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2008-12-19 06:35:08

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. dollar, which makes...

2008-12-09 11:14:29

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. While Canada's economy evolved largely as expected during the summer and early autumn, it is now entering a recession as a result of the weakness in global economic...

2008-12-01 10:22:26

Spending on private and public construction in the United States fell 1.2 percent in October, the U.S. Commerce Department said Monday. Construction fell to a seasonally adjusted annual rate of $1.072 trillion, a drop from September's revised estimate of $1.085 trillion, the report said. From January through October, construction declined 5.7 percent compared with a year ago, dropping to $906.3 billion, the U.S. Census Bureau reported. Private construction, at a seasonally adjusted annual...

2008-11-25 08:12:11

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. The new estimate for the third quarter is a $7.7 billion decline from the previous estimate. The latest GDP report includes negative contributions from consumer spending, residential fixed investment and equipment and software, the government...

2008-10-09 09:00:04

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. The Federal Reserve, desperately trying to jump-start the lending that keeps the U.S. economy moving, dropped its closely watched federal funds rate to 1.5 percent. The cut from 2 percent took the rate to...

2008-09-26 21:00:14

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. The Commerce Department reported today that gross domestic product, or GDP, increased at a 2.8 percent annual rate in the April- June period. That wasn't as strong as the 3.3 percent growth estimate made a month ago. But it did mark a...

2008-08-04 00:00:17

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. Both athletes and the investors are "going for gold." The athletes will follow clear Olympic rules of competition. Investors, on the other hand, will go for gold in a market where governments "influence" the rules of the free...

2008-08-02 12:00:17

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. Employers clamped down on hiring and cut 51,000 jobs in July, the Labor Department said Friday. The economy has shed jobs each month this year -- 463,000 in all. The unemployment rate rose to 5.7 percent, up from 5.5 percent in...

2008-08-01 09:00:21

1st LD Writethru: U.S. economy grows at 1.9 percent in second quarter WASHINGTON, July 31 (Xinhua) -- The U.S. economy grew at an annual rate of 1.9 percent in the second quarter of this year, driven by higher exports and rising spending due to tax rebates, the Commerce Department reported Thursday. The increase in real GDP in the second quarter primarily reflected positive contributions from exports, personal consumption expenditure, nonresidential structures and government spending,...

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2008-07-16 09:00:00

The U.S. economic downturn gained steam Tuesday, with a report of the highest inflation since the early 1980s, more bad news for banks and automakers and a suggestion by the Federal Reserve chief that worse days are ahead. The Labor Department said wholesale inflation, driven by skyrocketing gas and food costs, rose by 9.2 percent for the 12 months ending in June - the fastest pace since the summer of 1981, during another energy crunch. At the same time, consumers hit the brakes hard despite...


Word of the Day
mundungus
  • A stinking tobacco.
  • Offal; waste animal product; organic matter unfit for consumption.
This word comes from the Spanish 'mondongo,' tripe, entrails.