New economic data Thursday show the U.S. job market is getting a bit better. The Labor Department says the number of Americans signing up for unemployment compensation dropped by 15,000 last week, to a nationwide total of 372,000. A separate measure that averages jobless claims over a four week period hit its lowest rate in […]
Greek Leader Warns of ‘Uncontrolled Default’
Posted January 4th, 2012 at 2:05 pm (UTC-5)
Greek Prime Minister Lucas Papademos says his country faces an “uncontrolled default” unless worker unions and employers can agree on wage cuts to boost Greece’s economic competitiveness. The interim Greek leader met with labor leaders and business representatives Wednesday, warning them that international creditors will not approve a new $169 billion bailout for Greece unless […]
Reports: US Construction & Manufacturing Make Gains
Posted January 3rd, 2012 at 3:35 pm (UTC-5)
Economic reports Tuesday paint an upbeat picture of the U.S. construction and manufacturing sectors. December’s data shows U.S. factories expanding at the fastest pace in six months. Manufacturing has been a strong spot in the faltering U.S. economic recovery. A separate Commerce Department study shows construction spending rose more than 1 percent in November, the […]
Greece Warns of Euro Exit If Second Bailout Is Not Finalized
Posted January 3rd, 2012 at 1:40 pm (UTC-5)
Debt-ridden Greece is warning that it could be forced to abandon the common euro currency if it does not secure a second international bailout to avoid defaulting on its loans. Greece won tentative European approval for the $169 billion bailout in October, but now the country is engaged in new negotiations with creditors over terms […]
Spanish, German Jobless Figures Sharply Diverge
Posted January 3rd, 2012 at 11:55 am (UTC-5)
The contrasting fortunes of national economies in Europe became apparent again Tuesday, with debt-ridden Spain reporting a 15-year high in the number of unemployed workers and robust Germany a two-decade low. Prime Minister Mariano Rajoy’s new conservative government in Spain has embarked on an austerity plan to trim its deficit spending, but its economy remains […]
India Opens Stock Market to Foreign Investors as Its Economy Slows
Posted January 2nd, 2012 at 6:55 pm (UTC-5)
On January 15, India opens its stock markets for the first time to individual foreign investors who will be able to directly buy and sell Indian equities. Until now, foreign investors could only invest through mutual funds or institutional investors. New Delhi expressed hope that the move will attract more foreign funds, and reduce market […]
Spain Warns Its Deficit Could Grow
Posted January 2nd, 2012 at 1:30 pm (UTC-5)
Spain warned Monday that the government’s deficit for last year could be even higher than it predicted just days ago. Spain’s new conservative government last week projected the 2011 deficit at 8 percent of the country’s annual output of goods and services. But Monday, Finance Minister Luis de Guindos said the deficit could be even […]
Troubled US Job Market Shows Improvement
Posted January 2nd, 2012 at 12:10 pm (UTC-5)
Unemployment in the United States has improved over the past year, but remains higher than usual and a major political issue ahead of next November’s presidential election. Economists surveyed by the Bloomberg financial news service predict the U.S. unemployment rate for December will be slightly worse than the prior month at 8.7 percent. If that […]
China Hints at Loosening Currency Exchange Rate
Posted December 31st, 2011 at 5:20 am (UTC-5)
China’s central bank governor hinted Saturday that the exchange rate for country’s currency — the yuan — could be loosened in the near future. In an interview with the weekly magazine Caixin, Zhou Xiaochuan, governor of the People’s Bank of China, said the bank was close to reaching its goal of allowing the yuan to […]
Spain’s Deficit Worse as Europe Reels into New Year
Posted December 30th, 2011 at 12:35 pm (UTC-5)
Spain is getting ready to start the new year with a new round of austerity measures, hoping to contain a growing deficit. The country’s new government announced $11.5 billion in fresh spending cuts Friday, saying the budget was in worse shape than the previous government had acknowledged. It also announced a freeze on pay for […]
