United States

Wednesday, August 6th 2008 - 21:00 UTC
US mortgage defaults climb and house prices keep sinking

Freddie Mac, which offers funding for a huge proportion of United States mortgages, has posted a quarterly loss amid continued problems in the housing market. As mortgage defaults climb and house prices sink, it made a loss of 821 million US dollars in the three months to the end of June, down from a profit of 729 million.
Tuesday, August 5th 2008 - 21:00 UTC
US June inflation hits 0.8%, highest since February 1981

Consumer spending in the United States slowed in June, while inflation in June was the highest since 1981. Inflation-adjusted spending fell 0.2% in June, according to the US Commerce Department.
Tuesday, August 5th 2008 - 21:00 UTC
Fed admits high inflation but leaves rates unchanged, 2%

The Federal Reserve decided on Tuesday to keep the key interest rate unchanged at 2% in support of a slowing economy threatened by inflationary pressures and the ongoing housing contraction and high fuel prices.
Saturday, August 2nd 2008 - 21:00 UTC
Car industry downturn: GM reports losses of 15.5 b USD

General Motors reported on Friday a net three-month loss of 15.5 billion US dollars as North American sales fell by 20%. GM took a 3.3 billion charge for buying out the contracts of 19,000 hourly workers who left at the end of June.
Saturday, August 2nd 2008 - 21:00 UTC
US unemployment rising hits four year high in July: 5.7%

The United States unemployment rate increased to a four-year high in July according to a Labor Department report issued Friday which shows 5.7% of the US workforce is out of a job, a slight increase from June.
Friday, August 1st 2008 - 21:00 UTC
US economy picks up but Governors give different picture

The US economy has been boosted by the government's 168 billion stimulus package, according to the US Treasury Secretary Henry Paulson. Official figures showed that gross domestic product (GDP) rose at an annual rate of 1.9% between April and June, up from 0.9%.
Thursday, July 31st 2008 - 21:00 UTC
Bush signs law to help homeowners and battered market

United States President George W. Bush signed Wednesday into law a bill designed to help struggling homeowners and prop up the battered US housing market. The new law creates a 300 billion US dollars rescue fund to help thousands of homeowners get cheaper loans.
Thursday, July 31st 2008 - 21:00 UTC
Governor declares New York economy officially in recession

New York governor David Paterson admitted the state economy was in recession and announced spending cuts to face a steep budget deficit due to declining tax revenues. Paterson said that he would ask the legislature to approve another 600 million US dollars cut in an emergency session.
Monday, July 28th 2008 - 21:00 UTC
Bush legacy: record deficit surprises for next US president

The next United States president is expected to face a record federal budget deficit of almost half a trillion dollars. The White House is tipped to lift its deficit forecast for 2009 to 490 billion from 407 billion US dollars.
Saturday, July 26th 2008 - 21:00 UTC
Obama's trip much better than he could have dared hope

Barack Obama, the US presidential candidate, has ended his overseas tour with a round of meetings in London, visiting Tony Blair, the former prime minister, before going on to talks with Gordon Brown.