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Economy

The Fed is not considering a rate hike, noting the strengthening US economy
29 July 2021
2726
Strengthening the US economy At the end of the meeting, the Fed reassured financial markets by stating its commitment to maintaining current policy and zero rates until substantial progress on inflation and employment. The Fed do
US labor market could fully recover from pandemic losses in 7 months
5 July 2021
3653
Labour market Reports from the US Department of Labor show a good rate of decline in the unemployment rate and a recovery in American employment. Economists see clear signs of a full "pre-pandemic" recovery in the&
Stock indices rise after Jerome Powell's statements to Congress
23 June 2021
6615
US inflation surge Fed Chairman Jerome Powell, speaking to a House subcommittee, reiterated that the current spike in US inflation is temporary and due to last year's fall in prices. T
Fed moves closer to interest rate hike due to rising inflation
17 June 2021
3174
Interest rate hike At the end of the meeting, the Fed brought the timing of the interest rate hike closer to 2023 from 2024. The US central bank also raised its forecast for overall inflation to 3.4%. The stock market w
U.S. annual inflation accelerated to 5% in May
11 June 2021
2716
Annual inflation US inflation data for May showed a jump of 5% year-on-year, the highest since the summer of 2008 and worse than the 4.2% figure in April. That said, some economists be
G7 countries reach historic agreement on minimum tax for large corporations
7 June 2021
3451
G7 agreement The G7 countries this weekend signed an agreement on a minimum global tax of 15% for large companies. It is expected to affect companies such as Google and Facebook, and make it harder to evade higher taxes through offshore co
Global inflation hits highest level in 12 years
5 June 2021
3096
Inflation in the world The Organisation for Economic Co-operation and Development (OECD), which has 36 member countries including the US, Canada, the UK and Germany, reported a rise in inflation to 3.3% in April, the fastest
U.S. defence spending in 2022 will be $752.9 billion
29 May 2021
3958
US defence US President Joe Biden's administration has requested $752.9bn from Congress for national defence spending, of which $715bn should go to the Pentagon. This was stated in a DOD statement released on Friday. The DOD stressed that the budge
Americans' expectations for year-ahead inflation rose to 3.4% in April
11 May 2021
3472
US inflation Recent surveys have shown that Americans are bracing for the highest inflation rate since 2013, according to the New York Fed. Rising prices could slow the pace of the US economic recovery. Concerns about rising inflation in the US int
Biden plans to raise the capital gains tax rate to 39.6%
23 April 2021
4198
Tax rate increase President Joe Biden is preparing to propose next week an increase in the basic tax rate for millionaires, raising it from 20% to 39.6% to fund a new government programme, the American Family Plan, which cou
US retail sales set a record in March
17 April 2021
4231
Economic recovery Record high retail sales in March and sharply lower jobless claims in the USA show strong positive momentum from mass vaccination in the country, reduced quarantine restrictions and government incentives with direct
Fed chief thinks a digital dollar could be launched
12 April 2021
3802
Digital dollar Jerome Powell thinks a digital dollar launch is possible, but a decision has not yet been made. The Federal Reserve (Fed), which serves as the country's central bank, is studying the possibility of launc
Fed minutes show improved outlook with policy preservation
8 April 2021
3398
March Fed minutes The published March Fed minutes showed an increase in the outlook for the US economy on the back of mass vaccination and federal aid. At the same time, the central bank said that policy will only be changed after the results have b
Biden said he was ready to make concessions to the opposition in order to modernize the US infrastructure
8 April 2021
3329
Modernising US infrastructure President Joe Biden is ready to make concessions to political opposition in the US Congress on his ambitious plan to modernise the nation's infrastructure in terms of its funding.
Fed improves economic outlook and keeps interest rates zero until 2023
18 March 2021
2690
Fed keeps interest rates on hold The Fed meeting ended on Wednesday with the expected announcements. The stock market reacted by rising, with the US dollar declining against a basket of major currencies. The Fed's March two-day meeting ended Wednes
Inflation in the U.S. rose in February due to higher petrol prices
12 March 2021
2716
US inflation The US Labor Department said on Wednesday that consumer prices in February rose at the fastest rate in six months. Economists forecast core inflation to reach 2.5 per cent in the spring, but said the increa
The fate of Coney Island
8 March 2021
3905
Hoping for the best As City Councilman Mark Treyger pointed out, for the residents and businesses of Brooklyn's Coney Island neighborhood, which he represents, last year was very challenging. He said: "The epidemic and its aftermath led to the local
U.S. new jobs report in February
6 March 2021
2763
New report The Labor Ministry's report of 379,000 new jobs added outside agriculture beat economists' forecast of 182,000. This is more than double the number added in January. Stock indices rose. Major US stock indices rose before the opening of t
US bill for $1.9 trillion in aid under COVID-19 passed the House of Representatives
1 March 2021
2568
COVID-19 bailout bill The US House of Representatives has passed a $1.9 trillion pandemic aid bill put forward by Joe Biden's team. The bill is expected to be approved in the Senate thanks to 50 votes from Democrats. In 
The U.S. labour market has improved
26 February 2021
2590
U.S. unemployment The number of jobless claims in the USA fell sharply last week to a three-month low. Retail sales data, lower COVID-19 cases and vaccination also added to the optimism. However, winter s
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