Page 7 - Us Economy

US wholesale inventories fall 0.2% amid sharp decline in mfg goods' stocks

Motor vehicle inventories declined 2.2 per cent while those of computer equipment fell 1.3 per cent. There were also decreases in stocks of machinery

More cuts likely though timing depends on inflation front: Fed's Waller

Waller said that while it was true inflation "appears to have stalled" above the Fed's 2% target in the waning months of 2024

Dollar advances as Fed likely to slow rate cut pace after US jobs data

The greenback rose to a near six-month peak after the US data. It was up 0.4 per cent at 158.195 yen. Earlier in the global session, the dollar hit its highest since July of 158.425 yen

US job openings rise unexpectedly to 8.1 million in November, hiring falls

US job openings rose unexpectedly in November, showing companies are still looking for workers even as the labour market has cooled overall. Openings rose to 8.1 million in November from 7.8 million in October, the Labour Department reported Tuesday. They were down from 8.9 million a year earlier and a peak of 12.2 million in March 2022 as the economy was roaring back from COVID-19 lockdowns. But they still exceed pre-pandemic levels. Economists had expected job openings to fall slightly in November. Layoffs rose slightly in November, and the number of people quitting their jobs fell, suggesting that Americans are less confident in their ability to find better jobs elsewhere. The American labour market has cooled from the red hot hiring of 2021-2023. Employers added 1,80,000 jobs a month in 2024 through November, not bad but down from 2,51,000 in 2023; 3,77,000 in 2022, and a record 6,04,000 in 2021. When the Labour Department releases December hiring numbers on Friday, they're ..

US dockworkers threaten to strike against automation, shutdown threat looms

Vowing to stop machines from taking their jobs, 45,000 US longshoremen are threatening to go on a strike that would shut down ports on the East and Gulf coasts and could damage the American economy just as President-elect Donald Trump returns to the White House. If the standoff sounds familiar, it's because the same dockworkers members of the International Longshoremen's Association staged a three-day walkout last fall. In October, they suspended the strike until Jan. 15 after reaching a tentative agreement with ports and shipping companies for a 62% pay raise over six years. But union members must approve a final contract before receiving the higher wages. That's where things get complicated. Negotiations resume Tuesday between the ILA and the US Maritime Alliance, which represents ports and shippers. The sticking point is a familiar one at America's ports: machines replacing human labor, specifically semi-automated cranes operated by software or employees working remotely to gui

Will Trump fire the Fed chief? Speculation grows over Powell's future

Mr Trump's antagonism towards Mr Powell is baffling, given that Mr Powell has been doing an excellent job

US manufacturing PMI rises to a nine-month high of 49.3 in December

The Institute for Supply Management (ISM) said on Friday that its manufacturing PMI increased to 49.3 last month, the highest reading since March, from 48.4 in November

Oil set for weekly gains as market eyes US, Chinese policy support

Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world's top oil importer

At 211,000, US weekly unemployment claims declines to eight-month low

"A stable job market will squelch the Fed's appetite for cutting rates aggressively amid nagging services inflation," said Jeffrey Roach, chief economist at LPL Financial

Gold on track for best year in a decade, trading activity to remain quiet

The market now awaits a fresh set of catalysts, including a slew of US economic data due next week that could influence the interest rate outlook for 2025

Trump endorses Mike Johnson to stay on as Speaker despite funding turmoil

President-elect Donald Trump on Monday endorsed House Speaker Mike Johnson, providing crucial backing for the Louisiana Republican as he prepares for what is expected to be another contentious speakership race this week. Trump said in a post on his social media platform that Johnson is a good, hard working, religious man and said he will do the right thing, and we will continue to WIN. Mike has my Complete & Total Endorsement," he wrote. Johnson thanked Trump for the endorsement and added, The American people demand and deserve that we waste no time. Let's get to work! The signal of support from Trump comes despite his frustration with a spending deal Johnson pushed through the House days before Christmas that failed to achieve his central goal of raising the debt limit. But other Republicans have been less forgiving. Far-right criticism over the spending ordeal has left Johnson's continued leadership of the incoming GOP majority once again in jeopardy. Though a deal was reached,

US pending home sales hit 21-month high in Nov despite high mortgage rates

The National Association of Realtors (NAR) said on Monday its Pending Home Sales Index, based on signed contracts, rose 2.2 per cent last month to 79.0 - the highest since February 2023

India, China to Germany and UK: How major economies performed in 2024

While India and US have optimistic outlooks going into 2025, Germany and UK may see sluggish growth

US economy surprised again in 2024 despite Fed Reserve, election drama

The US is set to be the top performer among Group of Seven countries, according to International Monetary Fund projections

US goods trade gap widens to $102.9 bn in November on rebound in imports

The goods trade gap increased to a seasonally adjusted $102.9 billion last month from $98.3 billion in October, the Commerce Department's Census Bureau said on Friday

HomeStreet Bank offloads $990 mn multifamily loans to BofA in profit push

The deal marks a major milestone for HomeStreet as it maps out a path to profitability after four consecutive quarters of adjusted losses

Exporters ask for Rs 750 cr to target US market amid China's tariff woes

The demand has come at a time when there is an expected policy shift in the US by President-elect Donald Trump, who wants to impose higher tariffs on Chinese goods

Trump's Panama Canal threat dents bonds, raises fears of credit downgrade

Notes due in 2036 fell 0.7 cent on the dollar and the cost of insuring against a sovereign default jumped to the highest level since February on a closing basis amid thin trading, according to pricing

US economy grows at 3.1% pace in Q3, upgrade from previous estimate

The American economy grew at a healthy 3.1 per cent annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate. Third-quarter growth in US gross domestic product the economy's output of goods and services accelerated from the April-July rate of 3 per cent and continued to look sturdy despite high interest rates, the Commerce Department said Thursday. GDP growth has now topped 2 per cent in eight of the last nine quarters. Consumer spending, which accounts for about two-thirds of US economic activity, expanded at a 3.7 per cent pace, fastest since the first quarter of 2023 and an uptick from Commerce's previous third-quarter estimate of 3.5 per cent. Exports climbed 9.6 per cent. Business investment grew a lackluster 0.8 per cent, but investment in equipment expanded 10.8 per cent. Spending and investment by the federal government jumped 8.9 per cent, including a 13.9 per cent

US existing home sales increase 4.8% to eight-month high in November

Home sales jumped 4.8 per cent last month to a seasonally adjusted annual rate of 4.15 million units, the highest level since March