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us economy

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US economy slowed to a 2% annual growth rate last quarter in face of Delta wave

A report from the Commerce Department estimated that the nation’s gross domestic product — its total output of goods and services — declined from robust growth rates of 6.7% in the second quarter and 6.3% in the first quarter, gains that had been fueled by vast infusions of federal rescue aid.
The 2% annual growth last quarter fell below expectations and would have been even weaker if not for an increase in restocking by businesses, which added whatever supplies they could obtain.(AFP | Representational image)
The 2% annual growth last quarter fell below expectations and would have been even weaker if not for an increase in restocking by businesses, which added whatever supplies they could obtain.(AFP | Representational image)
Published on Oct 28, 2021 10:38 PM IST
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AP | , Washington

UK economy set to grow faster than the US this year: Goldman Sachs

  • The bank said in a note to clients that it now expects British gross domestic product to grow by a "striking" 7.8% this year, "above our expectations for the US."
A view of the Goldman Sachs stall on the floor of the New York Stock Exchange.(Reuters)
A view of the Goldman Sachs stall on the floor of the New York Stock Exchange.(Reuters)
Published on Apr 26, 2021 08:09 AM IST
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Reuters |

Covid-19's deep scars on world economy will be visible even after recovery

Not all countries will be affected equally. The International Monetary Fund sees advanced economies less affected by the virus this year and beyond, with low-income countries and emerging markets suffering more — a contrast to 2009, when rich nations were hit harder.
A homeless man pushes his belongings at a homeless encampment at Echo Park Lake in Los Angeles, California. (AFP)
A homeless man pushes his belongings at a homeless encampment at Echo Park Lake in Los Angeles, California. (AFP)
Published on Apr 18, 2021 10:05 AM IST
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Bloomberg |

US workers faced harrowing year on the front lines during pandemic

As Americans mark the one-year anniversary of the beginning of the pandemic that transformed how business is done in the world's largest economy, those whose jobs required them to show up to work as the virus raged told AFP of a year of fear and uncertainty.
Tens of millions of people lost their jobs after US states closed or restricted businesses as the pandemic intensified in March 2020. Among those who stayed employed, the division between those who could work from home and those who couldn't became one of the first of many inequalities widened by the pandemic.(AP)
Tens of millions of people lost their jobs after US states closed or restricted businesses as the pandemic intensified in March 2020. Among those who stayed employed, the division between those who could work from home and those who couldn't became one of the first of many inequalities widened by the pandemic.(AP)
Published on Mar 14, 2021 11:47 AM IST
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AFP |

US labour market stronger than before, but road to full recovery remains long

The Labour Department's closely watched employment report on Friday showed at least 4.1 million Americans have been out of work for more than six months, accounting for 41.5% of the unemployed population in February.
Nonfarm payrolls surged by 379,000 jobs last month after rising 166,000 in January. Payrolls fell in December for the first time in eight months. The economy has recouped 12.7 million of the 22.2 million jobs lost in the pandemic recession.(AFP)
Nonfarm payrolls surged by 379,000 jobs last month after rising 166,000 in January. Payrolls fell in December for the first time in eight months. The economy has recouped 12.7 million of the 22.2 million jobs lost in the pandemic recession.(AFP)
Published on Mar 06, 2021 12:23 PM IST
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Reuters | , Washington

Biden signs executive orders to address vulnerabilities in supply chains

The order will help address the vulnerabilities in “our supply chains across additional critical sectors of our economy so that the American people are prepared to withstand any crisis and rely on ourselves.”
The executive order, Biden told reporters on Wednesday is about making sure that the country can meet every challenge it faces in this new era - pandemics, but also in defence, cybersecurity, climate change, and so much more.(AP)
The executive order, Biden told reporters on Wednesday is about making sure that the country can meet every challenge it faces in this new era - pandemics, but also in defence, cybersecurity, climate change, and so much more.(AP)
Published on Feb 25, 2021 11:21 AM IST
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PTI | , Washington

European economy lags behind China and US on pandemic recovery

  • That was the upshot of the International Monetary Fund’s forecasts on Tuesday, which downgraded the growth outlook for 2021 across Europe and underscored a generally poorer performance compared with China and the US.
European Union (EU) flags outside the Berlaymont building in Brussels, Belgium.(Bloomberg)
European Union (EU) flags outside the Berlaymont building in Brussels, Belgium.(Bloomberg)
Published on Jan 27, 2021 03:23 PM IST
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Bloomberg |

Joe Biden signs executive orders to boost economic relief for Americans

Biden said under his rescue plan, the economy would return to full employment a year faster than without the plan.
On day three of his presidency, Joe Biden announced 'The American Rescue Plan' that includes economic relief for most Americans.(AP)
On day three of his presidency, Joe Biden announced 'The American Rescue Plan' that includes economic relief for most Americans.(AP)
Published on Jan 23, 2021 01:38 PM IST
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PTI | , Washington

Roaring stocks, weaker dollar, tons of debt: Trump's parting gift to Joe Biden

Here is a look at what has changed in markets over the last four years and what investors have to look forward to over Biden’s term.
The national debt ballooned by almost 40% under Trump to nearly $28 trillion, fueled by the passage of tax cuts in 2017 and a flood of spending to counter the economic hit from the coronavirus pandemic last year.(Reuters)
The national debt ballooned by almost 40% under Trump to nearly $28 trillion, fueled by the passage of tax cuts in 2017 and a flood of spending to counter the economic hit from the coronavirus pandemic last year.(Reuters)
Published on Jan 20, 2021 12:48 PM IST
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Reuters | , New York

Hope to have serious discussions on trade issues with Biden administration: Jaishankar

Participating in an interactive session at the annual general meeting of industry body FICCI, Jaishankar said the US economy was largely a “complementary” one and that there was “no fundamental clash of interests” between the two sides though there are some areas of overlap.
External affairs minister S Jaishankar said a lot of discussions had taken place over the proposed trade deal.(PTI File Photo)
External affairs minister S Jaishankar said a lot of discussions had taken place over the proposed trade deal.(PTI File Photo)
Published on Dec 12, 2020 11:43 PM IST
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New Delhi | ByPress Trust of India | Posted by Kanishka Sarkar

Indian students contributed USD 7.6 billion to US economy last year

China remained the largest source of international students in the US, with the number of Chinese students in the country increasing for the 16th consecutive year.
Representational images.(Getty Images)
Representational images.(Getty Images)
Updated on Nov 17, 2020 01:29 PM IST
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Washington | ByPress Trust of India| Posted by Akhilesh Nagari

Indian students contributed USD 7.6 billion to US economy last year

China remained the largest source of international students in the US, with the number of Chinese students in the country increasing for the 16th consecutive year. There were over 372,000 Chinese students in the US during 2019-20 year, said the report “Opens Doors 2020.”
According to the US Department of Commerce, international students contributed USD 44 billion to the US economy in 2019, including USD 7,69 billion from Indian students.(Getty Images/iStockphoto)
According to the US Department of Commerce, international students contributed USD 44 billion to the US economy in 2019, including USD 7,69 billion from Indian students.(Getty Images/iStockphoto)
Updated on Nov 17, 2020 09:51 AM IST
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Washington | ByPress Trust of India | Posted by Shivani Kumar

US piles up record October budget deficit of $284.1 billion

The Treasury Department reported Thursday that the federal government ran up a record October deficit of USD 284.1 billion, double the red ink of the same month a year ago, as revenues declined while spending to deal with the impact of the coronavirus soared.
The US is starting the 2021 budget year the way the old year ended, with soaring deficits.(AFP)
The US is starting the 2021 budget year the way the old year ended, with soaring deficits.(AFP)
Published on Nov 13, 2020 06:47 AM IST
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Washington | ByAssociated Press | Posted by Prashasti Singh

White House leaves stimulus to Congress after failed talks

The move greatly diminishes the chances of a trillion-dollar or more stimulus for the US economy before January.
The White House would only take over if negotiations have to be restarted completely, the people said.(AP)
The White House would only take over if negotiations have to be restarted completely, the people said.(AP)
Published on Nov 12, 2020 10:44 PM IST
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ByBloomberg | Posted by Arpan Rai

Markets brace for new round of turbulence

In October so far, India’s volatility index (VIX)—also called the fear index—has spiked 20%, indicating investors expect further corrections, taking cues from historical correlations of global markets with a Democratic or Republican victory in the US.
People pass by the Bombay stock exchange building in Mumbai.(Pratik Chorge/HT File Photo)
People pass by the Bombay stock exchange building in Mumbai.(Pratik Chorge/HT File Photo)
Published on Oct 30, 2020 06:29 AM IST
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Mint, New Delhi | ByNasrin Sultana

Oil pares losses after plunging to four-month low on Covid-19 fears

The demand outlook is still bleak with the European Union’s two biggest economies to impose month-long movement restrictions as nations across the continent post record coronavirus cases.
The refinery of Austrian oil and gas group OMV is pictured in Schwechat, Austria.(Reuters File Photo)
The refinery of Austrian oil and gas group OMV is pictured in Schwechat, Austria.(Reuters File Photo)
Updated on Oct 30, 2020 12:02 AM IST
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ByBloomberg | Posted by Kanishka Sarkar

US unemployment rate falls to 8.4% even as hiring slows

Employers added 1.4 million jobs, the Labor Department said Friday, down from 1.7 million in July. The US economy has recovered about half the 22 million jobs lost to the pandemic.
A report from the Labor Department added to evidence that nearly six months after the coronavirus paralyzed the country, the economy is mounting only a fitful recovery.(AP file photo)
A report from the Labor Department added to evidence that nearly six months after the coronavirus paralyzed the country, the economy is mounting only a fitful recovery.(AP file photo)
Updated on Sep 04, 2020 09:57 PM IST
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Washington | ByAssociated Press | Posted by Prashasti Singh

US economy healthy, unemployment could stay high for years: Fed chief

“But millions of workers in travel, hotels and restaurants have been directly impacted, which means “a couple of years of... relatively high unemployment,” Federal Reserve Chair Jerome Powell said.
Federal Reserve Chair Jerome Powell said the US economy is healthy.(Reuters File Photo)
Federal Reserve Chair Jerome Powell said the US economy is healthy.(Reuters File Photo)
Updated on Aug 27, 2020 09:33 PM IST
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Washington | ByAgence France-Presse | Posted by Kanishka Sarkar

Self-reliant India to focus on ‘make for world’: PM Modi

In his Independence Day speech, Modi said a series of economic reforms like one nation-one tax, Insolvency and Bankruptcy Code, and the bank merger have caught attention of the global investors. He credited the reforms for attracting huge FDI last year.
PM Modi said India should be “vocal for local” and asked citizens to glorify Indian products to promote Atmanirbhar Bharat (Photo by DPR MOD)
PM Modi said India should be “vocal for local” and asked citizens to glorify Indian products to promote Atmanirbhar Bharat (Photo by DPR MOD)
Updated on Aug 16, 2020 02:06 AM IST
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Hindustan Times, New Delhi | ByRajeev Jayaswal

Centre should take steps to undo economic disruption: Manmohan Singh

The former PM and the senior Congress leader warned that the disruptions due to the lockdown to prevent infections would lead to a prolonged slowdown and that it was important to strategise the response, including by measures such as offering credit guarantees to businesses and making financial institutions more robust.
The BBC report quoting Singh said India followed what other nations were doing and “perhaps a lockdown at that stage was an inevitable choice”.(Sonu Mehta/HT PHOTO)
The BBC report quoting Singh said India followed what other nations were doing and “perhaps a lockdown at that stage was an inevitable choice”.(Sonu Mehta/HT PHOTO)
Updated on Aug 11, 2020 04:37 AM IST
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Hindustan Times, New Delhi | ByHT Correspondent, New Delhi

US adds 1.8 million jobs in July, unemployment rate falls to 10.2%: Govt

The unemployment rate fell to 10.2 percent from 11.1 percent in June, still slightly worse than the depth of the global financial crisis in October 2009.
The largest employment gains were in leisure and hospitality and retail, the sectors hardest hit by the coronavirus shutdowns, the report said.(Sanchit Khanna/HT PHOTO)
The largest employment gains were in leisure and hospitality and retail, the sectors hardest hit by the coronavirus shutdowns, the report said.(Sanchit Khanna/HT PHOTO)
Published on Aug 07, 2020 06:18 PM IST
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Washington | ByAgence France-Presse

Covid-19: What you need to know today

How soon can an economy get back to its pre-pandemic levels? And the question is, how can a country protect itself from further coronavirus disruptions, which are inevitable?
A doctor collects swab during covid-19 health check up camp at isolation centre(Pratik Chorge/HT Photo)
A doctor collects swab during covid-19 health check up camp at isolation centre(Pratik Chorge/HT Photo)
Updated on Aug 01, 2020 05:44 AM IST
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Hindustan Times, New Delhi | ByR Sukumar

Rupee settles 3 paise higher at 74.81 against US dollar

At the interbank forex market, the rupee opened at 74.74, and witnessed an intra-day high of 74.68 during the session and a low of 74.90 against the US dollar.
The domestic unit finally settled for the day at 74.81, 3 paise higher over its previous close of 74.84.(REUTERS)
The domestic unit finally settled for the day at 74.81, 3 paise higher over its previous close of 74.84.(REUTERS)
Published on Jul 31, 2020 02:46 PM IST
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Mumbai | ByPress Trust of India| Posted by Susmita Pakrasi

US economy collapsed 32.9% in Q2 amid pandemic: Government

The decline, though slightly less bad than expected, was the worst on record, dating back to 1947. The Commerce Department figures are an annual rate so not comparable to the quarterly contractions reported in other advanced economies.
The plunge in GDP was driven largely by the drop in consumer spending, the largest component, which fell 34.6 percent annualized, according to the first estimate for the second quarter.(AFP)
The plunge in GDP was driven largely by the drop in consumer spending, the largest component, which fell 34.6 percent annualized, according to the first estimate for the second quarter.(AFP)
Published on Jul 30, 2020 06:14 PM IST
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Washington | ByAgence France-Presse| Posted by Susmita Pakrasi

US economic activity increased, outlook ‘highly uncertain’: Fed

Businesses began to reopen, and retail sales improved across the country, but there were some new layoffs and employment, too, is far below where it was before Covid-19 struck, the Federal Reserve report said.
A customer orders takeout food inside one of Harlem's most iconic businesses, Sylvia's Restaurant, following the outbreak of the coronavirus disease (Covid-19) in Manhattan in New York City, New York.(Reuters Photo)
A customer orders takeout food inside one of Harlem's most iconic businesses, Sylvia's Restaurant, following the outbreak of the coronavirus disease (Covid-19) in Manhattan in New York City, New York.(Reuters Photo)
Updated on Jul 16, 2020 12:24 AM IST
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Washington | ByAgence France-Presse | Posted by Kanishka Sarkar

Trump insists that school open, but teachers aren’t so sure

Donald Trump’s demand that schools open this fall was a reminder of how politicized the issue has become.
President Donald Trump has insisted time and again that schools open in the USA.(Bloomberg)
President Donald Trump has insisted time and again that schools open in the USA.(Bloomberg)
Updated on Jul 07, 2020 08:19 PM IST
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ByBloomberg | Posted by Prashasti Singh

Donald Trump is wrong, yet again | HT Editorial

Visa restrictions on students will harm the US and offer no benefits to its citizens
As President Donald Trump’s standing in the polls falls, he has become increasingly populist in his responses(REUTERS)
As President Donald Trump’s standing in the polls falls, he has become increasingly populist in his responses(REUTERS)
Updated on Jul 07, 2020 07:33 PM IST
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Hindustan Times | ByHT Correspondent

Trump’s visa suspension ‘mildly negative’ for Indian IT firms, says rating agency ICRA

Trump has directed his officials to overhaul the H-1B programme to turn it merit-based by prioritising highest paid applicants.
US President Donald Trump gives a fist pump to the crowd after addressing a gathering in Phoenix on Tuesday.(AP Photo)
US President Donald Trump gives a fist pump to the crowd after addressing a gathering in Phoenix on Tuesday.(AP Photo)
Updated on Jun 24, 2020 12:00 PM IST
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HIndustan Times, New Delhi | Byhindustantimes.com | Edited by: Amit Chaturvedi

US economy doing ‘amazingly’ well, says Trump

The economy had lost 22.1 million jobs in March and April when most parts of the US were under lockdown due to the coronavirus outbreak.
In May, some businesses have reopened after the Covid-19 lockdown and rehiring of workers has picked up. Trump had described the numbers as an affirmation of the good work his administration is doing.(Bloomberg)
In May, some businesses have reopened after the Covid-19 lockdown and rehiring of workers has picked up. Trump had described the numbers as an affirmation of the good work his administration is doing.(Bloomberg)
Published on Jun 22, 2020 07:10 AM IST
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Washington | ByPress Trust of India | Posted by Prashasti Singh

US economy will stay open even in second coronavirus wave: Steven Mnuchin

Orders to close businesses to stop the virus’s spread beginning in mid-March have badly harmed the world’s largest economy, leading to tens of millions of layoffs and an unemployment rate of 13.3 percent in May, a figure reminiscent of the Great Depression 90 years ago.
Wall Street stocks reversed days of gains on Thursday, with major indices plunging into the red after the Labor Department reported another 1.5 million people filed new claims for unemployment benefits last week.(Bloomberg)
Wall Street stocks reversed days of gains on Thursday, with major indices plunging into the red after the Labor Department reported another 1.5 million people filed new claims for unemployment benefits last week.(Bloomberg)
Updated on Jun 11, 2020 11:04 PM IST
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Washington | ByAgence France-Presse
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Sunday, November 28, 2021