Producer prices in United States jumped by more than expected in May pushed higher by the soaring fuel and food prices, according to the latest release from the US Labor Department.
United States remains the dominant leader in science and technology worldwide despite perceptions that the country is losing its competitive edge, according to a RAND Corporation.
Inflation in the United States rose at its fastest pace for six months in May because of sharply higher energy costs. Consumer prices rose 0.6% last month, government figures showed, the steepest monthly increase since last November.
Corn prices hit new highs this week after the US Department of Agriculture forecast that output would fall because of poor weather. Corn reached a record price of above 7 US dollars a bushel for July delivery on the Chicago Board of Trade after the government cut its forecasts for the 2008 yield by 3%.
Despite healthy exports the rising cost of importing foreign oil caused the US trade deficit to widen 7.8% in April to 60.9 billion US dollars, the largest for 13 months.
Democratic presidential candidate Barack Obama sought to tap into US citizens' anxiety over high gasoline prices yesterday by pledging to seek a windfall profits tax on US oil companies if elected.
The United States presidential campaign will also be fought in Latinamerica. Democrat candidate Barak Obama has named a US attorney married to a Brazilian to convince the 30.000 US citizens living in Brazil, while a businessman, resident in Sao Paulo will represent the Republican Party and candidate John McCain.
United States investment bank Lehman Brothers is raising 6 billion US dollars to boost its finances after predicting a loss of 2.8 billion in the second quarter of 2008.
United States home foreclosures and late payments set records over the first three months of the year and are expected to keep rising, stark signs of the housing crisis' mounting damage to homeowners and the US economy.
The United States unemployment rate rose at its fastest pace in more than two decades in May, stoking fears of recession in the world's biggest economy. The surprise jump in May's jobless rate to 5.5% from 5% is the most recent signal yet that US growth is stalling.