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Washington, United States | AFP | Thursday 1/26/2023 The US economy grew at a slower pace in 2022, the Commerce Department said Thursday, as activity eased in the final months of the year and recession fears loomed. Economic activity has been moderating as the US central bank hiked the benchmark lending rate seven times last year, in hopes of cooling demand and reining in costs as inflation surged. The property sector has slumped, followed by […]
London, United Kingdom (AFP) by Ben Perry Britain’s economy remains on course for a long-lasting recession on fallout from the highest inflation in decades, analysts said on Monday, even if official data showed growth in October. Gross domestic product rebounded 0.5 percent in the month, the Office for National Statistics (ONS) said. GDP had dropped 0.6 percent in September, in part owing to businesses closing for the funeral of Queen Elizabeth II. ONS director of […]
Washington, United States | AFP | The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President Joe Biden days ahead of midterm elections, government data showed Thursday. Economic issues have become a flashpoint in the United States, with decades-high inflation weighing on growth and squeezing households. Fears of a downturn have intensified in the world’s biggest economy after two quarters of negative growth, commonly […]
Washington, United States | AFP | Hiring in the US economy slowed slightly in September, as expected, while the jobless rate ticked back down to the same level as July, the government reported Friday. The data showed 263,000 jobs were added last month, while the unemployment rate slipped two-tenths of a percentage point to 3.5 percent, the Labor Department said. The steady slowdown in new positions added in the world’s largest economy is good news […]
TOKYO, Japan (AFP) — Business confidence fell among Japan’s largest manufacturers for the third straight quarter, a closely-watched survey showed Monday, defying analyst expectations for a rise in sentiment. The Bank of Japan’s Tankan survey shows major manufacturers are still much more upbeat than during the gloomiest days of the Covid-19 pandemic. But inflation, including higher energy prices fueled by the war in Ukraine, has weighed on business confidence this year, analysts say. The quarterly […]
LONDON, United Kingdom (AFP) — The UK’s unemployment rate remained steady at the end of last year despite the emergence of the Omicron variant of the coronavirus, official data showed on Tuesday. The figure stood at 4.1 percent in the three-month period ending in December, the same as the previous quarter, according to the Office for National Statistics. The rate was lower than the period ending in September when it was at 4.3 percent, but […]
LONDON, United Kingdom (AFP) — Tel Aviv is the world’s most expensive city to live in as soaring inflation has pushed up living costs globally, according to a survey published on Wednesday. The Israeli city climbed five rungs to score top place for the first time in the authoritative ranking compiled by the Economist Intelligence Unit (EIU). The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services […]
by Heather SCOTT WASHINGTON, United States (AFP) — Worldwide supply chain disruptions are driving price increases and draining momentum out of economies recovering from the Covid-19 pandemic, the IMF warned on Tuesday. The ongoing hit from the pandemic and the failure to distribute vaccines worldwide is worsening the economic divide and darkening prospects for developing nations, the IMF said in its latest World Economic Outlook. The global economy is expected to grow 5.9 percent this […]
SYDNEY, Australia (AFP) — Australia’s economy contracted 1.1 percent in 2020 as the coronavirus pandemic took hold, but saw a remarkable recovery late in the year as outbreaks were brought under control and restrictions lifted. Official figures released Wednesday showed the economy grew 3.1 percent in the October-December quarter following a 3.4 percent increase in the previous quarter. The Australian Bureau of Statistics said it was the first time since records began 60 years ago […]
BEIJING, China (AFP) — The rise in Chinese consumer prices slowed for a second successive month in September, official data showed Thursday, as pork supplies bounce back from the devastating African swine fever while farms recovered from flooding. The consumer price index (CPI), a key gauge of retail inflation, rose 1.7 percent last month from a year ago, compared with a 2.4 percent reading in August, according to the National Bureau of Statistics (NBS). The […]
by Chris Stein Agence France Presse WASHINGTON, United States (AFP) — Job losses in the United States are slowing but totaled an unheard-of 38.6 million since the coronavirus pandemic lockdowns began, while officials debate what additional steps will be needed to rescue the beleaguered economy. Another 2.43 million Americans were put out of work last week, fewer than the previous week but still among the highest figures on record, according to the latest Labor Department […]
PEKIN, China (AFP) — China took the rare move of not setting an annual growth target this year after the coronavirus battered the world’s second-largest economy and ravaged global growth, Premier Li Keqiang said Friday. Instead, given “great uncertainty” caused by the COVID-19 pandemic, Beijing will “give priority to stabilizing employment and ensuring living standards”, he told the opening of the National People’s Congress. He also announced that China’s fiscal deficit was expected to be […]
