Page 17 - Us Economy

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%

Here's why a US recession may still be on the cards for its economy

A summer in which inflation trended lower, jobs remained plentiful and consumers kept spending has bolstered confidence that the world's biggest economy will avoid recession

US manufacturing sector eyes recovery, construction spending solid

Among the 11 industries reporting contraction were computer and electronic products, machinery as well as electrical equipment, appliances and components

Expects it to be appropriate to raise rates further: US Fed Governor

Bowman, in prepared remarks to a banking conference, said inflation remains too high and expects progress in lowering it to be slow "given the current level of monetary policy restraint."

Last-ditch plan to keep US govt open collapses, shutdown almost certain

House Speaker Kevin McCarthy's last-ditch plan to keep the federal government temporarily open collapsed on Friday as hard-right holdouts rejected the package, making a shutdown almost certain. McCarthy's right-flank Republicans refused to support the bill despite its steep spending cuts of nearly 30 per cent to many agencies and severe border security provisions, calling it insufficient. The White House and Democrats rejected the Republican approach as too extreme. The bill's failure a day before Saturday's deadline to fund the government leaves few options left to prevent a shutdown that will furlough federal workers, keep the military working without pay and disrupt programmes and services for millions of Americans. The outcome puts McCarthy's speakership in serious jeopardy with almost no political leverage to lead the House at a critical moment that has pushed the government into crisis. Ahead of voting, the Republican speaker all but dared his hold-out colleagues to oppose t

US govt shutdown 'unnecessary risk' to economy, says Lael Brainard

"The main story of all the naysayers was that you couldn't get core inflation to come down without a big increase in job destruction. That is not what we've seen," Brainard said

US govt shutdown would be negative for credit rating, says Moody's

U.S. government services would be disrupted and hundreds of thousands of federal workers furloughed without pay if Congress fails to provide funding for the fiscal year starting Oct. 1

US consumer spending rises in August, underlying inflation slows down

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, gained 0.4% last month, the Commerce Department reported on Friday