Page 17 - Us Economy

US economy grew 5.2% in third quarter, faster than first estimated

Consumer spending advanced at a less-robust 3.6% rate, according to the government's second estimate of the figures issued Wednesday

'Sexualised' workplace: FDIC boss grilled after harassment revelations

Gruenberg said the review would look into conduct across the agency and he hoped the study would be completed within 90 days

US economic outlook strengthens, inflation progress bumpy: Survey

Forecasters see more straightforward progress on the so-called core measures for both CPI and PCE inflation, which strip out the more volatilie components of food and energy

Moody's lowers US credit outlook to 'negative' on rising interest rate

The credit rating agency Moody's Investors Service lowered its outlook on the US government's debt on Friday to "negative" from "stable", citing the cost of rising interest rates and political polarization in Congress. Moody's retained its top triple-A credit rating on U.S. government debt, though it is the last of the three major credit rating agencies to do so. Fitch Ratings lowered its rating to AA+ from AAA in August, and Standard and Poor's downgraded the US in 2011. A reduced outlook, however, raises the risk that Moody's could eventually strip its triple-A rating from the US as well. A lower rating on US debt could cost taxpayers if it leads borrowers to demand higher interest rates on Treasury bills and notes. The yield on the 10-year Treasury has risen significantly since July, from about 3.9 per cent to 4.6 per cent Friday, an unusually sharp rise. Some market analysts have said the August Fitch downgrade may have contributed to that increase, though most point to other .

US depends on China for its modern way of life, says Vivek Ramaswamy

The US cannot "get tough" with China because it depends on it for a modern way of life, Indian-American Republican presidential candidate Vivek Ramaswamy has said, asserting that Washington needs to declare economic independence from Beijing. The 38-year-old multimillionaire biotech entrepreneur made the comment on Wednesday during the Republican Party's third presidential debate in Miami, Florida. Indian-American presidential candidate Nikki Haley, Florida Governor Ron DeSantis, former New Jersey Governor Chris Christie, and South Carolina Senator Tim Scott participated in the debate. Former US president Donald Trump, who is leading the race, did not participate in the debate again. Here's why we can't get tough with China. It's because we depend on them for our modern way of life. And we have to declare economic independence from our enemy," Ramaswamy said. "That's the Declaration of Independence that Thomas Jefferson, at the age of 33, would have signed. And today, if he were ..

'Risk-on' for markets

The stock markets may rise over the short term, but it is too early to conclude that the 'worst is over' for the US economy

US weekly unemployment claims rise moderately by 5,000 to 217,000

Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 217,000 for the week ended Oct. 28, the Labor Department said

At 4.9%, US third-quarter GDP grows at the fastest pace in two years

A closely watched measure of underlying inflation, meanwhile, cooled to the slowest pace since 2020

Fed Chair Powell says strong economy may still require rate increases

Fed chief says geopolitical tensions are 'highly elevated'

US commercial property distress hits $80 bn in Q3, highest level in decade

The value of buildings in bankruptcy, repossessed by lenders or in the process of liquidation increased by a net $5.6 billion in the quarter, MSCI Real Assets reported

US retail sales exceed forecasts, economic data defies expectation again

Sales, unadjusted for inflation, increased 0.7% after upwardly revised advances in the prior two months, according to the Commerce Department

Crude oil prices surge on US sanctions, tight stockpile forecasts

Russia is the world's second-largest oil producer and a major exporter and the tighter U.S. scrutiny of its shipments could curtail supply

US wholesale inflation rises 2.2% in Sept, fastest pace since April

US wholesale prices rose last month at the fastest pace since April, suggesting that inflationary pressures remain despite a year and a half of higher interest rates. The Labour Department reported on Wednesday that its producer price index which measures inflation before it hits consumers climbed 2.2 per cent from a year earlier. That was up from a 2 per cent uptick in August. On a month-to-month basis, producer prices rose 0.5 per cent from August to September, down from 0.7 per cent from July to August. Excluding volatile food and energy prices, so-called core inflation rose 2.7 per cent in September from a year earlier and 0.3 per cent from August. The Federal Reserve and many outside economists pay particular attention to core prices as a good signal of where inflation might be headed. Wholesale prices have been rising more slowly than consumer prices, raising hopes that inflation may continue to ease as producer costs make their way to the consumer. But Wednesday's numbers,

US unemployment rate unchanged at 3.8%, job growth beats Sept expectations

Nonfarm payrolls increased by 336,000 jobs last month, the Labor Department said in its closely watched employment report on Friday

US Prez Biden announces more student debt relief as payments resume

President Joe Biden announced another round of federal student loan forgiveness on Wednesday as borrowers brace for payments to restart after a three-year pause that began during the COVID-19 pandemic. The Democratic president's latest step will help 125,000 borrowers by erasing USD 9 billion in debt through existing relief programs. In total, 3.6 million borrowers will have had USD 127 billion in debt wiped out since Biden took office. President Biden has long believed that college should be a ticket to the middle class, not a burden that weighs on families, the White House said in a statement. Biden was scheduled to make a formal announcement at the White House in the afternoon. He promised to help alleviate the burden of student debt while running for president, and he's been under pressure to follow through even though his original plan was overturned by the conservative majority on the Supreme Court. He has been relying on a patchwork of different programs to chip away at deb

US companies added 89,000 jobs, fewest since early 2021 in ADP data

Stock futures rose and Treasury yields sank after the report as the odds of another Federal Reserve interest-rate hike by year-end declined

Gold edges up as dollar slips after US jobs openings rose unexpectedly

Spot gold was steady at $1,822.20 per ounce by 0948 GMT, while U.S. gold futures dropped 0.2% to $1,838.40

US job openings top all forecasts as white-collar positions jump in August

The number of available positions increased to 9.61 million from a revised 8.92 million in July, the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey, or JOLTS

US Treasury 30-year bond yield rises 8 bps to hit highest level since 2007

Shorter-maturity Treasury yields had previously reached the highest levels since at least 2007, and extended their climb Tuesday

Inflation woes nix chances of India yield curve steepening: Traders

The government bond yield curve has remained flat for the past few weeks, with the four- and five-year yields at around 7.25% and the 10-year benchmark bond yield at 7.23%