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NEWS ABOUT: economic growth

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Stocks Fall on Economic Reports

Two-day rally quashed, ending July on a sour note

(Newser) - Stocks fell today as worrying economic reports put an end to a 2-day rally, MarketWatch reports. Financials slipped, and energy stocks took a hit as Exxon’s record profit failed to meet analysts' expectations and crude prices continued to fall. The Dow dropped 204.69 to 11,379.00. The... More »

How Government Can Buy You Happiness

Economists need to start thinking about quality of life

(Newser) - While the jury's still out on whether money can buy happiness, a higher gross domestic product certainly doesn't. In rich countries, well-being really does depend on non-material things like family stability, a friendly community, and job security—and economists should start incorporating quality-of-life issues into policy, John Cassidy writes in... More »

US Should Welcome New World Order

'Rise of the rest' good news for America, Zakaria argues

(Newser) - The age of American dominance is ending, and Americans should be fine with that, writes Fareed Zakaria in his new book The Post-American World. In an excerpt in Newsweek, Zakaria argues that America’s long-preached globalization gospel has produced a prosperous “post-American” landscape. “It is the rise of... More »

4 Months to Go: Is China Ready for Spotlight?

Country is proud to host Games but worries abound

(Newser) - The last-minute drama brewing in the runup to this summer's Olympic Games is of a more global and more personal nature than the infrastructure issues of Olympics past—and Chinese leaders are bristling under the scrutiny, the Chicago Tribune reports. But pride in the country's hosting gig remains strong, even... More »

Jobless Claims Hit 2-Year High

End-of-March increase way over expectations

(Newser) - New unemployment claims increased to a two-year high last week, the Wall Street Journal reports. A total of 407,000 Americans filed for jobless benefits, an increase of 38,000 over the previous week and the most since 2005. The surge in claims far surpassed the outlook of economists in... More »

Stocks Bearish on Factory Data

Dow drops nearly 143 points on weak manufacturing news

(Newser) - Energy and industrial shares led the markets on a decline that saw all the major indexes fall more than 1%, MarketWatch reports. A drop in oil prices hurt energy stocks, and the Philadelphia Federal Reserve said regional manufacturing had contracted. The Dow fell 142.96 points to 12,284.30,... More »

Internet Advertising to Overtake Radio Spending

Forecaster sees $$$ shift happening by 2008

(Newser) - Spending on Internet advertising will overtake radio advertising next year, a forecaster predicted today. A major advertising agency CEO said the Internet would get 9.4% of the ad market worldwide in 2008, compared to 7.9% for radio, reports AP. The two media are neck-and-neck this year, with 8.... More »

'08 Subprime Fallout: At Least 1.4M Foreclosures

Mortgage crisis slams economy across the board

(Newser) - The subprime mortgage fallout will continue through 2008, with 1.4 million Americans facing foreclosure, municipalities losing more than $6.6 billion in taxes, and housing values plummeting up to 16%, says a US Conference of Mayors report out today. The analysis projects slowed GDP growth and consumer spending and... More »

Fed's 3-Year Outlook Is Gloomy

US economy will grow more slowly than expected

(Newser) - In a word: Grim. That’s the crux of the Federal Reserve’s economic outlook for the next three years, with 1.8% to 2.5% growth forecast for 2008 and a slow gathering of momentum in 2009 and 2010, the Financial Times reports. And key factors from credit surprises... More »

GDP Grows at 3.9% Clip Despite Housing Crunch

GDP tops estimates on increased consumer spending

(Newser) - The US economy grew at a brisk 3.9% pace in the third quarter despite the credit and housing turmoil buffeting Wall Street, according to Commerce Department figures released today. Overall construction spending was up—with record commercial and government spending offsetting the housing slide—while individuals increased spending 3%... More »

In China, Thirst for Growth Leaves Land Parched

Blistering development laps up water supply

(Newser) - Economic growth, rampant contamination, vast crops and a population explosion are sapping China's groundwater supply at an unprecedented pace. And with 20% of the world's population but only 7% of its water supply, the Chinese government is hard-pressed for solutions, the New York Times reports. "They will run out... More »

Beyond Chavez: The Other Latin America Is Booming

Brazil and Mexico lead in growth, reform

(Newser) - Despite the rhetorical drumbeat from Hugo Chavez, not all of Latin America is mired in poverty exacerbated by free-market extremes exported from the US, the Economist writes. Led by giants Brazil and Mexico, much of the region is actually better off now than at any time in 30 years; the... More »

Fed Shaves Half- Point Off Discount Rate

Surprise cut boosts futures trading and Euro markets

(Newser) - In a surprise move, the Fed cut its discount rate, which it charges on direct loans to banks, from 6.25% to 5.75% this morning. The central bank acted to calm fears about uncertainty in the global markets surrounding the worsening credit crunch and underlying subprime-loan crisis. The federal... More »

Productivity Up, But Inflation Still Looms

Escalating cost of labor helps drag down growing economy

(Newser) - US productivity increased last quarter, but analysts are still worried about the economy’s ability to grow while keeping inflation at bay. Nonfarm business productivity rose by 1.8%, beating the first quarter’s rate of 0.7%, but the government was forced to lower productivity estimates for previous years,... More »

Jobless Rate Rises While GDP Rebounds

Economic growth balances looming threat of inflation

(Newser) - The unemployment rate increased slightly in the second quarter, but the GDP recovered after a lackluster first quarter, providing Wall Street with a mixed report card of the nation’s economy as the Fed meets to determine interest rates. Unemployment ticked up 0.1% to 4.6%, hastened by losses... More »

US Economy Surpasses Forecasts

Second-quarter growth rate higher than expected

(Newser) - Sumbrime-lending and housing-market woes didn't hold back the rest of the economy in the second quarter, as overall growth exceeded expectations and hit a 3.4% projected annual rate, the government said today. Economists pointed to the expanding global economy, which drives demand for exports, as well as greater business... More »

Chill Spreads to Durable Goods

Orders for big-ticket items plunge more than predicted, clouding recovery forecasts

(Newser) - Orders for durable goods nosedived in May, suggesting that sunny forecasts for business spending may be overly optimistic. The 2.8% drop, the first decline in 4 months, nearly tripled the predicted 1% dip, Bloomberg reports. Excluding the volatile transportation sectors, the figure was off 1%, Commerce Department stastics released... More »

Home Foreclosures Hit Record

A dreary real estate market is fueling an all-time high rate of foreclosures

(Newser) - Home foreclosures hit a record high in first-quarter 2007 as more subprime borrowers failed to make their mortgage payments. The number of mortgages entering foreclosure spiked four basis points to 0.58% and over 2.4% of subprime mortgage holders defaulted, up from 2% last quarter, according to a report... More »

Economy Slumps to 4-Year Low

Weak home sales, high oil prices drive slowdown

(Newser) - The country's economic growth has dwindled to its lowest rate in four years, with the housing slowdown, high energy prices, and a looming trade deficit driving lower-than-expected numbers released today. The economy grew 1.3% in the first quarter of 2007, down from 2.5% in the last three months... More »

Does Saudi Arabia Have a Dubai Complex?

Building binge aims to diversify boom-or-bust oil economy

(Newser) - Saudi Arabia is on a building binge. King Abdullah City—a planned $26.7-billion development where multi-million-dollar yachts will dock in the ports that currently welcome 300,000 Mecca-bound pilgrims—is one of five major “economic cities” the government is building in an attempt to spur private-sector growth and... More »

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