July 9, 2013 |
WASHINGTON -- The International Monetary Fund on Tuesday lowered its forecast for U.S. and global economic growth this year, citing the European recession and reduced demand worldwide. The world economy will grow 3.1% this year, the IMF said, down from its April projection of 3.3%. Growth also will be slower in 2014 -- 3.8% compared with an earlier 4% forecast. The U.S. economy will grow 1.7% this year and 2.7% next year, both down 0.2 percentage points from the organization's April World Economic Outlook forecast.
CALIFORNIA | LOCAL
May 22, 2013 |
Gov. Jerry Brown, who is known to break out the occasional Latin phrase during stump speeches and news conferences, said he liked the language because “it's obscure and makes you smarter than everybody.” The quip came during a free-flowing speech to about 1,000 state business leaders and others at a breakfast hosted by the California Chamber of Commerce that also covered Brown's rebellious youth, his wife's management of his career, his...
April 26, 2013 |
The gig: Christopher Thornberg is founding partner of Beacon Economics, a Los Angeles-based economics consulting firm. Since its founding in 2007, Beacon has provided economic analysis and forecasting for cities, counties and corporate clients. He also worked as chief economic advisor to the state Controller's Office from 2008 to 2012. While he was at the UCLA Anderson Forecast, he began sounding the alarm about an impending housing market crash - and the ensuing recession.
July 24, 2012 |
Shipping giant UPS lowered its economic outlook for the rest of the year as the slowing global economy is expected to reduce demand for the company's logistics services, executives said Tuesday. In a conference call with investors, United Parcel Service Inc.'s chief executive Scott Davis said that the slowdown in China's economy and the European debt crisis led to the company's lowered economic projections. "Economies around the world are showing signs of weakening, and our customers are increasingly nervous," Davis said. Davis also said that the U.S. economy has shown recent signs of weakening as well: the past three months have shown slowed job gains, retail spending is down and the manufacturing sector has also softened.
June 20, 2012 |
WASHINGTON - As Europe's problems dragged down the Federal Reserve's economic outlook for the U.S., the central bank took a modest step to boost the lagging recovery - and signaled it was ready to do more. "We are hoping for the best," Fed Chairman Ben S. Bernanke said Wednesday of attempts by European leaders to ease their debt crisis. "But we are prepared, in case things get worse, to protect the U.S. economy and the U.S. financial system. " The Fed, worried about a spillover from Europe, sharply lowered its forecast for economic growth in the U.S. this year and projected that unemployment could remain near 8% through 2014.
April 12, 2012 |
Economists sharply raised their forecast for first-quarter economic growth after news of an unexpectedly big drop in the nation's trade deficit in February. The Commerce Department reported Thursday the trade deficit narrowed in February to $46 billion from $52.5 billion in January. Most of the decline was due to a sharper-than-expected 2.7% falloff in imports, much of that from China. U.S. exports in February was up a tiny 0.1%. Analysts said the trade gap was likely to turn up in March as Chinese production and shipments resumed after the Lunar New Year holiday in February.