Page 14 - Us Economy

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

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