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US economy grew 3.5% in third quarter
The US government announced on Thursday that the country’s economy grew 3.5 per cent in the third quarter, bouncing back from a year of contraction and igniting the hopes to bouncing back totally out of recession. The annual growth reported by the Commerce Department of the government reflected a clear and the strongest expansion since... »
US budget deficit seen at record $1.845tn
However unexpected it might be it is also as inevitable. According to the Congress forecast, the US budget deficit is now expected to reach a staggering figure of record 1.845 trillion dollars in financial year ending this September. This amount is equivalent to 13.1 per cent of the country’s total output. The deficit for the... »
Europe rejects U.S. call for more fiscal stimulus
The European government on Monday dismissed the plea of its American counterpart of an increased government spending to counter the raging recession. Europe’s reply raises concerns of a rift over the major issue to be discussed in the forthcoming G20 summit of the world’s largest industrial and developing economies, slated to be held on April... »
GM auditors raise the spectre of bankruptcy
General Motors Corp. declared on Thursday that the auditors have raised “substantial doubts” about the company’s ability to continue its operations amidst the financial crisis. They company said that it may also have to seek bankruptcy if they fail to launch an effective cost saving and restructuring scheme. In the written annual report submitted to... »
US economy shrinks at 6.2% pace in Q4
According to the US Commerce Department’s report released on Friday, the recession ridden economy of the country plunged at a stunning 6.2 per cent in the fourth quarter of the previous financial year, 2008. This fourth-quarter decline was not only the sharpest since the first quarter of 1982 but also far worse than the 5.4... »
Citigroup reaches aid deal with US government
According to the Citigroup Inc., the U.S. government will exchange up to USD 25 billion in emergency bailout money which would give it as much as a 36 percent stake in the struggling bank. This deal announcement was made on Friday and is being touted as the third rescue plan for Citigroup in less than... »
One in four US companies freezing salary: Survey
According to the latest survey released by an outsourcing and consulting firm Mercer, almost 25% of the businesses in America have reduced their employee pay packages in the year 2009 accounting for one of the most awful monetary slump in their economic history. The survey released on Monday revealed that 25 per cent of organizations... »
Economy leaves 5,33,000 jobless in the US
The economy has taken its toll by sheddin 5,33,000 jobs in November, according to a government report Friday in the US bringing the year’s total job losses to 1.9 million. According to the Labour Department’s monthly jobs report, the unemployment rate rose to 6.7% from 6.5% in October. Though lower than economists’ forecast of... »
Recession killing the automotive industry
Reports show that the biggest monthly U.S. jobs loss in 26 years is set to pile more pressure on the Federal Reserve to slash rates again and add urgency to an automaker bailout as the global economic crisis deepens. Australia has also been trying to protect its automobile business, pledging A$2 billion ($1.3 billion)... »
US forecasts by Credit Suisse
Credit Suisse forecasted that U.S. home foreclosures over the next four years would amount to 8.1 million from 6.5 million, as a warning of a ‘subprime society’ as economic weakness and falling home prices take a larger toll on homeowners. Credit Suisse analysts also state that this is an increase from April’s forecast representing... »
