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The US Department of Commerce has flagged a fall in US incomes as a possible obstacle to the economy’s recovery, warning there is likely to be a corresponding fall in consumer spending. Official data released yesterday showed that incomes dropped by 1.3 percent in June after recording a 1.3 percent increase in May due to [...]
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Increasing unemployment has contributed to a plunge in US consumer confidence, which fell for the second consecutive month, according to research firm Conference Board. Their report showed the confidence index fall to 46.6 after an eight-month peak of 54.8 in May and a decline to 49.3 last month. Weak consumer confidence will trouble the US [...]
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The Bank of Canada, the country’s central bank, has issued a positive outlook for the next quarter of the North American nation’s economy with the worst-case scenario “taken off the table” according to the bank’s governor Mark Carney. The official forecast, issued late last week, shows that the bank expects Canada to recover from its [...]
...read moreUS Federal Reserve chairman Ben Bernanke believes the US economy is showing “tentative signs of stabilisation” but says the Reserve will keep rates low for the time being as the market steadies. “The pace of decline appears to have slowed significantly, and final demand in production have shown tentative signs of stabilisation,” said Bernanke. “The [...]
...read moreAustralian Treasurer Wayne Swan has responded to a report released by Access Economics, welcoming its forecast of positive growth for 2010 but warning against Australia’s reliance on the Chinese economy. The report highlighted the importance of China to Australia, with China’s recent recovery brightening the outlook due to a boost in demand for Australia’s resources [...]
...read moreNew forecasts issued by the US Federal Reserve indicate that the central bank believes the recession will ease, predicting a contraction of up to 1.5 percent this year, down from two percent predicted earlier this year. However, they are watching unemployment figures closely, forecasting the rate the go beyond 10 percent, compared with 9.6 percent [...]
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More than 5,600 accommodation jobs have gone in six months due in part to the Rudd government’s neglect of the tourism industry, said Steven Ciobo, Shadow Minister for Small Business, Independent Contractors, Tourism and the Arts. Ciobo cited the recent results from a Tourism and Transport Forum (TTF) survey that revealed the loss of more [...]
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World Bank President Robert Zoellick has warned that the global economy is still precariously placed, despite signs of recovery. “The recovery will not be as quick as one would hope. The world economy still faces significant uncertainties,” he said. In particular, rising unemployment and increasing concerns over trade restrictions will have a negative effect on [...]
...read moreThe global economy will contract by about three percent this year according to the World Bank, a figure almost double their initial prediction of 1.75 percent. “Financial markets seem to have broken the fall over past months but there are clear fragilities, and risks remain,” said World Bank president Robert Zoellick. He urged more developed [...]
...read moreBrazil officially entered recession this week as gross domestic product figures showed a 0.8 percent drop for the first quarter of the year, following the 3.6 percent contraction in the last quarter of 2008. Latin America’s largest economy – and the one tipped to become a global economic power in a couple of decades – [...]
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