Page 7 - Us Economy

US economy in Q4 slows to 2.3%, robust spending keeps rate cut hopes alive

Gross domestic product increased at a 2.3 per cent annualized rate last quarter after accelerating at a 3.1 per cent pace in the July-September quarter

US Fed leaves policy rate unchanged, says unemployment rate is low

Fed officials say they largely believe the progress in lowering inflation will resume this year, but have now put rates on hold as they await data to confirm it

US business activity at 9-month low in January; hiring accelerates

S&P Global said on Friday that its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, declined to 52.4 this month

Donald Trump returns to White House with a rare indoor inauguration

Trump's guest list is a mix of billionaires, businessmen, tech executives, foreign heads, and former presidents

BofA Q4 profit jumps on trading boost, sees higher 2025 interest income

The earnings mirror those of rivals across Wall Street including JPMorgan, Goldman Sachs, Wells Fargo , and Citigroup, whose results were buoyed by stronger equity markets

Dollar must remain world's reserve currency: Trump's Treasury pick Bessent

Bessent, who faces questioning before the US Senate Finance Committee, said in prepared testimony that the new Trump administration must prioritize productive investment that grows the economy

US consumer prices increase slightly above expectations in December

The consumer price index rose 0.4 per cent last month after climbing 0.3 per cent in November, the Labor Department's Bureau of Labor Statistics said

US bans imports from 37 Chinese companies for human rights abuses in Uyghur

The US has banned Huafu Fashion Co, a leading global textile manufacturer, and 25 of its subsidiaries, alleging their involvement in forced labour practices within China's cotton industry

US job growth beats expectations in Dec; unemployment rate falls to 4.1%

Nonfarm payrolls increased by 256,000 jobs last month after rising by a downwardly revised 212,000 in November, the Labor Department said in its closely watched employment report on Friday.

Second US port strike averted as union, employers reach tentative deal

United States Maritime Alliance (USMX) employer group and the International Longshoremen's Association (ILA), in a joint statement, called the agreement a win-win

US weekly jobless claims fall to 11-month low on stable labour market

Signs of a steadily cooling labor market could allow the Federal Reserve to keep interest rates unchanged in January against the backdrop of still high inflation

US stocks dip as investors assess data, Trump's economic emergency plan

A majority of the 11 S&P 500 sectors were in the red, led by a 1 per cent decline in utilities, pressured by Treasury yields which stood at multi-month highs

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