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US 4th quarter growth faster than thought: 0.4%

March 28, 2013 12:00
The US economy grew more strongly than initially thought in the fourth quarter last year but was still moving at a sluggish 0.4 percent annual pace, the Department of Commerce said Thursday. That was an improvement over the previous estimate of almost no growth -- just 0.1 percent. But overall it was not much change for a quarter in which growth was slowed in part by the massive hurricane at the end of October which shut down much of the economy in the heavily populated northeast for more than a week.

Key points of British austerity budget

March 20, 2013 14:46
British finance minister George Osborne delivered another austerity budget on Wednesday in a renewed bid to slash spending and curb borrowing. Here is a list of the main points from Chancellor of the Exchequer Osborne's 2013-2014 annual budget:

Bullish retail sales bolster U.S. economic outlook

March 13, 2013 14:31
By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales expanded at their fastest clip in five months in February, the latest sign of momentum for an economy facing headwinds from higher taxes and pricier gasoline. The solid sales came on the heels of strong gains in employment and manufacturing. But the improvement in the economic picture is likely insufficient to compel the Federal Reserve to reduce its monetary policy support.

Dollar falls against the yen; bond yields decline

March 13, 2013 11:45
By Leah Schnurr NEW YORK (Reuters) - The U.S. dollar tumbled against the yen on Friday after the Bank of Japan left its monetary policy unchanged, while benchmark U.S. bond yields fell to near 4-1/2-month lows after the U.S. economy grew less than expected in the first quarter.

British manufacturing output slumps in January

March 12, 2013 09:31
Britain's manufacturing output slumped by 1.5 percent in January compared with December, official data showed on Tuesday, dealing a fresh blow to the country's hopes of avoiding a fresh recession. The wider measure of industrial production -- which includes mining and quarrying, electricity, gas and water supply -- dropped by 1.2 percent in January from December, the Office for National Statistics added in a statement.

Portuguese economy contracts 3.2% in 2012

March 11, 2013 09:01
The Portuguese economy contracted by 1.8 percent in the final three months of 2012, and by 3.2 percent for the year as a whole, final data released on Monday showed, as exports declined and households curbed their spending. The figures, which confirmed an initial estimate last month by the national statistics institute Ine, underscored that the struggling eurozone member remained in recession following an annualised drop of 1.6 percent in gross domestic product (GDP) in 2011.

US consumers boost spending in January

March 1, 2013 10:46
US consumers increased spending in January despite a sharp drop in income linked to 2013 tax changes, government data released Friday showed. Personal spending, which accounts for about 70 percent of US economic activity, rose 0.2 percent in January, double the increase in December, the Commerce Department reported. Personal income dropped 3.6 percent after rising 2.6 percent in December.

U.S. retail sales growth pauses as higher taxes kick in

February 13, 2013 19:15
WASHINGTON, Feb 13 (Reuters) - U.S. retail sales barely rose in January as tax increases and higher gasoline prices restrained spending, suggesting a slowdown in the pace of consumer spending early in the first quarter. The Commerce Department said on Wednesday retail sales edged up 0.1 percent after an unrevised 0.5 percent rise in December.

WRAPUP 4-U.S. retail sales growth slows as higher taxes kick in

February 13, 2013 11:46
* Retail sales edge up 0.1 percent in January * Core retail sales also gain 0.1 percent * Report suggests slowdown in pace of consumer spending By Lucia Mutikani WASHINGTON, Feb 13 (Reuters) - U.S. retail sales barely rose in January as tax increases and higher gasoline prices restrained spending, setting up the economy for only modest growth in the first quarter. The Commerce Department said on Wednesday retail sales edged up 0.1 percent after a 0.5 percent rise in December.

US trade gap plunges in December

February 8, 2013 13:15
The US trade deficit shrank sharply in December, official data showed Friday, raising speculation that fourth-quarter economic growth was better than estimated. The Commerce Department reported the trade gap narrowed 21 percent to $38.5 billion, its lowest level since January 2010, from a revised $48.6 billion in November.
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