Page 19 - Us Economy
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
 "US jobless claims decline by 11,000 in sign of resilient labor market")
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
 "Biden's approval rating stagnates despite slowing inflation: Polls")
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
 "US factory output up first time in 3-months on surge in vehicle production")
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
 "Threat of govt shutdown builds in after rating downgrade by Fitch in US")
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
 "US economy unexpectedly accelerated to a 2.4% growth rate in April-June qtr")
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
 "Is a recession still on the cards?")
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
 "US business activity growth slows to a five-month low as services soften")
India may be world's 2nd-largest economy by 2075, says Goldman Sachs
The report projected India's GDP at $52.5 trillion by 2075, behind China's $57 trillion but ahead of the US' $51.5 trillion
 "India may be world's 2nd-largest economy by 2075, says Goldman Sachs")
Rupee to extend decline as US hiring data points to more Fed rate hikes
Non-deliverable forwards indicate rupee will open at around 82.66-82.70 to the U.S. dollar compared with 82.51 in the previous session
 "Rupee to extend decline as US hiring data points to more Fed rate hikes")
US service sector picks up in June; inflation gradually slowing: Survey
With the labor market still tight and inflation elevated, the US central bank is expected to resume raising rates this month after skipping in June
 "US service sector picks up in June; inflation gradually slowing: Survey")
China has $3 trillion of 'hidden' currency reserves, says US economist
A lot of the country's foreign-exchange reserves don't show up in the official books of the People's Bank of China, the former US trade and Treasury official wrote in a report
 "China has $3 trillion of 'hidden' currency reserves, says US economist")
S&P 500 advances, Treasury yields touch 3-month high on solid economic data
NEW YORK (Reuters) - The S&P 500 advanced on Thursday and benchmark Treasury yields hit their highest level since early March as robust economic data helped ease recession fears but increased the odds of the Fed keeping its restrictive policy in place for longer than expected.
 "S&P 500 advances, Treasury yields touch 3-month high on solid economic data")
US weekly jobless claims decline, first-quarter GDP revised higher
Initial claims for state unemployment benefits dropped 26,000 to a seasonally adjusted 239,000 for the week ended June 25, the Labor Department said
 "US weekly jobless claims decline, first-quarter GDP revised higher")
US public debt is projected to reach 181% of economic activity in 30 years
The Congressional Budget Office is giving the world a concerning look at the US government's ledgers: ever higher deficits, greater government spending and tax revenues that only begin to increase when existing tax cuts expire. The nonpartisan agency estimates in its latest 30-year outlook, released Wednesday, that publicly held debt will be equal to a record 181 per cent of American economic activity by 2053. That compares with a projected 98 per cent at the end of this budget year, a sign the government is getting more dependent on debt to pay for Social Security, Medicare, the military, infrastructure and an array of programs that benefit millions of households. The higher debt load is not all that shocking given the deficit spending of the past two decades. But the CBO figures do offer a bit of comfort in that annual deficits after 2042 are lower than forecasted in the agency's report from last year. This is because the primary borrowing and interest rate costs are lower than wha
 "US public debt is projected to reach 181% of economic activity in 30 years")
US jobless claims hold steady at 20-month high, current account gap widens
Data from the Bureau of Labor Statistics on Thursday showed 264,000 new claims were filed for jobless benefits on a seasonally adjusted basis in the week ended June 17
Indian stocks inch towards record highs ahead of US Fed Chair's testimony
By Bharath Rajeswaran
 "Indian stocks inch towards record highs ahead of US Fed Chair's testimony")
An inflexion point
IT industry can change fundamentally
 "An inflexion point")
RIL, ITC lift Sensex 418 pts, Nifty regains 18,700; MRF tops Rs 1-L mark
CLOSING BELL ON JUNE 13, 2023: In the broader market, the BSE MidCap index soared 1.2 per cent, while the Smallcap added 0.8 per cent on Tuesday.
 "RIL, ITC lift Sensex 418 pts, Nifty regains 18,700; MRF tops Rs 1-L mark")
US weekly unemployment benefit claims surges more than expected to 261,000
Initial claims for state unemployment benefits jumped 28,000 to a seasonally adjusted 261,000 for the week ended June 3, the Labor Department said
Explained: What's the US debt ceiling crisis
The US debt ceiling is a legal limit set by Congress on the amount of money the US government can borrow to pay its bills. It’s like a financial cap that the government cannot exceed
 "Explained: What's the US debt ceiling crisis")