Us Economy

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

Wall Street stocks up, dollar steady amid turmoil in South Korea, France

UnitedHealth shares gained 0.4 per cent even as Brian Thompson, the CEO of its insurance unit, was fatally shot on Wednesday morning in New York City

US manufacturing improves in Nov as orders rebound, input price gains slow

The Institute for Supply Management (ISM) said on Monday its manufacturing PMI increased to 48.4 last month from 46.5 in October, which was the lowest level since July 2023

Fed's Jerome Powell may have made US monetary policy boring again

For all potential controversy around the Fed posed by Donald Trump's victory in the Nov. 5 election - hints, for example, that the U.S. president-elect might rekindle his first-term feud with Powell

US hiring growth due for snapback in November after storms and strike

Nonfarm payrolls probably advanced by 200,000 in November, according to a Bloomberg survey of economists. The data due Friday are also expected to show the unemployment rate held at 4.1%

US economy grows at 2.8% in Q3 on consumer spending, exports surge

The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth. The Commerce Department reported that growth in US gross domestic product the economy's output of goods and services slowed from the April-July rate of 3%. But the GDP report still showed that the American economy the world's largest is proving surprisingly durable. Growth has topped 2% for eight of the last nine quarters. Still, American voters exasperated by high prices were unimpressed by the steady growth and chose this month to return Donald Trump to the White House to overhaul the nation's economic policies. He will be supported by Republican majorities in the House and Senate. Consumer spending, which accounts for about 70% of US economic activity, accelerated to a 3.5%% annual pace last quarter, up from 2.8% in the April-June period and

Diversifying global leadership: India's opportunity in a US+1 strategy

As the world diversifies its geo-economic reliance on one country, we should also diversify our geopolitical reliance on a single nation

Biden pledges record $4 billion to World Bank fund for poorest nations

The World Bank's IDA fund, which provides mainly grants and very low interest loans to the poorest countries, is replenished every three years, and a pledging conference is scheduled for Dec. 5-6

Fed's Susan Collins says December interest rate cut still on the table

The Boston Fed chief noted inflation has come down "significantly," adding she's not seeing new price pressures and that "it's important to stay the course."

US industrial production sags in Oct amid continued drag from Boeing strike

The Fed estimated that the strike depressed industrial production by 0.2 percentage point in October after exerting a 0.3 percentage point drag in September

US consumers see lower inflation, debt delinquency risk: NY Fed survey

Households on average saw inflation over the next year at 2.9 per cent, down from 3.0 per cent in September and the lowest estimate for near-term price increases in four years