ECONOMY July 8, 2013 | 10:00 AM
Consumer spending in the US rose by 0.3 % in May as personal income also grew by 0.5 %, which well exceeded the estimated 0.2% increase. These gains, along with a recent drop in unemployment benefit applications, indicate moderate economic recovery in the US.
The May jump in consumer spending, reported by the US Commerce Department, follows a 0.3% spending decline in April, which marked the largest decline since the final months of 2009. The recent growth was largely aided by a 0.9 % rise in spending on durable goods, such as automobiles.Read more »
ECONOMY December 5, 2012 | 11:34 AM
India’s gross domestic product (GDP) grew by 5.3% in the last financial quarter, a figure lower than both the 5.5% registered in June and the projections given by economists in a Reuter’s poll.
This slower-than-anticipated growth marks a ten-year low for India’s economy.Read more »
ECONOMY July 17, 2012 | 12:24 PM
China's rapid growth rate has now slowed to a three-year low of 7.6%, according to its National Bureau of Statistics.
China’s growth has been decelerating for eight quarters, the longest steady decline since the nation’s government began reporting its gross domestic product (GDP) in 1992.Read more »
ECONOMY April 11, 2012 | 12:14 PM
Earlier Easter preparations and spring temperatures stirred a spending frenzy as March sales rose for the 13th time in fifteen months. March sales rose 3.9% according to Retail Metrics, a figure higher than the 3.3% analysts were seeking.
Excluding Walgreen's decline, March's total sales reached 6.5%.Read more »
ECONOMY March 26, 2012 | 11:10 AM
Production in Europe's manufacturing and service industries fell in March, suggesting that the eurozone may be sliding back into a recession.
According to private firm Markit Economics, the purchasing managers index, or PMI, for both industries combined fell to a three-year low of 48.7 from 49.3 in February.Read more »
ECONOMY March 6, 2012 | 11:15 AM
Florida’s tourism marketing arm Visit Florida reports that regional tourism reached record highs in 2011, logging more visitors than ever: The “Sunshine State” lured 85.9 million travelers last year, exceeding the previous high of 84.5 million in 2007.
There were increases in travel from across the board, including US residents from in-state, from out of Florida and a jarring jump in oversea visitors. Chris Thompson, the agency’s president and chief executive, pointed out that these visitors came despite what he called “challenging economic times.”Read more »
ECONOMY February 21, 2012 | 2:07 PM
Consumer prices in the US increased by 0.2% last month, a figure slightly lower than expected.
The Consumer Price Index, or CPI, is the broadest of three price gauges by the US Labor Department and includes both goods and services. The current rise in consumer prices is due to higher gas, food, rent and clothing prices.Read more »
ECONOMY February 8, 2012 | 10:19 AM
The jobless rate in the US has dropped to 8.3%, marking the lowest rate in three years, according to US Labor Department data.
Growing at a rate of 200,000 jobs per month, the economy is looking up. Prior to the latest unemployment data, economists had expected stagnant employment growth in January.Read more »
ECONOMY January 23, 2012 | 9:26 AM
American factory output of vehicles, computers and construction material grew last month, resulting in a 0.9% increase in output, according to data released by the Federal Reserve.
Total industrial production, including mines, utilities and factories, grew 0.4% last month. Fourth quarter industrial output was up 3.1% annually for a tenth quarter of consecutive growth.Read more »
ECONOMY December 27, 2011 | 2:33 PM
The European Central Bank is lending its banks a record $645 billion to retain credit flow and encourage banks to give loans to businesses and households.
This new cash flush exceeds the $577 billion lent two-years ago, and is part of the largest European loan operation ever. The money is being lent at the current benchmark interest rate of 1%, with Barclays estimating that the project will release $252 billion into the European economy.Read more »
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