US retail sales decline in January

Retail sales in the United States were down in February for the first time in six months, according to new data released on Tuesday. The decline was blamed on slow automobile sales and the turn from mild winter weather to colder temperatures. A decline had been expected, but it had not been forecast […]

US trade gap up in January

The United States trade deficit grew by $3.4 billion in January from its December level, bringing it to a record level of $68.5 billion as imports grew much faster than exports. The bilateral deficit with China accounted for over a third of the growth in the overall trade deficit, growing from $16.3 billion in […]

Energy, education costs send US consumer prices higher

Consumer prices in the United States were up by 0.7 percent in January, higher than the expected gain of 0.5 percent and after a decline of 0.1 percent in December. High energy prices were cited as the main force pushing the CPI up. Energy prices grew by 5 percent in January, led by […]

Bernanke says US rates may rise more

The new chairman of the US Federal Reserve, Ben Bernanke, in his first testimony in front of Congress after taking office, said on Wednesday that the US economy performed impressively last year. He also refused to close the door to further interest rate hikes, saying that higher energy prices could mean higher consumer prices, […]

Analysts expected significant but limited damage from Katrina

The consensus of economists on Thursday was that while the aftermath of Hurricane Katrina will slow down the growth of the US economy, although it will not be a big event economically, as a representative of Wells Capital Management put it, because oil prices have not gone as high as it was expected they might. […]

GDP shows US economy at 3.3 percent

Gross domestic product numbers released on Wednesday by the US Commerce Department show that the economy in the United States grew by 3.3 percent in the second quarter of the year. The figures were considered healthy even though they were below the 3.4 percent growth predicted by the department a month ago. Growth […]

Greenspan tells of healthy economy

Making his last semi-annual presentation before Congress today, Federal Reserve chairman Alan Greenspan painted a generally healthy picture of the US economy. However, he issued warnings on housing prices and oil prices that he said could slow economic growth, and especially expressed concern that oil prices could keep rising for the next few years. […]

US moves to comply with WTO over cotton

A week after the European Union said that it will cut sugar subsidies after Brazil brought a case objecting to the effect those subsidies have on the developing nations, the Bush administration said on Tuesday that it would propose to Congress that legislation be enacted to cut a subsidy program that paid over $2.4 billion […]

Greenspan against trade sanctions

Federal Reserve Chairman Alan Greenspan said today in testimony before the finance committee of the US Senate that trade sanctions against China would not hold any advantages for the United States. The hearings grew out of increasing concerns about China on the subjects of that nations exports and its current high interest in investing […]

US deficit widens

The US trade deficit was $61 billion in February, an all-time high. This was up from $58.3 billion in January, which had also been a record.The increase was mostly blamed on increases in oil prices, and despite the rise, some analysts had expected much worse. It remained to be seen what effect the release of […]

US shareholders aim for greater controls

U.S. business leaders are trying to turn back an attempt by some shareholders to gain more power in the naming of board members to large companies boards of directors. The business executives, supported by such organizations as the U.S. Chamber of Commerce and the Business Roundtable, are determined to keep the power to name […]

Wolfowitz nominated for World Bank

US Deputy Defence Secretary, Paul Wolfowitz, has been nominated by George W Bush to become the next president of the World Bank.Regarded as a hawkish neo-conservative, the appointment was cooly received in Europe, and saw criticisms from a number of aid agencies who fear a political mission in the appointment.However, despite concerns, US nominations for […]

Federal Reserve consider inflation

The US Federal Reserve moved closer to setting up formal inflation objectives.It released data showing expectations of Inflation remaining between 1.50%-1.75% over the next two years.Although not expected during Alan Greenspan’s chairmanship, he ends his position next year, and formal inflation targets are expected to be drawn up by his successor.The issue is expected to […]

US economic outlook improves

Market concerns over the strength of the US dollar were put at greater ease after the US Treasury reported strong economic growth in 2004.Although Q4 growth was slower than expected, at 3.2% as opposed to 3.5%, it still left the US economy as having grown 4.4%, which is the highest figure since 1999.The news can […]

US markets cowed: poor trend continues

US stock markets spent the week lacking confidence, and investors were quick to blame increased profit reports on technicalities, and reacted badly to even slight reductions in forecasts.General Electric’s 18% rise in profits was put down to tax breaks, and when 3M reported over 16% rise in earnings, not only did the markets put it […]

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