Official figures show that the number of US workers filing new claims for jobless benefits rose unexpectedly last week to a high not seen since April. The figures show that initial jobless claims rose more than 4% to 479,000 in the week ended July 31, according to the Labor Department. Analysts had expected a fall [...]
According to the Commerce Department, consumer spending in the US remained flat in June.
Households in the US continue to be squeezed amid higher unemployment.
Consumer spending, which makes up for more than two-thirds of overall economic activity in the US, was unchanged from May.
Meanwhile, incomes failed to increase for the first time since September.
Last week, [...]
Alan Greenspan, the former chairman of the US Federal Reserve, has told US television that there is currently a “pause” in the US recovery.
Mr Greenspan told NBC’s Meet the Press programme: “We’re in a pause in a recovery, a modest recovery but a pause in the modest recovery feels like a quasi-recession.”
He was asked if [...]
British people continue to be concerned about the economic outlook after the GfK/NOP Consumer Confidence index fell for the fifth straight month in July.
The index fell 3 points to -22 – the lowest reading since August 2009 – when the economy was in the midst of recession.
The survey was conducted after the new coalition Government [...]
The Office for National Statistics (ONS) has today revealed UK economic growth for the second quarter today surged ahead by 1.1% – almost double the rate analysts had forecast.
Meanwhile, economic growth rose by 1.6% on an annualised basis – the highest in two years.
The UK is the first G7 country to release its quarter two [...]
The Treasury Select Committee has warned that cutting the deficit too quickly could risk pushing the UK back into recession.
Since coming to power, the new coalition Government has made cutting the deficit its top priority.
However, many leading business groups and former Chancellor, Alistair Darling, all warned that cutting the deficit too quickly could pose a [...]