Economic News

NEW YORK (AFX) - The nation's service economy grew in October at a quicker pace than in September, and faster than analysts had expected. The Institute for Supply Management said Friday its index of business activity for the service sector registered 57.1 in October. That's above September's reading of 52.9, which was a three-year low, and above August's reading of 57. Analysts had been predicti ...

WASHINGTON (Dow Jones) -- The surprising drop in U.S. unemployment rate to a 5-1/2 year low of 4.4% is big boost for bulls on Wall Street and Republicans on Capitol Hill. The nation's employment report for October was much stronger than anyone expected. While job growth itself was a relatively tepid 92,000, nearly all the other details in the report exhibited a healthy economy. The biggest s ...

LONDON (AFX) - Science will be as important to Britain's economic future as stability, Prime Minister Tony Blair said. In a speech, Blair said developing a skill base in scientific development could be a major boost to the economy as the world grapples with issues such as climate change. "For Britain, science will be as important to our economic future as stability," Blair said. &quot ...

LONDON (AFX) - The dollar spiked higher after the unexpected news that the unemployment rate in the US fell to a five-year low in October. The Labor Department reported that the unemployment rate fell for the third consecutive month to 4.4 pct from 4.6 pct. That's the lowest since May 2001. The main reason behind the fall in the unemployment rate were further upward revisions to job creation in  ...

WASHINGTON (Dow Jones) -- The surprising plunge in U.S. unemployment rate to a 5-1/2 year low of 4.4% is big boost for bulls on Wall Street and Republicans on Capitol Hill. The nation's employment report for October was much stronger than anyone expected. While job growth itself was a relatively tepid 92,000, nearly all the other details in the report exhibited a healthy economy. The biggest ...

LONDON (AFX) - The Bank of England is poised to raise borrowing costs to a five-year high to counter above-target inflation when it concludes its rate-setting meeting on Thursday. All 35 economists polled by AFX News expect the Monetary Policy Committee to raise its key repo rate by a quarter point to 5.00 pct, its highest level since before the September 11, 2001 terrorist attacks on the US. &q ...

WASHINGTON (AFX) - The unemployment rate dropped to a five-year low of 4.4 percent in October as employers added 92,000 new jobs -- flashing a picture of a strong labor market as the midterm elections draw near. The latest report, released Friday by the Labor Department, showed that the civilian unemployment rate fell 0.2 percentage point from 4.6 percent in September. It marked the third mon ...

Figures showing stronger-than-expected growth in the services sector have raised expectations of a rise in UK interest rates later this month. The purchasing managers' index (PMI), tracing activity in the services sector, rose last month to one of its highest levels in the past 10 years. The report showed rising confidence in the services sector, which accounts for 75% of the UK economy. UK rates are widely expected to be raised to 5% from 4.75% this month. Inflation focus Recent comments b ...

Jonathan Prynn, Evening Standard3 November 2006 Shoppers were warned today that they face their most expensive Christmas for years. DEAR SANTA: Shoppers should expect to pay more for their gifts on the High Street this year OTHER STORIES Insolvencies hit new record BA profits take huge terror hit Market report: Friday latest No help for Farepak victims Google moves on YouTube rights 50 MEGA DEAL FINDERS This is Money helped pioneer online comparison servic ...

High oil prices and tighter inflation controls have boosted the prospects for economic growth in Latin America, the International Monetary Fund (IMF) said. The IMF's 2006 Regional Economic Outlook forecasts average growth in the region of 4.75% for 2006, a 0.5% increase over 2005. Brazil and Mexico are leading an investment boom across the area, the IMF reported. The IMF expects regional inflation to drop from 5.25% to 5% by 2007. Visible success Strong domestic consumer demand is another f ...