US GDP in the second quarter rose at a maximum rate since 2014 and increased by 4.1% in annual terms after an increase of 2.2% in the previous quarter, preliminary data from the Ministry of Commerce showed. The annual growth in consumer spending was 4% compared to an increase of 1.1% a quarter earlier. Consumer spending on durable goods increased by 9.3%, for services - by 3.1%. The contribution of foreign trade to the overall GDP growth has become the most significant for 5 years. Exports increased by 9.3% with an increase in imports of only 0.5%. The PCE Core index rose 2% after rising 2.2% in the first quarter. The business investment in fixed assets increased by 5.4%, expenses for equipment - by 3.9%.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...