Page 15 - Us Economy

'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

Besides avoiding recession, US also creating hundreds of thousands of jobs

The nation's employers delivered a stunning burst of hiring to begin 2024, adding 353,000 jobs in January in the latest sign of the economy's continuing ability to shrug off the highest interest rates in two decades. Friday's government report showed that last month's job gain roughly twice what economists had predicted topped the December gain of 333,000, a figure that was itself revised sharply higher. The unemployment rate stayed at 3.7 per cent, just above a half-century low. Wages rose unexpectedly fast in January, too. Average hourly pay climbed a sharp 0.6 per cent from December, the fastest monthly gain in nearly two years, and 4.5 per cent from January 2023. The strong hiring and wage growth could complicate or delay the Federal Reserve's intention to start cutting interest rates later this year. The latest gains showcased employers' willingness to keep hiring to meet steady consumer spending. It comes as the intensifying presidential campaign is pivoting in no small par

US job growth accelerates in January and wages rise 4.5%, shows data

Average hourly earnings increased 0.6% last month after rising 0.4% in December. In the 12 months through January, wages increased 4.5% after advancing 4.3% in the prior month

US worker productivity strong in fourth quarter; weekly jobless claims rise

Nonfarm productivity, which measures hourly output per worker, increased at a 3.2% annualized rate last quarter, the Labor Department's Bureau of Labor Statistics said on Thursday

US Fed keeps key rates unchanged at 5.25%-5.5% for 4th straight meeting

FOMC said it is unlikely to start cutting rates without 'greater confidence' that inflation is moving 'sustainably' towards its long-term 2% target

10-year bond yield declines below 4% as investors await US Fed

The Federal Reserve two-day policy meeting will conclude this afternoon. Markets have priced in a near-certainty that the central bank will leave benchmark interest rates in their current range

US job openings unexpectedly rise by 101,000 to 9.026 million in December

Data for November was revised higher to show 8.925 million unfilled positions instead of the previously reported 8.79 million. Economists polled by Reuters had forecast 8.75 mn job openings in Nov

US consumer confidence rises to hit two-year high mark in January

The Conference Board said on Tuesday that its consumer confidence index rose to 114.8 this month, the highest reading since December 2021

US GDP expands 3.3% in Dec quarter, capping unexpectedly strong year

Gross domestic product increased at a 3.3% annualized rate, according to the government's preliminary estimate out Thursday. For all of 2023, the economy expanded 2.5%

US growth likely slowed last quarter but still exhibited resilience

The nation's economy was supposed to have sunk into recession by now, dragged down by the highest interest rates in two decades and a resulting slump in borrowing and spending. Instead, the US economy has kept chugging along. Even more encouraging, inflation, which touched a four-decade high in 2022, has edged steadily lower without the painful layoffs that most economists had thought would be necessary to slow the acceleration of prices. On Thursday, the Commerce Department is expected to report that the nation's gross domestic product the economy's total output of goods and services rose at an annual rate of around 2 per cent from October through December. That would mark a deceleration from a vigorous 4.9 per cent growth rate in the July-September quarter. But it would still showcase the surprising durability of the world's largest economy, marking the sixth straight quarter in which GDP has expanded at a solid annual pace of 2 per cent or more. Helping fuel that growth has bee

Gold prices firms on softer dollar as market await US economic data

Spot gold edged up 0.2% to $2,032.88 per ounce by 12:50 GMT. U.S. gold futures rose 0.42% to $2,034.30

Economists increasingly sure US will avoid recession, shows survey

Also, inflation has been falling faster than expected, and the labor market is cooling but not collapsing

US Q4 GDP shows annualised 2% rise, expected to crown vigorous second half

While the Fed wants to guard against a re-acceleration of inflation, a further softening of price pressures risks making policy even more restrictive

US eyes more Indian tourists in coming yrs, number expected to rise to 2mn

The NTTO expects visitors from India to go up to 2 million by 2027