The Washington-based International Monetary Fund (IMF) has downgraded its growth prospects for Asia amid the euro zone debt crisis and sluggish US growth. The IMF is now forecasting growth for Asia of 6.3% in 2011 and 6.7% in 2012. This is slightly lower than the 7% growth for both years it estimated in April. According [...]
Figures today revealed India’s wholesale price inflation eased to annual rate of 9.72% last month, down from August’s rate of 9.78%. However, the rate is still significantly above the central bank’s target of between 4% and 5% and represented the tenth consecutive month that inflation has been above the 9% mark. Stubbornly high inflation has [...]
Growth in the Germany economy, which is the euro zone’s largest, is expected to slow sharply next year as the ongoing debt crisis persists. In a closely monitored twice-yearly report, Germany’s leading economic institutes have slashed their growth forecasts for the economy from 2% next year to 0.8%, citing the debt problems in the euro [...]
The Office for National Statistics (ONS) has today revealed the UK trade deficit narrowed in August as export values hit an all-time high and imports fell. The goods trade gap shrank to £7.77 billion in August from £8.15 billion the previous month, said the ONS. Total exports of goods reached £25.5 billion, led by fuels [...]
The EU statistics office Eurostat has today revealed euro zone industrial output rose by 1.2% in August. On an annual basis, meanwhile, industrial output grew by 5.3%. Both sets of figures beat economists’ forecasts. On a regional basis, Germany, which is the euro zone’s largest economy, saw a monthly fall of 1% but was 7.8% [...]
Japanese core private-sector machinery orders – a highly volatile series seen as an indicator of corporate spending – surged in August. According to the Cabinet Office, orders grew 11% in August on a monthly basis – the strongest pace in a year – and also beating forecasts. Orders have fallen over recent months due to [...]
According to a report by the Institute for Fiscal Studies (IFS), Government welfare changes will mean there will be 3.1 million children in poverty in the UK by 2013. Typical families will see their annual income fall by around £2,000 by the year 2013, warned the IFS, pushing 600,000 more children into poverty. The independent [...]
The Office for National Statistics (ONS) has today revealed UK unemployment rose sharply in the three months to August – rising to a 17-year high. The ONS said unemployment rose by 114,000 in the three month period to 2.57 million, taking the unemployment rate to 8.1% – higher than forecasts. In comparison, unemployment in the [...]
The British Chambers of Commerce (BCC) has today said the fresh round of quantitative easing (QE) announced by the Bank of England last week may not be enough to prevent the economy from slipping back into recession and “more radical measures” are required. BCC Chief Economist David Kern said in an e-mailed statement in London [...]
The British Retail Consortium (BRC) has today announced retail sales saw a slight improvement in September According to the BRC/KPMG retail sales monitor, like-for-like sales (which exclude the impact of sales at new stores) rose 0.3% on an annual basis. However, clothing sales suffered while demand for big-ticket items remained weak due to fragile consumer [...]
The Office for National Statistics (ONS) has today revealed UK factory output fell 0.3% in August on a monthly basis. The reading was worse than economists had expected and confirm weak prospects for the economy after the figures suggest a poor start to the third quarter. On an annual basis, meanwhile, factory output was 1.5% [...]
British Prime Minister, David Cameron, is urging European leaders to take “decisive steps” to deal with the debt crisis. Mr Cameron said the crisis is putting the global economy in a “precarious” situation and told leaders of the 17-member nation they had a “collective responsibility” to avoid a disaster. Mr Cameron told the Financial Times [...]
According to the Chartered Institute of Personnel and Development (CIPD), more public sector job losses are being axed than originally forecast. The employers group said 610,000 jobs in the sector will be lost between 2010/11 and 2015/16 – one third more than the 410,000 the Office for Budget Responsibility (OBR) originally predicted. The group is [...]
According to accountancy firm, BDO, the warm weather during September failed to boost the High Street after like-for-like sales were 4% lower last month compared with a year earlier – the biggest fall since March 2009. A report by the company said people were more interested in enjoying the warm days rather than hitting the [...]
According to the Labor Department, the world’s largest economy added 137,000 new jobs last month, as the public sector cut 34,000 jobs. According to the Labor Department, the private-sector numbers benefited from the return of around 45,000 Verizon workers who had fallen off payrolls in August due to a strike. Excluding those workers, payrolls increased [...]
The Office for National Statistics (ONS) has today revealed UK producer output prices rose in September – driven by higher fuel and food costs. The increase will no doubt raise concern about whether consumer price inflation will slow next year as sharply as the Bank of England is forecasting. According to the ONS, output prices [...]
Bank of England Governor, Mervyn King, believes Britain is in the midst of the “most serious financial crisis ever”. The Governor was speaking after the central bank’s Monetary Policy Committee (MPC) elected to keep interest rates on hold at the historically low level of 0.5%. Interest rates have now been at this low level since [...]
The European Central Bank (ECB) has today opted to leave interest rates unchanged at 1.5% – for the third consecutive month. The move was widely expected. Rates were lifted from the historic low of 1% in April and then raised further in July in a bid to curb rising inflation. Many major economies are battling [...]
The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5%, as widely expected. Interest rates have now been at this low level since March 2009 – when the economy was in the midst of recession. Recent figures show the economy [...]
The Washington based International Monetary Fund (IMF) has warned that a recession in Europe next year “can’t be ruled out”. Its comments come in its latest 100-page report on the economic outlook for Europe, in which it said the UK, Germany and France should “consider delaying” cuts, if economic conditions deteriorate. The report comes after [...]
CBI: Decline in retail sales slows in October
According to the latest Confederation of British Industry (CBI) distributive trades survey, the fall in retail sales slowed in October, but only a modest rise in volumes is expected next month. Consumers continue to be cautious about the economic outlook and rein in their spending on the back of rising unemployment, higher inflation and slow [...]
Euro zone leaders agree to deal
Following a tense summit in Brussels last night, it has been announced that euro zone leaders have reached a deal which they say will help resolve the growing debt crisis in the 17-member nation. The deal will see the euro zone’s main bailout fund expanded to €1 trillion, while banks will accept a loss of [...]
Policymaker says another recession is likely
Bank of England policymaker Paul Fisher has today said Britain is likely to suffer another recession. His comments come just a few days after fellow Monetary Policy Committee (MPC) member, Martin Weale, warned that a contraction in the fourth quarter is possible. Returning to Mr Fisher, he was asked how likely a double dip recession [...]
US economic growth rises in Q3
The world’s largest economy expanded at its fastest pace in a year in the three months to the end of September, official figures revealed today. According to the Commerce Department, the US economy grew at an annualised rate of 2.5% in the third quarter of this year. The figure was in line with forecasts but [...]
CBI: Confidence among manufacturers slump
According to the Confederation of British Industry (CBI), confidence among UK manufacturing firms has slumped as a result of the debt crisis in the euro zone, as well as a fall in expectations for future growth. The latest industrial trends survey by the employers’ group established that 30% more businesses were pessimistic about the future [...]
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