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Last Updated: Feb 10, 2012 - 3:20 PM |
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US Economy
US goods and services trade deficit was $558.0bn in 2011 - - up $58bn on 2010
The US monthly international trade deficit increased in December 2011, according to the US Bureau of Economic Analysis and the US Census Bureau today. The deficit increased from $47.1bn (revised) in November to $48.8bn in December, as imports increased more than exports. The previously published November deficit was $47.8bn. The goods deficit increased $1.8bn from November to $64.3bn in December, and the services surplus was virtually unchanged from November at $15.5bn. The goods and services deficit was $558.0bn in 2011, up from $500.0bn in 2010. As a percentage of US GDP (gross domestic product), the goods and services deficit was 3.7% in 2011, up from 3.4% in 2010.
Feb 10, 2012 - 3:10 PM
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US Economy
Obama administration announces $25bn foreclosure deal with 5 mortgage banks; Weekly jobless claims dip
The Obama administration today announced that the federal government and 49 state attorneys general have reached a $25bn agreement with the top 5 mortgage banks to address mortgage loan servicing and foreclosure abuses. The agreement provides what has been termed substantial financial relief to homeowners and establishes significant new homeowner protections for the future. Meanwhile weekly jobless benefit claims fell again last week.
Feb 9, 2012 - 4:28 PM
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US Economy
New factory orders rose in US and Germany in December
US factories saw an increase in demand in December and new orders for manufactured goods climbed a seasonally adjusted 1.1% from November, marking the second consecutive monthly rise. German manufacturing orders rose more than expected in December, driven by a rise in demand from outside the Eurozone, in the latest signal that Europe's largest economy may yet avoid recession despite the debt crisis.
Feb 6, 2012 - 4:34 PM
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US Economy
US services sector accelerated in January to its highest level in a year
Growth in the US services sector accelerated in January to its highest level in nearly a year, according to an industry report issued on Friday. The Institute for Supply Management said its services index rose to 56.8 last month from a revised 53.0 in December. It was the highest level since February 2011.
Feb 3, 2012 - 3:48 PM
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US Economy
US added 243,000 jobs in January; Unemployment rate falls to February 2009 level
Total nonfarm US payroll employment rose by 243,000 in January, and the unemployment rate decreased to 8.3% - - the lowest since February 2009, President Obama's first full month in office - - the US Bureau of Labor Statistics reported today. Jobs growth was widespread in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing. Government employment changed little over the month.
Feb 3, 2012 - 3:12 PM
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US Economy
US private sector added 170,000 jobs in January; US manufacturing sector continued to expand
The US private sector added 170,000 jobs in January while the US manufacturing sector continued to expand in the month according to reports Wednesday.
Feb 1, 2012 - 3:56 PM
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US Economy
US Consumer Confidence Index fell slightly in January
The US Conference Board Consumer Confidence Index, which had increased in December, retreated in January. The Index now stands at 61.1 (1985=100), down from 64.8 in December. The Present Situation Index declined to 38.4 from 46.5. The Expectations Index edged down to 76.2 from 77.0 in December.
Jan 31, 2012 - 3:27 PM
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US Economy
US GDP rose at annualised 2.8% rate in Q4 2011; GDP rose 1.7% in 2011 and public spending fell the most since 1971
US real gross domestic product (GDP) increased an annualised 2.8% in the fourth quarter of 2011 after increasing 1.8% in the third quarter, according to estimates released today by the Bureau of Economic Analysis. Real GDP increased 1.7% in 2011 after increasing 3.0% in 2010. The annual decline in public spending was the biggest since 1971.
Jan 27, 2012 - 2:20 PM
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US Economy
US orders for durable goods jumped in December; Weekly jobless benefit claims rose; New home sales fell in December
US orders for durable goods - - expected to last at least 3 years - - jumped during December and capital spending by businesses also rose. Separately, the number of US workers filing new claims for jobless benefits jumped last week. Meanwhile, sales of new homes unexpectedly fell during December, a sign that the housing sector is still struggling.
Jan 26, 2012 - 3:37 PM
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US Economy
Obama's proposed international minimum tax for US multinationals
President Obama in his State of the Union message on Tuesday night proposed creating an international minimum tax for US multinational companies.
Jan 26, 2012 - 9:53 AM
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US Economy
US Economy 2012: Federal Reserve says near zero interest rates will remain until at least 2014
The Federal Reserve said Wednesday that unemployment will remain high over the next three years, to at least 2014, and the central bank expects to keep interest rates near zero through that period. This is a revision from last year's estimate of 2013.
Jan 26, 2012 - 6:42 AM
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US Economy
US housing starts dropped 4.1% in December; Weekly jobless claims fell by 50,000 and consumer prices were unchanged
US housing starts dropped 4.1% in December to a 657,000 annual rate, reflecting a slump in multifamily dwellings; weekly jobless claims fell by 50,000 to the the lowest level since April 2008 and consumer prices were unchanged.
Jan 19, 2012 - 4:13 PM
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US Economy
US retail sales rose slightly in December; Weekly jobless claims rose last week
The US Census Bureau announced today that advance estimates of US retail and food services sales for December, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $400.6bn, an increase of 0.1% from the previous month and 6.5% above December 2010. Meanwhile, initial weekly jobless benefit claims rose by 24,000 last week.
Jan 12, 2012 - 4:02 PM
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US Economy
Dr. Peter Morici: US Trade deficit slows growth and blocks jobs creation
Dr. Peter Morici: On Friday, the US Commerce Department is expected to report the deficit on international trade in goods and services was $45.0bn in November, up slightly from $43.5bn in October.
Jan 12, 2012 - 6:11 AM
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US Economy
US added 200,000 jobs in December; Broad measure of unemployment fell to15.2% from 15.6% in November
US nonfarm payroll employment rose by 200,000 in December, and the unemployment rate, at 8.5%, continued to trend down, the US Bureau of Labour Statistics (BLS) reported today. Job gains occurred in transportation and warehousing, retail trade, manufacturing, health care, and mining. Employment in the private sector rose by 212,000 in December and by 1.9m over the year. Government employment changed little over the month but fell by 280,000 over the year. The broad measure of unemployment fell to15.2% from 15.6% in November.
Jan 6, 2012 - 1:36 PM
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US Economy
US economic reports show strong jobs data; The US services sector grew in December for 25th consecutive month
US economic reports Thursday show strong jobs data with a continued drop in the number of people seeking new jobless benefits in the US last week and a big rise in private sector employment reported by payroll giant Automatic Data Processing (ADP). Separately, services activity in the US economy grew in December, at a pace similar to the prior month.
Jan 5, 2012 - 4:39 PM
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US Economy
Orders to American factories rose in November by the most in four months
Orders to American factories rose in November by the most in four months, a day after manufacturing was reported to have grown strongly in December.
Jan 4, 2012 - 4:27 PM
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US Economy
Dr. Peter Morici: US economic outlook 2012
The US economy is expected to register 3% growth or better for the 4th quarter, thanks to stronger consumer spending; however, the growth in consumption has been outpacing income, debt is piling up again, and some pull back in consumer activity is likely the first half of 2012.
Jan 4, 2012 - 8:39 AM
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US Economy
US manufacturing sector expanded in December; Spending on construction projects in the US climbed during November
Economic activity in the US manufacturing sector expanded in December for the 29th consecutive month, and the overall economy grew for the 31st consecutive month, America's supply executives said in in the latest Manufacturing ISM Report On Business. Separately, spending on construction projects in the US climbed during November more than expected as builders try to make progress amid a sluggish economy.
Jan 3, 2012 - 4:45 PM
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US Economy
Sales of US second-hand houses since 2007 cut by 14%
The number of second-hand sold in the US was revised slashed by an average 14% since 2007, the National Association of Realtors (NAR) reported today, signalling that the housing slump was much worse than previously thought.
Dec 21, 2011 - 3:49 PM
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US Economy
America's true job creators
Inequality is a current major focus in America's national political debate. Republicans implacably oppose increasing taxes on the rich because such a move would punish 'job creators.' Another one of the 1% doesn't accept this narrative and almost a century ago, in January 1914, Irish-American Henry Ford startled the world by announcing that Ford Motor Company would pay $5 a day to its workers. It more than doubled the average autoworker's wage and having introduced the moving assembly line in 1913, Ford had reasoned that since it was now possible to build inexpensive cars in volume, more of them could be sold if employees could afford to buy them.
Dec 16, 2011 - 7:54 AM
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US Economy
US jobless claims drop to three-year low; Industrial production fell 0.2% in November
The number of US workers filing new applications for jobless benefits dropped to the lowest level since May 2008 last week, the latest signal that a weak labour market is improving.
Dec 15, 2011 - 2:45 PM
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US Economy
US retail sales up slightly in November; Sales of US businesses were stronger in October
The US Census Bureau announced today that advance estimates of US retail and food services sales for November, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $399.3bn, an increase of 0.2% from the previous month and 6.7% above November 2010. Total sales for the September through November 2011 period were up 7.4% from the same period a year ago. The September to October 2011% change was revised from +0.5% to +0.6%. Meanwhile, sales of US businesses were stronger in October.
Dec 13, 2011 - 3:43 PM
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US Economy
US weekly jobless benefits claims fall
The number of US workers filing new applications for jobless benefits fell to the lowest level in nine months last week, showing improvement in the labour market.
Dec 8, 2011 - 5:03 PM
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US Economy
America's broken contract and sustainable capitalism
On Tuesday, President Obama gave a major speech in a small town in Kansas, America's heartland and birthplace of his mother. He said supply-side economics is a failure and called “gaping inequality” across the country a moral shortcoming that is distorting American democracy. He was responding to the case that America's social contract is broken - - an issue that challenges the sustainability of conventional capitalism.
Dec 7, 2011 - 8:42 AM
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US Economy
US added 120,000 jobs in November; Unemployment rate fell to 8.6%
The US unemployment rate fell by 0.4 percentage point to 8.6% in November, and nonfarm payroll employment rose by 120,000, the US Bureau of Labour Statistics reported today. Employment continued to trend up in retail trade, leisure and hospitality, professional and business services, and health care. Government employment continued to trend down. Each month an estimated 125,000 enter the workforce because of the natural increase of the population. The broad measure of unemployment fell to 15.6% from 16.2%.
Dec 2, 2011 - 3:14 PM
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US Economy
US manufacturing sector activity expanded in November for the 28th consecutive month
US manufacturing sector activity expanded in November for the 28th consecutive month, and the overall economy grew for the 30th consecutive month, according to the in the latest Manufacturing ISM Report On Business.
Dec 1, 2011 - 3:30 PM
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US Economy
US new home sales rose in October; Adds to positive news on weekend sales
Sales of new single-family houses in October 2011 were at a seasonally adjusted annual rate of 307,000, according to estimates released jointly today by the US Census Bureau and the Department of Housing and Urban Development. This is 1.3% above the revised September rate of 303,000 and is 8.9% above the October 2010 estimate of 282,000. Meanwhile, sales on Black Friday - - the big shopping day after Thanksgiving -- were a big improvement on 2010.
Nov 28, 2011 - 4:06 PM
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US Economy
US consumer spending slowed in October; Weekly jobless claims rose slightly and durable goods orders fell
US consumer spending slowed in October as incomes rose at the fastest pace since March. Weekly jobless claims rose slightly and durable goods orders fell.
Nov 23, 2011 - 3:06 PM
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US Economy
Dr Peter Morici: Super Committee fails but Obama campaign machine rolls on
Dr Peter Morici: President Obama and his supporters are portraying the failure of the Super Committee to slash the budget deficit by $1.2trn over ten years as endangering the already weak economic recovery. This is absolute sophistry.
Nov 23, 2011 - 2:01 AM
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US Economy
US GDP revised down to annualised 2% rate in third quarter
US GDP (gross domestic product) grew at an inflation-adjusted annualised rate of 2.0% in the July to September third quarter period. However, the second estimate of GDP is lower than the advance estimate of 2.5%.
Nov 22, 2011 - 3:23 PM
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US Economy
Sales of second-hand homes in the US unexpectedly rose in October
Sales of second-hand homes in the US unexpectedly rose in October, a sign falling prices may be attracting buyers into the market.
Nov 21, 2011 - 4:04 PM
News
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US Economy
Falling corporate tax rates - - Part 1
Corporate tax rates have been falling since the 1990s and among the mainly developed member countries of the Organisation for Economic Cooperation and Development (OECD) the average rate has fallen from 37.6% in 1996 to below 26% in 2010 as low rate small countries such as Estonia, Israel and Slovenia joined.
Nov 18, 2011 - 8:26 AM
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US Economy
Share of US households delinquent on mortgage payments at lowest since the end of 2008
The share of US households delinquent on their mortgage payments has dropped to the lowest level since the end of 2008, offering a rare signal of positive news in the US housing sector.
Nov 18, 2011 - 5:05 AM
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US Economy
US industrial production expanded 0.7% in October and consumer prices fell in the month
US industrial production expanded 0.7% in October and consumer prices fell in the month.
Nov 16, 2011 - 4:33 PM
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US Economy
US retail sales rose in October
US retail sales rose in October as Americans spent their dollars at electronics stores and on the Internet, a sign that consumers are willing to open their wallets ahead of the all-important holiday shopping season.
Nov 15, 2011 - 2:43 PM
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US Economy
US nonfarm payroll employment added 80,000 jobs in October; Revisions in August and September added 161,000 jobs
US nonfarm payroll employment continued to trend up in October (+80,000), and the unemployment rate was little changed at 9.0%, the US Bureau of Labor Statistics reported today. Employment in the private sector rose, with modest job growth continuing in professional and businesses services, leisure and hospitality, health care, and mining. Government employment continued to trend down. Revisions in August and September added 161,000 jobs.
Nov 4, 2011 - 2:11 PM
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US Economy
US services activity rose in October for the 23rd consecutive month at a slightly slower pace
US services activity rose in October for the 23rd consecutive month at a slightly slower pace according to the Institute of Supply Management today.
Nov 3, 2011 - 3:11 PM
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US Economy
Federal Reserve lowers US economic forecasts
The US Federal Reserve on Wednesday announced lower forecasts for economic growth which may prompt a new series of market bond buying by the central bank. The government will release the October jobs report on Friday.
Nov 3, 2011 - 6:47 AM
News
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US Economy
US private-sector employment increased by 110,000 in October
Private-sector employment increased by 110,000 from September to October on a seasonally adjusted basis, according to the latest ADP National Employment Report released today. The ADP National Employment Report, created by Automatic Data Processing, (ADPR), in partnership with Macroeconomic Advisers, is derived from actual payroll data and measures the change in total nonfarm private employment each month. The estimated advance in employment from August to September was revised up to 116,000 from the initially reported 91,000.
Nov 2, 2011 - 1:36 PM
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