WASHINGTON: Americans saw their incomes climb slightly in the first month of 2022, but the gain was overtaken by rising prices, which increased at their fastest rate in 40 years, according to the government data. Rising energy prices continue to be a key factor driving inflation and global oil prices have been moving steadily higher … Read more
WASHINGTON: After contracting in 2020, US economic growth saw its biggest increase since 1984 with a rebound to 5.7 per cent in 2021, the second year of the Covid-19 pandemic, the government reported. But the hit from the Omicron variant of the virus held down the recovery in the final quarter of the year, when … Read more
WASHINGTON: A key US inflation measure closely watched by the Federal Reserve in October posted its biggest year-over-year increase since the early 1990s amid supply chain bottlenecks, the US Commerce Department reported on Wednesday. The personal consumption expenditure (PCE) price index, the Fed’s preferred inflation measure, jumped five per cent in October from a year … Read more
WASHINGTON: The US economy grew at a lower-than-anticipated annual rate of 6.5 per cent in the second quarter, marking the return to an above pre-pandemic level of overall economic activity, the US Commerce Department reported Thursday. However, the 6.5 per cent gain was considerably less than the 8.4 per cent Dow Jones estimate. In the … Read more
