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US Firms See no Change in Job Market
The National Association of Business Economics (NABE) said that. US companies have no immediate plans to increase their workforce, but also do not intend to conduct massive layoffs in the next six months -- putting the labor market in a longstanding stalement.
US Retail Sales up in September
The United States Commerce Department has released a new data on Friday showing a slight increase in retail sales in September this year, the highest in seven months, driven by higher spending on automobiles.
US Trade Deficit Narrows in August, Lowest in Four Months
The United States trade deficit has narrowed down to $45.61 billion in August this year, the lowest in four months.
S&P Hikes GM’s Credit Rating
Standard & Poor’s has raised its corporate credit rating on US automaker General Motors Co. (GM), noting the company’s new labor contract would ensure its profitability and cash flow in North America in the wake of the global financial crisis.
Lower Jobless Claims, Higher GDP Allays Economic Fears
The number of Americans filing for new jobless claims dropped to a five-month low last week, while the US economy fared a little better in the second quarter, a separate government data showed on Thursday.
California Grocery Workers’ Union Ratifies Contract
Some 62,000 employees belong to the United Food and Commercial Workers Union has reached a three-year contract deal on Saturday, which has prevented the possible labor strike among grocery workers in Southern California.
Prada 1H Profit Soars on Asia Sales
Milan-based luxury brand Prada said on Tuesday that its profit increased by 74 percent in the first half of this year on higher sales of leather good in China and other Asia-Pacific countries.
US Trade Deficit Surges to $50.2B in May
The US trade deficit has hit a 31-month high of $50.2 billion in May as higher oil prices push imports higher compared to exports, the Commerce Department said on Tuesday.
VF Corp. To Acquire Timberland For $2B
VF Corp., the owner of popular apparel brands Wrangler Jeans and The North Face, said on Monday that it will buy shoemaker Timberland Co. for $2 billion, or 43 percent premium, in an effort to boost its outdoor gear business.
US Gov’t to Sell Remaining Chrysler Stake to Fiat
Italian carmaker Fiat will buy the remaining six percent stake of the United States government in Chrysler for $560 million, the Treasury Department said in a statement on Thursday.
US Regulators Shut Down Banks In Washington, Georgia
At least two small banks in Georgia and Washington D.C. were shut down by US regulators, bringing the total number of foreclosed banks for this year to 43.
US Manufacturing Sector Ups Outlook
The US manufacturing sector has upwardly revised its outlook following a surge in the number of new orders for durable goods, which increased by 2.5 percent in March, the Commerce Department said on Wednesday.
Wealthy Americans To Spend More On Luxury In 2011
American Express Publishing and Harrison Group on Friday released a new survey showing that more wealthy families in the United States are willing to spend their money as long as it meet their standards.
U.S. trade gap shrinks in February
A new data released by the government showed that U.S. trade deficit in February has narrowed down to $45.8 billion as both imports and exports slowed down during the period.
U.S. fast-food chains eye India market to boost growth
Setting its eyes in the surging spending power of Asia’s third largest economy, several US-based fast-food chains on Monday expressed interest in gaining a strong foothold in India’s growing food market.
U.S. Retail Sales Surge In March
After several months of continuous decline, U.S. retail sales is finally making a comeback, reporting a stronger-than-expected growth rate in March.
U.S. Auto Sales Spikes up, But Buyers Prefer Smaller Models
More and more Americans are now buying smaller and more fuel-efficient vehicles as fuel prices and unemployment rate remained high, a new data released by industry research firm.
U.S. Economy Grows Unexpectedly In Q4 2010, But To Slow Down In 2011
The United States Commerce Department over the weekend released a new data showing that the country’s economy has improvement much quicker than expected in the last quarter of 2010.
U.S. Housing Construction Hits Two-Year Low
The United States Commerce Department on Tuesday said that the number of new homes constructed in the country has drop by 22.5 percent to an annual rate of 479,000 while building permit application fell to record low.
U.S. gov’t approves BHP Billiton drill permit
The Bureau of Ocean Energy Management has granted BHP Billiton’s permit to drill, allowing the company to resume works at its Shenzi platform, which has been suspended following oil leaks at BP’s Macondo well.
Trade gap widens in January on higher imports - report
The U.S. trade deficit has widened further in January as imports overwhelmed exports. According to data, U.S. imports increased by 5.2 percent to $214.1 billion, the biggest monthly gain since mid-1993.
Wisconsin Assembly passes bill stripping union rights
Wisconsin Democrats fled the state to prevent vote for the passing of the new bill, which aims to strip down unions’ collective bargaining rights; while the Republican-controlled Assembly urged their Senate counterpart to work on the bill.
US consumers back to their usual credit habit
The United States Federal Reserve, the country’s central bank, reported a 3.5 percent increase in the amount of revolving debt of American shoppers in December 2010, suggesting that more than more consumers are now more comfortable in using their credit card amid economic recovery.
US Economic Recovery Loses Steam
The US economic recovery may have lose steam after the Commerce Department on Monday reported a slow down in the country’s economic growth, falling short of target to just 2.4 percent in the second quarter of this year.
US Justice Dept to Sue Oracle Over Contract Frauds
The United States Justice Department on Thursday said that that it will file another lawsuit against computer giant Oracle Corp. following alleged fraud and overcharging in the use of its software.
US Economic Growth Slows Down in Q2
Houston-based financial strategies firm Madison William & Co. on Friday said that the economic growth in the country has slowed down as more companies spend heavily on equipment while American consumer spending declined.
US Gov’t Pockets $20.6B worth of Sin Taxes in 2009
Based on the annual report of the Alcohol and Tobacco Tax and Trade Bureau, more and more Americans are willing to pay through their nose just to have a smoke and to arm themselves to the teeth. In 2009, the US government was able to collect $20.6 billion from sin taxes.
US Gov’t Eyes Boost in Small Business Lending
US Federal Reserve Chairman Ben Bernanke said on Monday that the agency is now looking for ways to boost small businesses lending, which in turn could pickup the pace of economic recovery and reduce unemployment rate in the country.
White House Plans Safer, More Reliable Online Transactions
Due to the growing number of identity theft, account breaches, and other cyberattacks, the United States government disclosed a new financial transaction scheme over the Internet, which is designed to help curb the attacks.
US Gov’t to Provide $19M Aid for NUMMI Workers
The US government will provide at least $19 million worth of aid for the NUMMI workers who lost their jobs after the 25-year-old plant shut down its operations.
US Health Care Already Helps Millions – Obama
The new US health care bill has already helped millions of recession-embattled Americans after the government gave them small business tax breaks and benefits to families with young adults, President Barack Obama said in his weekly radio program on Saturday.
Spirit Airlines to Charge Passengers up to $45 for Carry-on Bags
Spirit Airlines on Tuesday announced that it will be charging passengers up to $45 dollar for every carry-on baggage they take inside the planes starting August 1 this year. The company hopes to promote safer and faster travel time by slashing content of the overhead compartments of the planes.
US to Boost Foreign Tourism
In a bid to overhaul its tainted image abroad, the United States government on Monday said that it is planning to commit more than $100 million to boost tourism and encourage foreigners that would generate economic growth to the embattled nation.
US Economy Surges 5.9 Percent in Q4 of 2009
US economy surged 5.9 percent in the Q4 of 2009 as the Commerce Department released a revised data showing that there was an even stronger push in the country’s GDP last year.
US Governors Brace States for Future Economic Turmoil
United States governors braced their respective states for future economic turmoil as economic situation remained “fairly poor,” and that the front lines continued to struggle.
US Unemployment Hits Five-month Low, Payroll Increase
US unemployment rate hits five-month low as payrolls in most manufacturing companies in the country increased.
Unemployment Rate Increases in Most Metro Areas in the US in December
Unemployment rate increased significantly in most metro areas in the US in December as many companies remained reluctant to hire, the Labor Department said on Tuesday.
Videogame Sales in the US Hit Record High in December
Videogame sales in the US hit record high in terms of monthly sales in December with more than $5.53 billion in revenue to put an “icing on the cake” on a somewhat lackluster 2009.
US Government Undercounted Unemployment Rate
The US government has undercounted the number of unemployed workers in the country in the second quarter of 2009, a new data from the Labor Department showed on Wednesday.
Obama Administration Removes Mortgage Ceiling on Fannie, Freddie
The Obama administration has removed the mortgage ceiling or the credit line cap on Fannie Mae and Freddie Mac to give the two mortgage firms more financial help for the next three years.
Government Spending on Crisis can Backfire According to WEF
The World Economic Forum (WEF) has warned governments from countries greatly hit by economic recession to scrutinize bailout plans and other fiscal policies to make sure that these interventions will not backfire. On the other hand, experts all agree that 2009 is a grim year for most economic sectors.
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