While productivity levels have increased worldwide over the past decade, gaps remain wide between the industrialized region and most others, although South Asia, East Asia, and Central & South-Eastern Europe (non-European Union) & CIS have begun to catch up the International Labor Office (ILO) said in a new report published Monday.
The United States Federal Reserve's preferred inflation guide grew less than expected in July, increasing the possibility of a cut in US interest rates next month.
Chairman Ben Bernanke offered no clear signal that the Federal Reserve is poised to cut interest rates in a speech to central bankers on Friday, even as he reaffirmed its commitment to take into account the likely effects of financial market turmoil on the economy.
Ben Bernanke said in a letter to an influential New York Senator that the Federal Reserve is ready to act as needed to help the US economy if the current market turmoil spills over into the broader economy.
United States shares recovered Wednesday almost all of Tuesday's heavy falls with the Dow Jones index gaining 1.9% as investors looked to pick up bargains. Increased hopes that the Federal Reserve could cut interest rates following a letter from Chairman Ben Bernanke buoyed investors
Improved trade and investment figures helped the US economy grow at an annual rate of 4% in the second quarter, according to the latest release from the Commerce Department.
Former Panamanian leader Manuel Noriega can be extradited to France after completing his U.S. prison sentence on a 1992 drug trafficking conviction, according to a Tuesday ruling from a US federal judge.
The risk of massive defaults on sub-prime mortgages and heavy debts now poses a bigger threat to US economic prosperity than terrorism, a panel of US business economists said Monday.
Concern that United States house prices could fall sharply has returned after a key survey showed that sales fell to a near five-year low in the year to July. Sales of existing homes fell 0.2% to 5.75 million units in the year, the lowest since November 2002, said the National Association of Realtors (NAR).
Countrywide Financial Corp Chief Executive Angelo Mozilo said on Thursday the U.S. housing downturn is likely to lead the country into recession, but that the largest U.S. mortgage lender will survive.