Latest Economic disasters Stories
France and Germany both said their economies grew 0.3 percent in the second quarter, posting surprise gains in the midst of a global contraction. The 27-nation European Union posted a second quarter slowdown of 1.2 percent, while productivity in the 16-member eurozone shrank 0.4 percent, The New York Times reported Thursday. The economies of both areas -- the European Union and the eurozone -- shrank by 2.5 percent in the first quarter.
The U.S. gross domestic product fell 1 percent in the second quarter beating expectations soundly, the Bureau of Economic Analysis reported Friday. The figure, the broadest measure of U.S. economic activity, fell as expected, showing the economy was still in a slump.
China Thursday announced its second-quarter GDP grew 7.9 percent from the same period of last year, thanks to huge fiscal pump-priming and record lending.
A market lull turned volatile Thursday before the Independence Day break, with U.S. markets plunging on an uptick in unemployment. The grim numbers are increasingly familiar: Manufacturing jobs declined 136,000 in the month of June on a decrease of 1.9 million since the recession began.
Personal income rose faster than consumer spending and faster than inflation in May, the U.S.
The Organization for Economic Co-operation and Development in Paris said the recession was approaching a weak and fragile recovery in developed nations. Recovery is likely to be weak and fragile, and the economic and social change caused by the crisis will be long-lasting, the OECD said in its semiannual economic forecast, released Wednesday.
The global recession is cutting sharply into investment capital for developing countries, the World Bank in Washington said Monday. The World Bank said capital inflows to developing countries dropped to $707 billion in 2008, from a record $1.2 trillion in 2007. This year, foreign capital flowing to
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