August 29, 2013 |
WASHINGTON -- The American economy grew at a considerably faster pace in the second quarter than previously thought, as revisions showed stronger U.S. trade activity and business investments in nonresidential structures. The Commerce Department said Thursday that the nation's gross domestic product, or total economic output, expanded at an annual rate of 2.5% in the April-to-June period. That was up from GDP growth of 1.1% in the first quarter of the year and 0.1% in last year's fourth quarter.
August 27, 2013 |
Cameroon, located on the west coast of Africa between Nigeria and Equatorial Guinea, is a nation of unparalleled beauty and biological diversity. Mt. Cameroon, in the west, is one of Africa's largest volcanoes, reaching 13,255 feet; in the north of the country, savanna and semi-desert extend to Lake Chad; and in the south, lush tropical rain forests form the northwestern boundary of the Congo basin. Similar in size to California, Cameroon is one of the most biodiverse countries in Africa, home to more than 900 species of birds and 300 species of mammals (including more than 29 primate species)
August 7, 2013 |
WASHINGTON -- The Bank of England on Wednesday said it would maintain its stimulus program until the unemployment rate falls to 7%, following the same strategy as the U.S. Federal Reserve in providing an explicit target for when it would raise interest rates. The unemployment rate in Britain is 7.8% and is not forecast to drop to 7% for at least two years. The unemployment rate would need to fall to 7% before the bank's Monetary Policy Committee would consider raising its short-term interest rate from 0.5% and halting its bond-buying program, said Mark Carney, who took over as head of the British central bank last month.
July 31, 2013 |
WASHINGTON -- Economic growth unexpectedly picked up in the second quarter of the year, expanding at a still-sluggish 1.7% annual rate, the Commerce Department said Wednesday. The figure was a significant improvement over the 1.1% growth rate in the first quarter, which was revised down Wednesday from an earlier 1.8% estimate. Analysts had expected economic growth to have slowed down in the second quarter, with economists surveyed by Bloomberg News projecting just 1% growth. Although the initial read on the pace of economic expansion from April through June far exceeded those estimates, it remained weak in the face of tax increases and federal spending cuts that kicked in this year.
July 19, 2013 |
Economist Arthur Laffer occupies an exalted place in Republican tax-policy circles thanks to his influential but controversial theory that some tax cuts generate more income for the Treasury. A staple in supply-siders' policy toolbox, it helped build support for the major tax cuts under President Reagan and President George W. Bush. So you have to wonder how House Republicans will react to Laffer's public endorsement of the push in Congress to require online retailers to collect sales taxes even from shoppers in states where they have no physical presence.
July 16, 2013 |
WASHINGTON -- After stumblng in the spring, the American manufacturing sector looks to be on stronger footing heading into the second half of this year. Industrial production rose 0.3% in June, in line with analysts' expectations, after falling by that much in April and no growth in May, the Federal Reserve said Tuesday. The increase last month reflected strong gains in automotive, home electronics and industrial machinery. That suggests improving demand from both consumers and businesses, although production of information-processing goods fell in June from the previous month.
July 14, 2013 |
BEIJING - China's economy is slowing fast. And that may be a very good thing. Falling exports and tighter credit cooled China's growth in the second quarter to 7.5% from a year earlier, officials said Monday. Growth in the first quarter was 7.7% and many analysts now predict the nation's gross domestic product will expand 7.5% - or even less - for the year. Although that's a blistering pace compared with those of the U.S. and many other Western nations, it would be a drop from China's 7.8% rate last year and the country's slowest growth since 1990 after nearly two decades of double-digit annual expansion.
July 9, 2013 |
WASHINGTON - After leading the way out of the global recession, China and other big developing economies now are growing slower, a significant shift in momentum that augers weaker world growth and softer demand for U.S. exporters. The slowdown in developing economies has been building for some time but has captured greater attention recently because of China's credit crunch and the prospects of monetary policy tightening by the U.S. Federal Reserve. On Tuesday, the International Monetary Fund cut its U.S. and global economic forecasts for this year and next, citing primarily slower growth in key developing nations as well as a deepening recession in the Eurozone.
July 6, 2013 |
Surprisingly resilient job growth over the last three months has raised the likelihood that the Federal Reserve will start pulling back its massive bond-buying stimulus this fall, but the near-term employment outlook may not be as bright as the latest numbers look. The much-anticipated employment statistics for June showed that employers added 195,000 jobs over the month, despite analysts' expectations that federal spending cutbacks and the soft global economy would hold payroll growth to no more than 165,000.