Page 18 - Us Economy

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

US economy remains resilient in second quarter, labour market tight

Tight labour market conditions continue to prevail, with the number of Americans filing new claims for unemployment benefits rising slightly last week, other data showed on Thursday

US Federal Reserve policymakers expect 5.1% policy rate at end of 2024

The dialed back pace of anticipated policy easing next year goes hand in hand with what policymakers expect to be mixed progress toward the Fed's 2% inflation goal

US consumer likely to start cutting back, hurting economy and stocks

The finding is at odds with the optimism that's permeated US equity markets for most of the summer, as cooling inflation and low unemployment bolstered hopes for a so-called soft landing

Rupee closes at record low vs dollar amid China slowdown concerns

In the current financial year, the rupee has depreciated by 1.25 per cent. It depreciated by 7.8 per cent in the previous financial year, FY22

Dollar hits six-month peak after strong US data, weak yen draws warning

The greenback recovered against most currencies after the data, with the euro and sterling hitting three-month lows and the yen touching session troughs

US trade deficit widened less than expected in July, export value up 1.6%

The shortfall in goods and services trade grew to $65 billion from a revised $63.7 billion in the prior month, Commerce Department data showed Wednesday

Weak global activity data sends US dollar to 6-month high, Aussie skids

The dollar climbed 0.63% against the yen to 147.42, its highest since November, and the dollar index, which tracks the greenback against six main peers, rose 0.56% to 104.75, its highest since March

China's slowdown means it may never overtake US economy, forecast shows

That's according to Bloomberg Economics, which now forecasts it will take until the mid-2040s for China's gross domestic product to exceed that of the US

S&P 500 inches higher, dollar weakens as soft data supports Fed pause

NEW YORK (Reuters) - The S&P 500 advanced and the dollar extended its losses on Wednesday, as a slew of disappointing economic data raised the probability that the Federal Reserve will press the pause button in its efforts to rein in inflation.

US economic growth for last quarter is revised down to 2.1% annual rate

The US economy expanded at a 2.1 per cent annual pace from April through June, showing continued resilience in the face of higher borrowing costs for consumers and businesses, the government said Wednesday in a downgrade from its initial estimate. The government had previously estimated that the economy expanded at a 2.4 per cent annual rate last quarter. The Commerce Department's second estimate of growth last quarter marked a slight acceleration from a 2 per cent annual growth rate from January through March. Though the economy has been slowed by the Federal Reserve's strenuous drive to tame inflation with interest rate hikes, it has managed to keep expanding, with employers still hiring and consumers still spending. Wednesday's report on the nation's gross domestic product the total output of goods and services showed that growth last quarter was driven by upticks in consumer spending and business investment. The American economy the world's largest has proved surprisingly

Dollar slips as data shows economy near stalling point, growth at weakest

The U.S. dollar index - which measures the currency against six major counterparts - was down 0.06% at 103.53

US payrolls likely 306,000 lower through march than previously estimated

The number of workers on payrolls will likely be revised down by 306,000 for March of this year, according to the Bureau of Labor Statistics' preliminary benchmark revision projection

US treasury 10-year real yield exceeds 2% for first time since 2009

Benchmark rose as much as 6 basis points to 2%, before easing little under that threshold, extending rise from 1.5% since mid-July. 30-year real yield up 6.6 basis points to 2.14%, new peak since 2011