Page 18 - Us Economy

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

US jobless claims decline by 11,000 in sign of resilient labor market

Initial claims decreased by 11,000 to 239,000 in the week ended Aug. 12, according to Labor Department data out Thursday

Biden's approval rating stagnates despite slowing inflation: Polls

President Joe Biden has devoted the past several weeks to promoting the positive impacts of his policies but his efforts have yet to meaningfully register with the public. Only 36 per cent of U.S. adults approve of Biden's handling of the economy, slightly lower than the 42 per cent who approve of his overall performance, according to the new poll from The Associated Press-NORC Center for Public Affairs Research. Both figures are close to where Biden's approval numbers have stood for about the past year and a half, including just two months ago. Signs of an improving economic outlook have done little to sway how people feel about the Democratic president as he gears up for a 2024 reelection campaign that could pit him against his predecessor and 2020 opponent, Republican Donald Trump. Job growth has stayed solid with the unemployment rate at 3.5 per cent, while the pace of inflation has slowed sharply over the past year to the annual rate of 3.2 per cent. Both Biden and Trump have

US factory output up first time in 3-months on surge in vehicle production

Total industrial production, which includes mining and utilities, jumped 1%, the most since the start of the year

Threat of govt shutdown builds in after rating downgrade by Fitch in US

The credit rating company's determination has emboldened Republicans to call on President Joe Biden and congressional Democrats to yield to their demands for fresh spending cuts

US economy unexpectedly accelerated to a 2.4% growth rate in April-June qtr

The US economy surprisingly accelerated to a 2.4 per cent annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve's 16-month-long fight to bring down inflation. Thursday's estimate from the Commerce Department indicated that the gross domestic product the economy's total output of goods and services picked up from the 2 per cent growth rate in the January-March quarter. Last quarter's expansion was well above the 1.5 per cent annual rate that economists had forecast. Driving last quarter's growth was a burst of business investment. Excluding housing, business spending surged at a 7.7 per cent annual rate, the fastest such pace since early 2022. Companies plowed more money into factories and equipment. Increased spending by state and local governments also helped fuel the economy's expansion in the April-June quarter. Consumer spending, the heart of the nation's economy, was also soli

Is a recession still on the cards?

Amidst the surprisingly strong market performance, investors are questioning the possibility of a recession in the US, but history suggests caution is still warranted

US business activity growth slows to a five-month low as services soften

Monday's tepid survey data supported evidence that the US economy was still growing as the third quarter began, but at a slower rate from the April-through-June period