ended Feb. 3, the Labor Department said on Thursday

US trade deficit shrinks 18.7% in 2023, slightly widens in December

Economists expected trade, which added to gross domestic product growth last year, to remain supportive to the economy in 2024, though Red Sea shipping disruptions posed risk

Decision to limit LNG export threatens national security: US lawmakers

The recent decision to limit the export of US Liquefied Natural Gas (LNG) threatens the country's national security, economy, and clean energy goals, a bipartisan group of nearly two dozen lawmakers told President Joe Biden. With forthcoming European Union sanctions expected to block all Russian gas imports, the importance of offsetting lost supplies will only grow. "Moreover, global demand for natural gas is projected to grow for many years to come, as key allies in Japan, Korea, Southeast Asia, and India continue to grow their economies. Put simply, stability in the West depends on American energy exports, a group of 23 Congressmen wrote in a letter to Biden. In the letter dated February 5, Congresswoman Carol Miller and her fellow Energy Export Caucus co-chairs led a bipartisan letter to Biden to voice their concern on the Administration's decision to limit the export of LNG. The letter highlights how the Department of Energy's proposed plan threatens the United States' national

US Federal Reserve wary of cutting interest rates too soon: Jerome Powell

Treasuries fell across all maturities at the open in Asia as Powell's comments underscored the likelihood that bond investors had overshot in pricing for rapid rate cuts