Page 8 - Us Economy

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

US retail sales increase more than expected in Nov on strong demand

Signs of strong domestic demand added to warmer inflation readings in recent months in suggesting that the Fed could pause rate cuts in January

Prez-elect Trump to 'use best efforts' to abolish daylight saving time

President-elect Donald Trump has said his Republican Party will "use its best efforts" to eliminate daylight saving time in the US as it is inconvenient and costly to the nation. In the United States, daylight saving time starts on the second Sunday in March and ends on the first Sunday in November. The time changes take place at 2:00 am local time. In a post on his social media site Truth Social on Friday, Trump said, "The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn't! Daylight Saving Time is inconvenient, and very costly to our Nation." The Republican Party will gain control over the two Chambers of the US Congress -- the House of Representatives and the Senate in January. Trump will be sworn in as the 47th President of the US on January 20. Senator Marco Rubio, whom Trump has nominated as his secretary of state, has been a strong advocate of abolishing daylight savings. He had introduced a

US core inflation stays firm with 4th straight 0.3% increase, fuels concern

The so-called core consumer price index - which excludes food and energy costs - increased 0.3% for a fourth straight month, Bureau of Labor Statistics figures showed Wednesday

Donald Trump picks CIA veteran Ron Johnson as US ambassador to Mexico

Ronald Johnson served as the ambassador to El Salvador from 2019 to 2021

US job growth up in November as Boeing workers return, hurricanes over

Based on the November estimate, job growth would be trending around 145,000 over the past three months, which economists said was consistent

Global cos to be affected by Trump's tariffs on Canada, Mexico, China

Chinese EV maker BYD has been scouting for locations to build a plant in Mexico but has said repeatedly that the factory will serve the domestic market

Gold prices edge lower as spotlight shifts to US non-farm payrolls data

Spot gold was down 0.1 per cent at $2,648.69 per ounce, as of 1030 GMT. US gold futures also eased 0.1 per cent to $2,672.40

US continues to exploit other economies for their benefit: Vladimir Putin

Addressing the VTB Investment Forum in Moscow on Wednesday, Putin said that the opponents of the US did a lot to undermine the fundamental basis of dollar as their international reserve currency