November 18, 2013 |
WASHINGTON - The world's advanced economies grew 0.5% in the third quarter as strength in the U.S. and the United Kingdom helped offset continued weakness in the Eurozone, the Organization for Economic Development and Cooperation said Monday. The pace of economic expansion in the group's 34 member nations was the same as in the second quarter as the OECD prepared to release new projections Tuesday on future growth. The new data show that advanced economies had improved after quarter-over-quarter growth ground to a halt at the end of 2012.
September 27, 2013 |
So the German people have spoken, and Chancellor Angela Merkel has been reelected. That means the European Union will continue to be a tortoise. Next May, following the European Parliament elections, we will discover just how slow and unhappy a creature it is. Then, across the next decade, a larger, Aesopian question will be posed: Can the European tortoise outrun the American eagle and the Chinese dragon? Or can it at least keep pace with them? Resounding though Mutti ("Mom") Merkel's election victory was, Germany's new government still has to be formed.
September 5, 2013 |
ST. PETERSBURG, Russia - Even as European Union leaders at the G-20 summit here crowed about a reviving Eurozone, the head of the European Central Bank said he didn't share their optimism. In somber remarks, ECB President Mario Draghi said he was "very, very cautious about the recovery. " Draghi, speaking at a monthly news conference in Frankfurt, damped the growing enthusiasm for the prospects of the advanced economies in the world, led by the United States. A very strong report Thursday on the U.S. service sector fueled further confidence that the economy was picking up steam and that the August jobs report to be released Friday would turn out better than expected.
September 3, 2013 |
WASHINGTON - For the first time in several years, the annual G-20 summit won't be dominated by the Eurozone's debt troubles. But that may be little comfort to world leaders gathering this week in St. Petersburg, Russia. In addition to sharp differences over the conflict in Syria, which is certain to hang over the meetings Thursday and Friday, President Obama and other heads of the so-called Group of 20 major economies have a new economic threat on their hands. After financial fires were contained in the U.S. and then Europe, things now are heating up in the emerging economies.
August 14, 2013 |
LONDON -- Europe's economy is showing signs of recovery for the first time since 2011, according to figures released Wednesday by the European Commission. The second quarter of 2013 showed distinct if fragile 0.3% economic growth collectively over the previous quarter for the 17 countries that share the euro currency. The improvement was driven chiefly by Germany, where gross domestic product grew by 0.7% over the previous quarter, and France, with growth of 0.5%. Consumer spending, manufacturing and exports appear to have grown in both countries.
July 31, 2013 |
LONDON - The number of jobless workers in the 17 nations that use the euro dropped very slightly in June, but unemployment remains at a record rate as the currency zone continues to grapple with a lingering recession, statistics released Wednesday show. Nearly 19.27 million people were out of work in the Eurozone in June, the European Union's statistical office reported . That's 24,000 fewer than in May , a marginal improvement that did not impact the overall jobless rate, which has held steady since March at a record 12.1%.