The growth rate of the US economy in the third quarter slowed to 3.5% from 4.2% in the second quarter, according to the final data of the country's Ministry of Commerce. According to experts, a rise of 3.6% was expected. Economic growth in the third quarter was driven by US tax reform, which boosted consumer spending and business investment. Growth in consumer spending was 3.6%, while its preliminary estimate was at 4%. The growth of the PCE Core index was also revised for the worse - from 1.6% to 1.5%. American companies in the past quarter increased the adjusted pre-tax profit by 3.4% compared to the previous quarter and by 10.3% in annual terms. The growth in capital investment of companies - by 2.5%- and investment in equipment - by 3.5% - were better than a preliminary estimate.
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 ...
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
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, ...