Latest Economic disasters Stories
The U.S. Department of Commerce left its estimate of the third quarter economic contraction unchanged Tuesday, but dropped its inflation index slightly. The contraction of 0.5 percent, following a 2.8 percent increase in the second quarter, was unrevised from a previous estimate.
Japan's central bank cut the key interest rate to 0.1 percent from 0.3 percent Friday to bolster the economy and arrest the yen's appreciation. The Bank of Japan's second interest rate cut in three months came on the same day that the government forecast zero GDP growth for fiscal 2009 starting in April. Japan's export-driven economy, which is already in recession because of the global financial turmoil, has seen the yen appreciate sharply in recent weeks against the U.S.
The Bank of Canada reacted to the global economic crisis Tuesday by lowering its key interest rate by three-quarters of a percentage point to 1.5 percent. The outlook for the world economy has deteriorated significantly and the global recession will be broader and deeper than previously anticipated, the bank said in its release.
Spending on private and public construction in the United States fell 1.2 percent in October, the U.S.
The third quarter U.S. gross domestic product fell further than previously estimated, dropping 0.5 percent, the Bureau of Economic Analysis said Tuesday. The previous estimate was a drop of 0.3 percent following second quarter growth of 2.8 percent.
By Jeannine Aversa Associated Press WASHINGTON -- Wall Street bounced higher and lower Wednesday trying to make up its mind about an unprecedented coordinated interest rate cut by central banks around the world. In the end it settled on a familiar feeling -- fear -- and plunged again.
By JEANNINE AVERSA WASHINGTON - The economy's spring rebound turned out to be slightly less energetic than the government previously thought. And, the road ahead is likely to be rocky as the country gets pounded by the worst financial crisis in decades.
By John Browne As a select group of Americans continues to prepare for this week's Beijing Olympics, other Americans continue to worry about their dwindling portfolios. They are looking at gold as an alternative investment to the volatile stock and bond markets.
By Jeannine Aversa Associated Press WASHINGTON -- Stores, factories and other businesses large and small showed workers the door last month, sending unemployment to its highest rate in four years and adding to the evidence an economic recovery remains far off.
1st LD Writethru: U.S. economy grows at 1.9 percent in second quarter WASHINGTON, July 31 (Xinhua) -- The U.S.
- A transitional zone between two communities containing the characteristic species of each.