Economy News
U.S. manufacturing expands in March
AP - Mon Apr 2, 2:49 PM ETNEW YORK - In yet another sign that U.S. economic growth may be slowing, manufacturing companies reported Monday that business expanded at a lower-than-expected pace in March even as prices surged for raw materials.
- March manufacturing growth weaker than Feb: ISM Reuters - Mon Apr 2, 10:47 AM ET
NEW YORK (Reuters) - An index of U.S. manufacturing grew at a slower pace in March than in February, with the inflation component showing a jump and employment contracting, according to a survey published on Monday.
- Mortgage woes seen holding U.S. growth "below trend" Reuters - Mon Apr 2, 6:10 AM ET
SAN FRANCISCO (Reuters) - A credit crunch stemming from turmoil in the subprime mortgage market will trigger further weakness in housing and keep U.S. economic growth "below trend" most of this year, a UCLA Anderson Forecast unit said in a report on Monday.
- Japanese manufacturers less optimistic AP - Mon Apr 2, 3:26 AM ET
TOKYO - Confidence among Japanese manufacturers slipped in March for the first time in a year, according to a closely-watched Bank of Japan survey released Monday.
- Tankan sentiment dips slightly, BOJ seen on hold Reuters - Mon Apr 2, 1:20 AM ET
TOKYO (Reuters) - Japanese corporate sentiment worsened for the first time in a year amid growing concerns about the outlook for the U.S. economy and uncertainty over future oil price and yen movements, a Bank of Japan survey showed on Monday.
- Data eases fears of sharp economic slowdown Reuters - Fri Mar 30, 12:27 PM ET
WASHINGTON (Reuters) - A raft of stronger-than-expected U.S. economic reports on Friday, including data on personal income, inflation and manufacturing, buttressed the view that the economy was on solid footing and interest rates were unlikely to fall any time soon.
- March consumer sentiment at 6-month low: UMich Reuters - Fri Mar 30, 10:26 AM ET
NEW YORK (Reuters) - Consumer sentiment slid in March to its lowest in six months as worries about rising prices and slowing income gains weighed amid an uncertain economic outlook, a survey showed on Friday.
- US growth revised up to 2.5 percent in 4th quarter AFP - Thu Mar 29, 1:56 PM ET
WASHINGTON (AFP) - The US economy expanded at a 2.5 percent annualized pace in the fourth quarter of 2006, a bit faster than earlier estimates, revised data showed Thursday.
- US economy should slow in 2007: IMF chief AFP - Thu Mar 29, 11:09 AM ET
THE HAGUE (AFP) - US economic momentum is likely to decline this year to a pace slower than the 2.9 percent forecast in September by the International Monetary Fund, the head of the IMF said Thursday.
- Fourth-quarter GDP revised up on inventories Reuters - Thu Mar 29, 8:33 AM ET
WASHINGTON (Reuters) - U.S. economic growth was moderately stronger in the fourth quarter than previously thought, primarily because businesses added more to inventories than was estimated a month ago, the Commerce Department reported on Thursday.
- Bernanke holds to economic outlook, but cites 'uncertainties' AFP - Wed Mar 28, 4:41 PM ET
WASHINGTON (AFP) - Federal Reserve chairman Ben Bernanke said Wednesday the US economy has so far weathered a slump in the US housing market, but that the outlook faces growing "uncertainties."
- Durable goods weaker than expected Reuters - Wed Mar 28, 1:25 PM ET
WASHINGTON (Reuters) - Orders for U.S.-made big-ticket items were weaker than expected in February as a stricken housing industry put a drag on the economy, a report on Wednesday showed.
- Housing weakness not yet hitting broader US economy: Bernanke AFP - Wed Mar 28, 11:45 AM ET
WASHINGTON (AFP) - Federal Reserve chairman Ben Bernanke said Wednesday a slump in the US housing market has not yet spilled over to the broader economy, but did not rule out the possibility of a more severe slowdown.
- New home sales fall 3.9 percent Reuters - Mon Mar 26, 10:30 AM ET
WASHINGTON (Reuters) - Sales of new U.S. homes fell 3.9 percent in February to the lowest rate in nearly seven years while the number of new homes on the market grew, according to a government report on Monday that showed more signs of weakness in the housing sector.
- Existing home sales rise unexpectedly in Feb Reuters - Fri Mar 23, 1:17 PM ET
WASHINGTON (Reuters) - The pace of U.S. existing-home sales rose unexpectedly in February, but inventories of unsold homes also gained, according to a report on Friday that offered mixed news on the downtrodden housing sector.
- IMF: Global economy on track for growth AP - Fri Mar 23, 12:35 PM ET
WASHINGTON - The global economy is still on track for healthy growth despite the adverse impact on U.S. business prospects of a housing slump and skittishness about risky mortgages, the head of the International Monetary Fund said Friday.
- Investors beware as China charts consumer boom Reuters - Fri Mar 23, 5:44 AM ET
BEIJING (Reuters) - China is on course to become the world's second-largest consumer market by 2015, but foreign firms looking to tap the retail boom must brace for a bumpy ride and possible price wars, Credit Suisse said on Friday.
- Jobless claims unexpectedly fell last week Reuters - Thu Mar 22, 8:32 AM ET
WASHINGTON (Reuters) -The number of Americans filing new claims for jobless benefits unexpectedly fell 4,000 last week to its lowest in six weeks, government data showed on Thursday in a report underscoring a healthy labor market.
- Homes picture mixed after starts data Reuters - Tue Mar 20, 12:21 PM ET
WASHINGTON (Reuters) - The pace of U.S. home construction rose a sharp 9 percent in February but permits for future building slid, according to data on Tuesday that shed little light on whether the housing market was stabilizing.
- Dollar falls as economic worries grow AFP - Fri Mar 16, 5:14 PM ET
NEW YORK (AFP) - The US dollar fell sharply Friday after an inflation snapshot triggered renewed concerns about the US economy, traders said.
- CORRECTED: Industrial output rose 1.0 pct in February Reuters - Fri Mar 16, 10:51 AM ET
Corrects 7th paragraph to read: "Industrial output..." rather than the subcomponent "Manufacturing output..."
- Consumer prices rise on energy cost bounce Reuters - Fri Mar 16, 9:02 AM ET
WASHINGTON (Reuters) - Consumer prices climbed more than expected in February as energy costs bounced back from a January drop and food prices climbed at the steepest rate in nearly two years, a Labor Department report on Friday showed.
- World equities falter after muted recovery AFP - Fri Mar 16, 7:40 AM ET
LONDON (AFP) - Global stock markets struggled Friday to recover from the latest equities sell-off as anxious investors assessed the outlook for the US economy, dealers said.
- Subprime weakness likely to depress GDP growth: S&P Reuters - Thu Mar 15, 7:09 PM ET
NEW YORK (Reuters) - An increase in U.S. homes for sale as a result of subprime loan borrowers defaulting on their mortgages, in addition to less construction of new homes, is likely to depress gross domestic product growth, Standard & Poor's said on Thursday.
- Greenspan warns subprime woes could spread Reuters - Thu Mar 15, 5:07 PM ET
BOCA RATON, Florida (Reuters) - Former Federal Reserve Chairman Alan Greenspan said on Thursday there was a risk that rising defaults in subprime mortgage markets could spill over into other economic sectors.
- Housing mess risks recession unless Fed cuts: Merrill Reuters - Thu Mar 15, 3:15 PM ET
NEW YORK (Reuters) - House prices could tumble 10 percent this year and raise the chances the United States may slip into recession unless the Federal Reserve cuts interest rates to cushion the fall in economic growth, Merrill Lynch said in research notes this week.
- Current account gap shrinks in Q4 Reuters - Wed Mar 14, 8:42 AM ET
WASHINGTON (Reuters) - The U.S. current account deficit shrank more than expected in the fourth quarter of 2006 to $195.8 billion, as lower oil prices took a bite out of imports and U.S. exports continued to rise, a Commerce Department report showed on Wednesday.
- U.S. mortgage applications rose last week: MBA Reuters - Wed Mar 14, 7:11 AM ET
NEW YORK (Reuters) - U.S. mortgage applications rose last week, with both new purchases and refinancings driven up by the lowest long-term home loan rates since early December, an industry trade group said on Wednesday.
- Chinese spenders open their wallets wider Reuters - Wed Mar 14, 2:21 AM ET
BEIJING (Reuters) - China's retail sales in the first two months rose a strong 14.7 percent from a year earlier, reinforcing a trend of sturdy spending buoyed by rising incomes and government steps to spur consumption.
- Retail sales rose 0.1 pct in Feb Reuters - Tue Mar 13, 8:40 AM ET
WASHINGTON (Reuters) - Retail sales rose a less-than-expected 0.1 percent in February despite firm automotive sales as building materials and general merchandise sales slumped, a Commerce Department report showed on Tuesday.
- Retail sales rose 0.1 pct in Feb Reuters - Tue Mar 13, 8:40 AM ET
WASHINGTON (Reuters) - Retail sales rose a less-than-expected 0.1 percent in February despite firm automotive sales as building materials and general merchandise sales slumped, a Commerce Department report showed on Tuesday.
- U.S. CEOs see improved economic growth: survey Reuters - Tue Mar 13, 7:05 AM ET
WASHINGTON (Reuters) - Small and mid-sized companies are optimistic about the U.S. economy's prospects in 2007 on the back of brisk first-quarter sales and increased revenue, according to a survey released on Tuesday.
- China inflation ticks higher as food prices rise Reuters - Tue Mar 13, 6:44 AM ET
BEIJING (Reuters) - Chinese inflation rose in February on the back of higher food costs, but economists said they did not expect price pressures to get out of hand despite breakneck growth and plentiful cash in the banking system.
- Japan aims to raise minimum wage to boost economy Reuters - Tue Mar 13, 1:41 AM ET
TOKYO (Reuters) - Japan's cabinet on Tuesday approved an updated minimum wage bill, the first major revision in nearly 40 years, as part of the government's efforts to close the gap between between rich and poor and boost economic growth.
- Euro rises against dollar as doubts continue over US economy AFP - Mon Mar 12, 3:27 PM ET
LONDON (AFP) - The euro rose against the dollar on Monday as confidence in the US economy remained shaky, dealers said, while the yen strengthened and the pound was sold off as investors unwound their "carry trades."
- Retail sales edged up modestly in February Reuters - Mon Mar 12, 11:14 AM ET
NEW YORK (Reuters) - U.S. retail sales outside the auto sector firmed in February, but were restrained by the housing slump and rising gasoline prices, according to a report published Monday.
- Big trade surplus overshadows China reform pledge Reuters - Mon Mar 12, 4:00 AM ET
BEIJING (Reuters) - China pledged on Monday that 2007 would be another year of extensive financial reform but said there was no quick way to bring down its record trade surplus.
- Inflation expectations key to policy: Fed Reuters - Fri Mar 9, 7:03 PM ET
WASHINGTON (Reuters) - Federal Reserve officials stressed on Friday the importance of keeping close watch on inflation expectations as a way to keep inflation in check and keep track of trends in the economy.
- Cooling US economy adds 97,000 new jobs AFP - Fri Mar 9, 3:42 PM ET
WASHINGTON (AFP) - US employers added 97,000 jobs in February, new data showed Friday, suggesting the world's biggest economy is chugging along despite weakness in the housing and auto sectors.
- Inflation pressures fell in February: ECRI Reuters - Fri Mar 9, 9:41 AM ET
NEW YORK (Reuters) - Inflation pressures fell in February due mainly to measures for vendor performance and the job market, which were partly offset by inflationary moves in interest rates and commodity prices, a report said on Friday.
- Economy added 97,000 payroll jobs in February Reuters - Fri Mar 9, 8:31 AM ET
WASHINGTON (Reuters) - The U.S. economy added a slightly weaker-than-expected 97,000 jobs in February, the smallest gain in more than two years, as increases in service-sector employment offset declines in construction and manufacturing, a government report showed on Friday.
- Jobs auction points to subdued gain in employment Reuters - Fri Mar 9, 8:14 AM ET
NEW YORK (Reuters) - Investors are betting the economy generated just 75,500 jobs in February, short of prevailing Wall Street forecasts closer to 100,000, according to the results of a derivatives auction.
- Jobs data seen showing modest rise Reuters - Fri Mar 9, 6:31 AM ET
WASHINGTON (Reuters) - U.S. businesses likely took on a moderate amount of new hires in February even as the economy started showing some more signs of weakness, economists say.
- Household wealth rises in 4th quarter Reuters - Thu Mar 8, 12:16 PM ET
WASHINGTON (Reuters) - The net wealth of U.S. households rose to $55.63 trillion in the fourth quarter of 2006, and domestic debt grew at a faster rate than in the third quarter, a Federal Reserve report showed on Thursday.
- Fed spies signs of slower growth Reuters - Thu Mar 8, 4:16 AM ET
WASHINGTON (Reuters) - U.S. growth slowed in some parts of the country last month and private employers hired fewer people than expected, according to reports on Wednesday that chime with other weak signals from the economy.
- CEOs see stronger economic growth: survey Reuters - Wed Mar 7, 4:47 PM ET
BOSTON (Reuters) - U.S. chief executives and chief financial officers expect continued growth in the economy, even as major indexes wobble on investor anxiety, according to a pair of quarterly surveys released on Wednesday.
- Consumer credit rises $6.44 bln in January Reuters - Wed Mar 7, 3:05 PM ET
WASHINGTON (Reuters) - U.S. consumer credit rose $6.44 billion in January as growth in closed-end consumer loans for cars, holidays and other big-ticket items outstripped slower growth in credit card usage, a Federal Reserve report showed on Wednesday.
- Greenspan says bottom of home sales decline reached Reuters - Wed Mar 7, 12:03 PM ET
NEW YORK (Reuters) - A bottom has been hit in the decline of U.S. home sales, said former Federal Reserve Chairman Alan Greenspan on Wednesday.
- Private sector adds 57,000 jobs in Feb Reuters - Wed Mar 7, 9:56 AM ET
NEW YORK (Reuters) - U.S. private employers likely added 57,000 new jobs in February, about half of what economists had expected, according to a report released on Wednesday, indicating weakness in the labor market and a slowing economy.
- China says to maintain rapid, stable growth in 2007 Reuters - Wed Mar 7, 3:26 AM ET
BEIJING (Reuters) - China will keep to a path of rapid but stable economic growth in 2007, the head of the National Development and Reform Commission, China's top planning agency, said on Wednesday.
- Retail sales rose 0.1 pct in Feb Reuters - Tue Mar 13, 8:40 AM ET
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