March 13, 2008 |
A recession has already started and the downturn is likely to last longer than in the recent past, with the economy recovering only late next year, according to a quarterly survey of corporate chief financial officers released Wednesday. Fifty-four percent of the CFOs said the United States was in recession, and another 24% said there was a high likelihood of one starting later this year, according to a Duke University/CFO magazine survey completed last week. About three-quarters of the CFOs said they were more pessimistic this quarter than in the prior quarter about the economy, reflecting concerns about consumer spending, turmoil in credit and housing markets, and high energy prices.
February 1, 2008 |
Buffeted by soaring fuel prices and tighter credit, Americans increased their spending at the weakest pace in six months. In other signs of trouble, applications for jobless benefits last week soared to their highest number since Hurricane Katrina. The Commerce Department reported Thursday that consumer spending edged up just 0.2% in December -- the year's peak shopping season. That was down from a 1% gain in November. It was the weakest performance since a similar 0.
December 7, 2007 |
Japan's economy grew 0.4% in the three-month period that ended September from the previous quarter, the government said, revising an initial estimate of a 0.6% expansion. The figure for gross domestic product for the third quarter in real, price-adjusted terms compared with economists' consensus forecast for 0.7% growth. It translated into an annualized expansion of 1.5%, compared with a preliminary reading of 2.6% growth and economists' median forecast for a revision to a 2.7% expansion.
March 30, 2007 |
U.S. economic growth at the close of 2006 was revised up, according to a government report Thursday, but a primary factor for the revision -- rising inventories of unsold goods -- cast a shadow over future prospects. The Commerce Department said fourth-quarter gross domestic product, measuring total goods and services output within U.S. borders, grew at a 2.5% annual rate instead of the 2.2% reported a month ago, up from 2% in the third quarter.
March 1, 2007 |
The U.S. economy grew at a tepid 2.2% pace at the end of 2006, much weaker than first thought, while new-home sales last month had their biggest drop in 13 years, according to data released Wednesday that showed a soft economy. Adding to that dreary picture, the National Assn. of Purchasing Management-Chicago said its barometer of Midwest business activity slid to 47.9 in February from 48.8 in January. A reading below 50 indicates contraction.
November 22, 2006 |
The White House on Tuesday lowered its forecast for economic growth for this year and 2007, reflecting the drag from the housing slump. Even with the downgrade, the Bush administration is predicting that the unemployment rate will turn out to be slightly lower than previously thought. Under the administration's new forecast, gross domestic product will grow by 3.1%. That's down considerably from a projection of 3.6% in early June.
May 26, 2006 |
The U.S. economy showed even more pep than initially thought in the first quarter, zipping ahead at a 5.3% annual pace, the government reported Thursday. But a less energetic housing market and high energy prices are now taking away some of the oomph. "I think we sort of had the last hurrah for the economy for a while," said Nariman Behravesh, chief economist with Global Insight. "We aren't going to see this kind of growth for a bit.
December 20, 2005 |
China's government sharply increased the official size of its economy in a report today that said output grew by 16.8% last year -- nearly twice the figure previously reported. The figures were issued by the National Bureau of Statistics after a survey meant to gather more accurate data on China's emerging service industries such as restaurants and retailers, which were underreported in earlier statistics.
September 8, 2005 |
An estimated 400,000 Americans will lose their jobs and the nation's economy will grow more slowly during the second half of this year as a result of the economic fallout from Hurricane Katrina, according to a federal report released Wednesday. But the long-term economic effect of the deadly storm that devastated New Orleans and the coast of Louisiana, Mississippi and Alabama will be relatively muted, and rebuilding activity should give the economy a boost, the Congressional Budget Office said.
May 3, 2005 |
Mexico's economy expanded at an annual rate of about 3% in the first quarter as growth cooled because of weaker manufacturing, especially in the auto sector, according to preliminary estimates released by the Finance Ministry Monday. Gross domestic product had expanded at a 4.9% pace in the final quarter of 2004. However, data for the first quarter of 2005 was distorted by the Holy Week holiday, which fell in March instead of April as it did last year.