Page 16 - Us Economy

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

US jobless applications fall to lowest level since September 2022

The number of Americans applying for unemployment benefits last week fell to its lowest level in more than a year, underscoring the resilience of the labour market despite elevated interest rates that are intended to cool the economy. Jobless claim applications fell to 187,000 for the week ending January 13, a decrease of 16,000 from the previous week, the Labor Department reported Thursday. That's the fewest since September of 2022. The four-week average of claims, a less volatile reading, fell by 4,750 to 203,250. That's the lowest four-week average in almost a year. Overall, 1.81 million Americans were collecting jobless benefits during the week that ended Jan. 6, a decline of 26,000 from the previous week. Weekly unemployment claims are viewed as representative for the number of US layoffs in a given week. They have remained at extraordinarily low levels despite high interest rates and elevated inflation.

US industrial production edges up to close out consistent sluggish year

The 0.1% advance in production at factories, mines and utilities followed no change a month earlier, Federal Reserve data showed Wednesday

US homebuilder confidence spiked most in January since February 2023

The National Association of Homebuilders/Wells Fargo index of builder confidence rose this month to 44, the highest since September, from an unrevised 37 in December

US energy tax credit trading grows to as much as $9 bn, show study

This market has scaled faster than anyone anticipated, said Crux CEO and co-founder Alfred Johnson, a former Treasury Department staffer

US consumer prices up more than expected in Dec, weekly jobless claims fall

The consumer price index (CPI) rose 0.3% last month after nudging up 0.1% in November, the Labor Department's Bureau of Labor Statistics said on Thursday

US trade deficit narrows in Nov due to decline in imports: Report

The trade deficit contracted 2.0% to $63.2 billion, then Commerce Department's Census Bureau said

US job growth surpass expectations in December; wages rise solidly

Average hourly earnings rose 0.4% in December after gaining 0.4% in the prior month. That raised the year-on-year increase in wages to 4.1% from 4.0% in November

Weekly US jobless claims at 2-month low; labour market gradually easing

The government reported on Wednesday that job openings fell to near a three-year low in November. Labor market strength is expected to again shield the economy from recession this year

Mainstream economics' medieval inflation cure

In modern medicine, specific diagnosis leads to specific treatment, but mainstream economists hark back to the medieval approach, attributing all diseases to a common cause

Rupee ends lower due to high dollar demand from oil firms, US data awaited

The Indian rupee declined on Thursday as dollar demand from local oil companies weighed on the local unit, while traders awaited GDP and labour market data from the United States

Don't rush to join Fed pivot: IMF chief Georgieva to central banks

She indicated that her advice applied to the case of the Bank of Korea, after she met with Governor Rhee Chang-yong

Nifty IT logs biggest two-day gain since July 2020; Sensex soars past 71K

Bellwether stocks Tata Consultancy Services, Infosys, and HCL Technologies each witnessed a 5 per cent jump on Friday, accounting for over half of the market gains

Wall Street traders go all-in on great monetary pivot of this year

"This is a massive paradigm shift on Wall Street, with the most aggressive rate-hiking cycle in decades coming to an end," said Adam Sarhan, founder of 50 Park Investments

US economy still strong as retail sales beat expectations, layoffs stay low

Retail sales increased 4.1% year-on-year in November. Though the pace has slowed as households adjust to higher borrowing costs and prices, it remains sufficient to ward off a recession

US Fed holds policy rate in 5.25%-5.50% range, sees 75 bps cut next year

Fed's 'soft landing' scenario still on the table