Economic News

US economic growth slowed more than expected in the second quarter of 2006, according to the latest revised data from the Commerce department. It said that gross domestic product (GDP), which measures economic activity within a country, rose at an annual rate of 2.6% between April and June. The figure is below the 2.9% estimated a month ago and well short of the 5.6% growth reported in the first quarter. Analysts said the data confirmed that US economic growth was slowing gently. Inflation w ...

LONDON (AFX) - The dollar was little changed by the news that the US economy grew by less than anticipated during the second quarter of the year as investors doubted it would change the near-term strategy of the US Federal Reserve to keep borrowing costs on hold. The Commerce Department reported that growth in the second quarter stood at an annualised 2.6 pct, down on the previous 2.9 pct estimat ...

The New York Stock Exchange's benchmark Dow Jones share index briefly rose above its record closing high during early trade on Thursday. The Dow Jones Industrial Average surged to 11,724.86, rising above the previous record closing high of 11,722.98 that it hit on 14 January 2000. The record level drew out sellers looking to lock-in profits, and the index soon fell back. In morning trading, the Dow stood at 11,706, up 17 points. The Dow is continuing to benefit from falling oil prices and  ...

WASHINGTON -(Dow Jones)- The number of new applicants for unemployment insurance fell last week, another sign the U.S. jobs market remains healthy. Initial jobless claims dropped 6,000 to a seasonally adjusted 316,000 in the week ended Sept. 23, the Labor Department said Thursday. New claims for the week ended Sept. 16 were revised up to 322,000 from a previously reported 318,000. The median ...

WASHINGTON (AFX) - The US economy hit the brakes harder than expected in the second quarter after racing ahead in the first three months of the year, the Commerce Department said Thursday. The department estimated the economy grew at a 2.6 pct annualised rate between April and June, compared to last month's estimate of 2.9 pct annualised growth. In the first quarter, the economy grew at a 5.6 pc ...

WASHINGTON (AFX) - Economic growth clocked in at a 2.6 percent pace in the spring, even slower than previously thought. The latest reading on the gross domestic product, released Thursday by the Commerce Department, reinforced expectations that the economy is settling into a spell of somewhat sluggish activity. The growth rate was weaker than the 2.9 percent figure estimated for the April-to-Jun ...

LONDON (AFX) - The dollar index remained steady, more or less in the centre of the range it has traded in since mid-May, ahead of some crucial US economic news later today. Market participants will be interested to see whether this afternoon's US GDP, and associated inflation data, will alter market expectations that the Federal Reserve will keep interest rates on hold for some time soon. Analys ...

LINCOLN, Neb. (Dow Jones) -- U.S. inflation has peaked, will stabilize the rest of the year and then decline, Kansas City Federal Reserve President Thomas A. Hoenig predicted Wednesday. At an economic forum sponsored by the Tenth Federal Reserve District, Hoenig described an outlook of growth into next year below the economy's potential. That could be interpreted as setting the stage for reduce ...

NEW YORK (Dow Jones) -- The Dow may have failed to reach its all-time high Wednesday, but one bull is charging anyway. Like most sophisticated observers, Hays Advisory, the respected institutionally-oriented service, professes to be blasé about the Dow drama. It said Wednesday: "The much heralded rally in the Dow Industrials to its all-time high, or at least so far to the pro ...

SYDNEY (XFN-ASIA) - The US dollar was trading higher, adding to gains against the yen and also reversing earlier weakness against the euro, as the market reassesses the prospects of US interest rate cuts next year, dealers said. They said said there has been some revision of a previously pessimistic view of the economy particularly after Tuesday's stronger-than-expected consumer confidence data ...