Page 4 - Us Economic Growth

US economic growth for last quarter is revised down to 2.1% annual rate

The US economy expanded at a 2.1 per cent annual pace from April through June, showing continued resilience in the face of higher borrowing costs for consumers and businesses, the government said Wednesday in a downgrade from its initial estimate. The government had previously estimated that the economy expanded at a 2.4 per cent annual rate last quarter. The Commerce Department's second estimate of growth last quarter marked a slight acceleration from a 2 per cent annual growth rate from January through March. Though the economy has been slowed by the Federal Reserve's strenuous drive to tame inflation with interest rate hikes, it has managed to keep expanding, with employers still hiring and consumers still spending. Wednesday's report on the nation's gross domestic product the total output of goods and services showed that growth last quarter was driven by upticks in consumer spending and business investment. The American economy the world's largest has proved surprisingly

US economy unexpectedly accelerated to a 2.4% growth rate in April-June qtr

The US economy surprisingly accelerated to a 2.4 per cent annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve's 16-month-long fight to bring down inflation. Thursday's estimate from the Commerce Department indicated that the gross domestic product the economy's total output of goods and services picked up from the 2 per cent growth rate in the January-March quarter. Last quarter's expansion was well above the 1.5 per cent annual rate that economists had forecast. Driving last quarter's growth was a burst of business investment. Excluding housing, business spending surged at a 7.7 per cent annual rate, the fastest such pace since early 2022. Companies plowed more money into factories and equipment. Increased spending by state and local governments also helped fuel the economy's expansion in the April-June quarter. Consumer spending, the heart of the nation's economy, was also soli

Congressional Budget Office predicts slower economic, job growth into 2024

The Congressional Budget Office reported Wednesday that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024. The latest 10-year budget and economic outlook from the nonpartisan office shows how difficult it is to figure out where the United States is going in the wake of the pandemic. Many economists and investors were caught off guard as Federal Reserve interest rate increases, intended to combat high inflation, have not led to mass layoffs and a recession. Rather, growth and hiring have stayed relatively solid. The CBO said it expects rates to continue to rise, as well as slower growth in the gross domestic product for the rest of this year and unemployment reaching 4.7 per cent by the end of 2024. In February, the agency projected that the unemployment rate would jump to 5.1 per cent. It currently stands at 3.6 per cent. The CBO now estimates that rate will end the year a

India's Superman stature in world order by 2075 to be US' kryptonite

Off the back of superior economic growth, EMs and the Indian capital market are expected to grow in stature over the decades to come

US is courting India for its growing economic clout, against China: Report

The United States is courting India for its growing economic influence and also considering the latter as an indispensable accomplice in their rivalry with China, according to The Economist.The Economist is a British weekly newspaper printed in demi tab format and published digitally.According to the publication, India's foreign policy has become more assertive and more hostile to China. The US is also seeing that the Indian diaspora is the world's biggest, and remarkably influential which would be helpful for them.But what is the more alluring asset that India have is the economy which is growing to its full potential.The US and India are seeing their partnership growing deep and close. Prime Minister Narendra Modi is all set to visit the US this week where President Joe Biden is throwing a formal banquet for him at the White House. PM Modi has also been invited to address a joint session for the second time--an honour previously accorded only to the likes of Winston Churchill, ...

As debt ceiling deal goes for vote, Prez Biden requests lawmakers' support

President Joe Biden says he feels good about the debt ceiling and budget deal negotiated with House Speaker Kevin McCarthy as the White House and congressional leaders work to ensure its passage this week in time to lift the nation's borrowing limit and prevent a disastrous U.S. default. Biden spent part of the Memorial Day holiday working the phones, calling lawmakers in both parties, as the president does his part to deliver the votes. A number of hard right conservatives are criticizing the deal as falling short of the deep spending cuts they wanted, while liberals decry policy changes such as new work requirements for older Americans in the food aid program. A key test will come Tuesday afternoon when the House Rules Committee is scheduled to consider the package and vote on sending it to the full House for a vote expected Wednesday. I feel very good about it," Biden told reporters Monday as he left Washington for his home in Delaware. I've spoken to a number of the members, he

Explained: Why spending cuts may not shake the economy of United States

The deal averted default, but it hindered what was already a slow recovery from the Great Recession

Demand for commercial property in India robust, US, Europe struggle

The unabated interest hikes by the Federal Reserve of the United States have resulted in a situation where cheap money is no more available

US firms prioritize others over China: American Chamber of Commerce China

The survey was conducted between April 18 and 20 and was published in the 2023 American Business in China White Paper on Wednesday

US labour costs pick up, likely locking in one more Fed rate hike

The employment cost index, a broad gauge of wages and benefits, increased 1.2% in the first quarter, according to Labor Department figures released Friday

US economy grew at weak 1.1% rate in first quarter in sign of slowdown

Despite surging interest rates, punishing inflation and global turbulence, the US economy stood firm last year. From employers to consumers, the picture was one of surprising resilience. This year may be shaping up as a more downbeat story. The economy is widely expected to decelerate steadily and to slip into a recession sometime this year. Some early such signs could begin to emerge Thursday, when the Commerce Department will issue its first estimate of the economy's performance in the first three months of 2023. Forecasters have predicted that the gross domestic product the broadest measure of economic output grew at a 1.9 per cent annual rate from January through March, according to a survey by the data firm FactSet. That would mark a significant slowdown from the 3.2 per cent growth rate from July through September and the 2.6 per cent rate from October through December. The obstacles the economy faces are growing more troublesome. The biggest among them is the dramatically

A $1.5 trillion wall of debt is looming for US commercial properties

The investment bank estimates office and retail property valuations could fall as much as 40% from peak to trough, increasing the risk of defaults

How Indian tech cos banded together to help each other during SVB crisis

The SVB collapse has alerted hundreds of Indian investment and tech companies. They came together to help each other and share knowledge to deal with the impact

Expectations of US interest rate hikes dragging crude benchmark downwards

Expectations of further rate hikes in the world's largest economy and in Europe have clouded the global growth outlook and driven both crude benchmarks down more than 5% so far this week

Strong data on US economy fuels bull-run in European and Asian markets

Shares were mostly higher Monday in Europe and Asia after strong data on the U.S. economy sent Wall Street to its best close in six weeks. Germany's DAX gained 0.4% to 15,644.08 and the CAC 40 in Paris was up 0.7% at 7,397.31. London's FTSE 100 edged 0.1% lower to 7,941.38. The future for the S&P 500 gained 0.2% while that for the Dow Jones Industrial Average was up 0.2%. On Friday, the S&P 500 rose 1.6% to cap its first winning week in the last four as easing yields in the bond market relieved pressure on Wall Street. It's found some stability following a swift rise and fall to start the year. The Dow industrials climbed 1.2%, while the Nasdaq composite jumped 2%. In Asian trading Monday, Hong Kong's Hang Seng index rose 0.2% to 20,603.19 and the Shanghai Composite index lost 0.2% to 3,322.03. At the annual session of China's rubberstamp legislature, the government set this year's economic growth target at around 5% as it tries to rebuild business activity following the end .

Firm trend: Rupee gains 9 paise to 81.29 against US dollar in early trade

The rupee gained 9 paise to 81.29 against the US dollar in early trade on Monday supported by broad dollar weakness and a firm trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 81.29 against the dollar, registering a rise of 9 paise over its previous close. On Friday, it depreciated by 8 paise to close at 81.38 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.32 per cent to 101.87. Brent crude futures, the global oil benchmark, fell 0.53 per cent to USD 84.83 per barrel. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the Indian rupee opened stronger on Monday, tracking a weak dollar and a possibility of smaller rate hike from the US Fed in February. Most of the Asian peers were stronger this morning, and stable

Gold gains on softer dollar as markets await US inflation data: Report

Gold prices rose on Thursday to near an eight-month peak, helped by a weaker dollar, as investors braced for a U.S. inflation report expected to provide clues to the Federal Reserve's rate-hike path

US core inflation slows, giving Fed Reserve some breathing room on rates

The overall CPI increased 0.1 per cent from the prior month and was up 7.1 per cent from a year earlier, as lower energy prices helped offset rising food costs

War, slowdown prompt Tiruppur exporters to explore alternate markets

Move follows 21% YoY dip in exports in October; some exporters believe things will improve in the coming months as yarn prices have declined and dollar rates are favourable

US economic growth rebounds in Q3 on trade, but demand is slowing

Gross domestic product increased at a 2.6 per cent annualised rate last quarter, the Commerce Department