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Latest Economic disasters Stories

2009-06-01 10:51:51

Spending on private and public construction in the United States rose in April, the U.S. Commerce Department said Monday. Construction rose to a seasonally adjusted annual rate of $968.7 billion, 0.8 percent above March's revised estimate of $961.3 billion, the report said. Private construction, at a seasonally adjusted annual rate of $657.3 billion rose 1.4 percent above March's revised figure of $648.2 billion, the report said. Residential private construction rose 0.7 percent in April with...

2009-05-29 09:44:18

The U.S. Department of Commerce said Friday the first quarter drop in the gross domestic product was not as bad as originally feared. The economy contracted by 5.7 percent in the quarter, the department said, less of a drop than was estimated a month ago, when the figure released was 6.1 percent. While the numbers still appear dismal, markets reacted to earlier estimates, softening the impact Friday's numbers might have had on stock markets. In the fourth quarter, the GDP fell 6.3 percent....

2009-05-25 08:45:53

Slovenia's gross domestic product will drop 2.7 percent for all of 2009, while in 2010 the economy will recover and rise 1.4 percent, economists said. The GDP decline was mainly caused by a drop in exports due to a financial crisis in the euro-zone and stricter borrowing conditions which hurt Slovenia's open economy, seriously hit by the global economic crisis, the Slovenian news agency STA said Monday, quoting a report by the International Monetary Fund. In 2009, Slovenia's trade, production...

2009-05-22 13:31:43

Agricultural acreage in the heart of the Midwest fell 6 percent in value in the first quarter, the Chicago Federal Reserve Bank said Friday. A survey of 227 Midwest banks found the decline in the value of farmland listed as good was steeper than in any quarter since 1985, the federal bank said. The drop came in spite of historically low interest rates for loans, which fell to 6.2 percent for new operating loans and 6.14 percent for farm real estate loans during the quarter. The quarter...

2009-05-19 22:18:31

Japan's first quarter GDP, hit by falling exports and domestic demand, fell a record 4 percent from the earlier quarter, the government said Wednesday. The Cabinet Office in a preliminary report said it was the fourth straight quarterly decline for the world's second largest economy with a GDP of about $4.3 trillion. Based on the latest numbers, the GDP contracted at an annual rate of 15.2 percent, Kyodo news service reported. That beat the previous annual worst performance record of 13.1...

2009-05-11 23:01:01

South Korea's central bank, saying the pace of economic downturn had eased, Tuesday left its key interest rate unchanged at 2 percent. It was the third straight month the Bank of Korea had made no change in the seven-day repo rate, a move that had been expected by experts, Yonhap news agency reported. Prior to that, the bank, pressed to respond to the slumping economy, had cut the rate six times totaling 3.25 percentage points to bring it to current record low level of 2 percent. In recent...

2009-05-11 08:13:54

The U.S. Treasury Department's stress tests may have underestimated what banks will lose in upcoming credit card defaults, consulting firm Oliver Wyman said. A hypothetical Treasury worst case scenarios developed by the department to test the nation's 19 largest banks projected a loss of $82.4 billion among the banks through 2010, The New York Times reported Monday. Oliver Wyman projects credit card losses for the 19 banks could reach $141.5 billion by then. For the credit card industry on...

2009-05-11 06:18:54

Numbers that looked scary a year ago, like April's job losses, are now fueling hope investors will soon replace the word rebound with the word recovery. April's non-farm job losses came in at 539,000 Friday and are nothing to cheer about until you compare them to March when nearly 700,000 jobs were lost. Suddenly, the trend looks positive, even as the unemployment rate jumped from 8.5 percent to 8.9 percent and is predicted to go higher still. The aggregate numbers are in focus now. There...

2009-05-06 09:25:36

U.S. businesses shed 491,000 non-farm jobs from March to April, far less than the 650,000 losses expected, a research group said Wednesday. Automatic Data Processing Inc. also revised the February-to-March estimate by 34,000, reporting 708,000 jobs were lost in that period, rather than 742,000. Manufacturing jobs shrank by 159,000, marking the sector's 38th month of declines. Goods producing jobs, including manufacturing, contracted by 262,000, the report said. Construction jobs, declining...

2009-04-13 06:23:05

Asian and European markets turned mostly higher Monday, buoyed by stimulus spending in China and a general shift from gloomy sentiment. In Asia, the Nikkei 225 was down slightly, off 39 points, while the Hang Seng index in Hong Kong rose 2.95 percent to 14,901.41. The Singapore Straits Times pushed ahead 2.64 percent to 1,876.77, while the S&P/ASX in Australia gained 1.44 percent to 3,671.60. European markets also gained with DJStoxx 600 up 2.20 percent, the FTSE 100 in London up 1.48...