Page 19 - Us Economy

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

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

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

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

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.

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 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 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

An inflexion point

IT industry can change fundamentally

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.

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

Biden will address budget, debt agreement from Oval Office Friday evening

President Joe Biden planned to discuss the contentious, just-passed budget deal in a speech to the nation on Friday night, ready to sign the agreement averting the country's first-ever government default, which would have sent shock waves through the US and global economies. The measure was approved late on Thursday night after passing the House in yet another late session the night before. After days of default threats, the debt limit-budget agreement was worked out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their spending-cut demands but holding the line on major Democratic priorities. No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people, Biden said in a statement on Thursday. Biden's speech on Friday, scheduled for 7 pm EDT, will be the most extended remarks from the Democratic president on the compromise. He largely remained quiet publicly during ...

US Federal Reserve seen skipping June, maybe hiking in July after jobs data

Traders now see about a one-in-three chance that the Fed will deliver an 11th straight rate increase at its June 13-14 meeting, up from about one-in-four before the Labor Department report

US job growth beats expectations in May; unemployment rate rises to 3.7%

Nonfarm payrolls increased by 339,000 jobs last month, the Labor Department said in its closely watched employment report on Friday

US manufacturing dips for seventh straight month in May; employment rises

The Institute for Supply Management (ISM) said on Thursday that its manufacturing PMI fell to 46.9 last month from 47.1 in April

Recession already here, as earnings shrink and Wall St fears worse to come

The latest round of corporate earnings is leaving Wall Street with a confounding sense of relief and lingering anxiety. Companies are in the midst of an earnings recession", meaning profits have contracted for two straight quarters, starting with a 4.6 per cent drop at the end of 2022. Profits for S and P 500 companies shrank just over 2 per cent last quarter, compared with forecasts of a 6.7 per cent drop. That brought some relief to Wall Street that the quarter wasn't as bad as it could have been. But, analysts also expect more pain ahead. Analysts polled by FactSet now expect a 6.4 per cent contraction for profits in the current quarter. That shows just how worried analysts are about the impact from inflation on businesses and consumers. Fears about a recession continue to weigh on the broader economy and are a big factor in corporate and independent forecasts for company profits. With a recession still looming, it's unlikely that earnings have hit rock bottom, said Michael Aro

Opportune time to diversify internationally as US benchmarks recover

Enter for the long haul as the US economy and market could witness turbulence in the months ahead

Explained: What is the US debt ceiling deal and why it's important?

Currently, the ceiling is roughly equal to 120% of the country's annual economic output