[06/10/13] Rating agency Standard and Poor's has raised its credit outlook for the US economy from negative to stable.
In August 2011, S&P downgraded the US rating one notch from AAA to AA+, but now believes further downgrades are less likely as the economy continues to recover.
The news saw the US dollar strengthen 1.3% against the Japanese yen, and 0.2% against the euro.
But S&P is still concerned about the high levels of US debt.
The US Treasury Department, which had said that S&P's calculations in making its initial downgrade were flawed, welcomed the latest action.
"We're pleased that they are recognising the progress in the US economy and...
[06/04/13] Americans' demand for foreign goods such as cars and cellphones pushed imports higher and widened the U.S. trade deficit in April, while slower overseas growth restrained U.S. exports.
Americans’ appetite for foreign goods, including cars and cellphones, pushed imports higher and widened the U.S. trade deficit in April, while slower growth abroad restrained overseas demand for U.S. products.
Imports rose 2.4% from March, to $227.7 billion, and exports increased just 1.2%, to $187.4 billion, the Commerce Department said Tuesday. As a result, the nation’s trade gap expanded by 8.5% from March to $40.3 billion.
The report bolstered evidence that U.S. consumers are powering the nation’s economic growth despite...
[06/03/13] Manufacturing (NAPMPMI) in the U.S. unexpectedly shrank in May at the fastest pace in four years, showing slowdowns in business and government spending are holding back the world’s largest economy.
The Institute for Supply Management’s factory index fell to 49, the lowest reading since June 2009, from the prior month’s 50.7, the Tempe, Arizona-based group’s report showed today. Fifty is the dividing line between growth and contraction. The median forecast of 81 economists surveyed by Bloomberg was 51.
Across-the-board federal budget cuts and overseas markets that are struggling to rebound will probably continue to curb manufacturing, which accounts for about 12 percent of the economy. At the same time, demand for automobiles, gains...