News | Latest Breaking News Stories & Headlines

Policymakers on the Federal Open Market Committee unanimously agreed to raise the benchmark overnight interest rate to the 5.25%-5.5% range at the July meeting

Fed officials divided over need for more rate hikes

Federal Reserve officials were divided over the need for more interest rate hikes at the Fed's July 25-26 meeting, with "some participants" citing the risks to the economy of pushing rates too far even as "most" policymakers continued to prioritise the battle against inflation.

Business • 17 Aug 23

US retail sales jumped 0.7% last month, new figures from the Commerce Department show today

US retail sales increase more than expected in July

US retail sales increased more than expected in July as Americans boosted online purchases and dined out more, suggesting the economy continued to expand early in the third quarter and keeping a recession at bay.

Business • 15 Aug 23

US consumer prices rise moderately in July

US consumer prices increased moderately in July amid lower costs for goods, including used motor vehicles, a trend that could persuade the Federal Reserve to leave interest rates unchanged next month.

Business • 10 Aug 23

The unemployment rate fell to 3.5% in July from 3.6% in June, dropping back to levels last seen more than 50 years ago

US job growth remains moderate in July

The US economy maintained a moderate pace of job growth in July, but solid wage gains and a decline in the unemployment rate pointed to continued tightness in labour market conditions.

Business • 04 Aug 23

US credit rating cut from AAA to AA+ by the Fitch rating agency due to 'fiscal deterioration'

Fitch cuts US credit rating from AAA to AA+

Rating agency Fitch has downgraded the US government's top credit rating, a move that drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago.

Business • 02 Aug 23

US inflation, as measured by the personal consumption expenditures price index, rose 0.2% in June after edging up 0.1% in May

US annual inflation slows, consumer spending solid

US annual inflation slowed considerably in June, likely pushing the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s.

Business • 28 Jul 23

US first quarter GDP growth was today revised sharply higher to 2%, from an initial estimate of 1.1%

US economy posts surprise 2.4% growth in second quarter

The US economy defied expectations to see growth pick up in the second quarter, according to government data released today, boosted by some forms of investment and stronger consumer spending than expected.

Business • 27 Jul 23

The IMF's latest World Economic Outlook said inflation was coming down and acute stress in the banking sector had receded

IMF raises 2023 global economic growth forecast higher

The International Monetary Fund has raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook.

Business • 25 Jul 23

Monday's tepid survey data supported evidence that the US economy was still growing as the third quarter began, but at a slower rate from the April-through-June period.

US business activity growth slows as services soften

US business activity slowed to a five-month low in July, dragged down by decelerating service-sector growth, closely watched survey data showed, but falling input prices and slowed hiring indicate the Federal Reserve could be making progress on important fronts in its bid to reduce inflation.

Business • 24 Jul 23

Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 228,000 for the week ended July 15

US weekly jobless claims unexpectedly fall

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, pointing to persistent strength in the labor market

Business • 20 Jul 23

US retail sales rose 0.2% to $689.5 billion last month, new figures show today

US retail sales weaker than expected in June

Retail sales in the US came in weaker than expected in June, the government said today, with consumption remaining sluggish while inflation eases.

Business • 18 Jul 23

The bank reported a 7% rise in investment banking fees to $1.2 billion.

Bank of America profit up on boost from interest income

Bank of America's profit rose nearly 20% in the second quarter as it earned more from customers' loan payments, while its investment banking business fared better than expected.

Business • 18 Jul 23

US consumers still have a healthy balance sheet, the banks said

US banks point to resilient but slowing economy

Some of the largest US banks got a profit boost from higher interest rates and pointed to early signs of recovery in investment banking, but warned of stress among consumers and that losses would increase in commercial real estate.

Business • 14 Jul 23

The US CPI gained 0.2% last month after edging up 0.1% in May

US consumer prices rise modestly in June

US consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation continued to subside, but probably not fast enough to discourage the Federal Reserve from resuming raising interest rates later this month.

Business • 12 Jul 23

Rising interest payments are expected to offset a downturn in dealmaking for US banks in the second quarter of this year

US banking giants to report higher quarterly profits

Wall Street banks are expected to report higher profits for the second quarter as rising interest payments offset a downturn in dealmaking.

Business • 11 Jul 23

The US economy added 209,000 jobs last month

US job growth slows in June, but jobless rate eases

US job growth slowed more than expected in June after surging in May, but job market conditions remain tight, with the unemployment rate retreating from a seven-month high and fairly strong wage gains continuing.

Business • 07 Jul 23

US employment growth has averaged 314,000 jobs a month this year

US weekly jobless claims rise moderately

The number of Americans filing new claims for unemployment benefits increased moderately last week, pointing to only a gradual easing in labour market conditions.

Business • 06 Jul 23

Factory orders rose 0.3% after advancing by the same margin in April

US factory orders miss expectations in May

New orders for US-made goods increased less than expected in May as a surge in civilian aircraft orders was partially offset by sluggishness elsewhere amid higher interest rates that are eroding demand.

Business • 05 Jul 23

US GDP increased at a 2% annualised rate last quarter, the Commerce Department said in its third estimate of first-quarter GDP

US weekly jobless claims fall, Q1 GDP revised higher

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, pointing to continued labour market strength.

Business • 29 Jun 23

The next rate setting Federal Open Market Committee meeting is scheduled for July 25-26.

Powell does not rule out rate rise at coming meetings

Leaders of the world's top central banks reaffirmed today that they see further policy tightening as needed to tame stubbornly high inflation but still believe they can achieve that without triggering outright recessions.

Business • 28 Jun 23

The overall picture, though, indicated US economic growth ticked up a notch in the second quarter

US business activity growth slows in June

US business activity fell to a three-month low in June as services growth eased for the first time this year and the contraction in the manufacturing sector deepened, new survey data shows.

Business • 23 Jun 23

US retail sales rise in May, jobless claims unchanged

US retail sales unexpectedly rose in May as consumers bought motor vehicles and a range of other goods, which could help to support the economy this quarter.

Business • 15 Jun 23

The Fed said the pause gave them time to 'assess additional information and its implications for monetary policy'

US Fed votes to hold interest rates steady

The US Federal Reserve has vote to pause its aggressive campaign of interest rate hikes despite "elevated" inflation, while indicating that another sharp increase could be needed before year-end.

Business • 14 Jun 23

Initial claims for state unemployment benefits jumped 28,000 to a seasonally adjusted 261,000 for the week ended June 3

US weekly jobless claims increase more than expected

The number of Americans filing new claims for unemployment benefits surged last week, suggesting that the labor market was slowing amid mounting risks of a recession.

Business • 08 Jun 23

She added that she expects continued progress in bringing inflation down over the next two years.

Yellen says US economy strong but some areas slowing

The US economy is strong amid robust consumer spending but some areas are slowing down, US Treasury Secretary Janet Yellen said today, adding that she expects continued progress in bringing inflation down over the next two years.

Business • 07 Jun 23

Us Economy