Page 21 - Us Economy

US business activity rises to 11-month high in April: S&P Global survey

S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 53.5 this month

US wholesale price fell, inflation pressures eased sharply last month

US wholesale prices fell last month, a sign that inflationary pressures in the economy are easing more than a year after the Federal Reserve began aggressively raising interest rates. From February to March, the government's producer price index dropped 0.5 per cent as energy prices plunged after having been unchanged from January to February. Compared with a year ago, wholesale prices were up 2.7 per cent in March, down significantly from a 4.7 per cent year-over-increase increase in February. The Labour Department's producer price index reflects prices charged by manufacturers, farmers and wholesalers. It can provide an early sign of how fast consumer inflation will rise. Wholesale inflation has come down steadily from a record 11.7 per cent year-over-year increase in March 2022 since the Fed began raising its benchmark interest rate to fight the worst inflation bout in four decades. Beginning in March of last year, the Fed has raised its key short-term rate nine times and is

BofA sees meaningful risks of Q2 US economic contraction after recent data

BofA pointed to data from April 3 showing US manufacturing activity slumped in March to the lowest level in nearly three years as new orders plunged

World Bank chief raises 2023 global growth outlook, eyes debt progress

Advanced economies, including the US, are also doing a bit better than the World Bank anticipated in January, Malpass said

US economy adds 236,000 jobs in March amid signs of market cooling

The jobless rate for March slid slightly to 3.5 per cent from February's 3.6 per cent, the data showed

Fed-favored inflation gauge rises by les than forecast, spending moderates

Excluding food and energy, the Fed's preferred inflation gauge - the personal consumption expenditures price index - rose 0.3% in February after the prior month was revised down slightly

Biden's $6.8 trn budget in jeopardy as Congress resumes sitting on Monday

US President Joe Biden's $6.8 trillion budget hangs in the balance as Congress resumes its sitting on Monday as Republicans have vowed to defeat it demanding spending cuts

Silicon Valley Bank collapse: Founders of colour unite in a WhatsApp group

In the hours after some of Silicon Valley Bank's biggest customers started pulling out their money, a WhatsApp group of startup founders who are immigrants of colour ballooned to more than 1,000 members. Questions flowed as the bank's financial status worsened. Some desperately sought advice: Could they open an account at a larger bank without a Social Security Number? Others questioned whether they had to physically be at a bank to open an account, because they're visiting parents overseas. One clear theme emerged: a deep concern about the broader impact on startups led by people of colour. While Wall Street struggles to contain the banking crisis after the swift demise of SVB the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown industry experts predict it could become even harder for people of colour to secure funding or a financial home supporting their startups. SVB had opened its doors to such entrepreneurs, offering opportunities to form

Silicon Valley Bank collapse: Banking sector mutual funds lost 6% in a week

Banking mutual funds have lost up to 6 per cent in the last week following the collapse of Silicon Valley Bank and Signature Bank that dented investors' sentiment in the banking and financial services space. The failure of the two US-based banks sent shockwaves across the global financial system and weakened the sentiments in the banking sector in India too, wherein shares took a beating and declined in the range of 3-13 per cent in the week under review. However, experts believe that the direct impact on the Indian banking sector was negligible to low. The incessant selling in the bank stocks is clearly reflected in the banking sector mutual funds, as evident from the short-term performance returns of the 16 schemes under the category. Of the 16 banking sector mutual funds, all of them have given negative returns to investors in the range of 1.6 per cent to 6 per cent in the week ended March 17, according to an analysis of data compiled by ACE MF Nxt. So far this year, these fund

US Consumer Price Index rises 0.4% for urban consumers in February

The index for shelter was the largest contributor to the monthly all items increase, accounting for more than 70 per cent of the increase, Xinhua news agency reported

US inflation up, keeps Federal Reserve on track for interest rate hike

Food prices rose 0.4 per cent, with the cost of food consumed at home gaining 0.3 per cent

SVB fallout: JPMorgan, other US biggies flooded with newer clients

As per the report, even US govt's emergency measures to stop the collapse of more banks have not stopped depositors from trying to move their accounts to larger banks or to shift to money market funds

SVB solution ensures taxpayer dollars are not put at risk: Joe Biden

US President Joe Biden has assured the American people and businesses that a resolution of the collapse of the Silicon Valley Bank will not put taxpayer's money at risk, and they can have confidence that their bank deposits would be there when they need it. In a late-night statement on Sunday, Biden also announced that on Monday morning he will deliver remarks on how the US will maintain a resilient banking system to protect the economic recovery. The California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on Friday by the California Department of Financial Protection and Innovation which later appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. Industry watchers expect a quick takeover of the bank as it has enough assets that can be liquidated to return money to the clients. Biden said that at his direction the Treasury Secretary and National Economic Council Director worked diligently with the banking regulators t

Biden unveils $6.9 trn budget, raises tax on rich, boosts spending on infra

US President Joe Biden on Thursday unveiled a USD 6.9 trillion annual budget for the year 2024, which proposes a hefty tax on the rich, massive spending on social measures and investment on building key infrastructure. The budget was termed a "non-starter" by the Republicans who have a majority in the House of Representatives. Biden at a rally in Philadelphia asserted that his budget reflects what "we can do to" lift the burden on hard working Americans and it would reduce the deficit this year by USD 160 billion. "To support working parents, my budget expands access to affordable childcare for millions of families. And it's going to invest in paid family medical leave," Biden said, adding that his budget also invests in elder care and home care and restores the child tax credit. Biden said the budget will deliver funding to help the US lead the world again. "My budget also invests in critical issues that matter to families, increasing the supply of affordable housing, lower rental

US economy started strong in 2023 on firm consumer spending: Fed Beige Book

"Amid heightened uncertainty, contacts did not expect economic conditions to improve much in the months ahead," the report said

Two Fed officials warn they may need to lift rates to a higher peak

Waller's speech followed comments by Atlanta Fed President Raphael Bostic, who told reporters that he still favored raising rates by 25 basis points in March but was open to lifting borrowing costs

US-based cloud communications firm Twilio lays off 17% of workforce

US-based cloud communications company Twilio has announced to lay off about 17 per cent of its global workforce amid cost-cutting measures.

US jobless insurance claims near historic low despite cooling economy

Applications for US unemployment insurance last week fell slightly, hovering around historically low levels as the labor market holds strong despite a weakening economy

Apple, Alphabet and Amazon profits down as economic slump crimps demand

Apple's sales fell more than analysts predicted during the holiday quarter, slammed by slack purchases of iPhones and Macs

US dollar climbs in early trade as central banks see inflation risks unwind

The pound slid 0.15% to a more than two-week low of $1.2206 in early Asia trade, after falling 1.2% in the previous session, its largest daily decline in a month