Economics News Results

  • The No. 1 thing Americans are spending their stimulus checks on -- even more than shopping at Costco, Walmart and Target

    'Americans are aware of how grim the near future could be'. Nearly one-third of people said they used their stimulus checks to pay bills, according to a survey released this week, another sign that Americans are struggling to make ends meet, particularly with more than 38 million people filing for unemployment since mid-March. Those bills-- including for cellphones, utilities, cable TV and rent-- are the No. 1 priority, even more than purchasing essentials and "relief spending" on apparel,...

  • Canada 2019-2020 budget deficit almost doubles, preliminary data show

    Canada's budget deficit in the 2019-20 fiscal year almost doubled to C$21.77 billion compared to C$11.81 billion the previous year, preliminary data from the federal finance ministry showed on Friday. The figures do not include year-end accrual adjustments because of reporting extensions linked to the coronavirus outbreak, the ministry said.

  • UK helps employers with slow phase-in of job shield costs

    British finance minister Rishi Sunak offered fresh help to employers hit by the coronavirus shutdown on Friday, announcing that future contributions they must make to the government's costly wage subsidy scheme will be phased in slowly.

  • Consumer Spending Fell a Record 13.6% in April -- 3rd Update

    U.S. consumer spending, the U.S. economy's main engine, fell by a record 13.6% in April during coronavirus lockdowns, but there are signs that purchasing is slowly creeping up. Personal income, which includes wages, interest and dividends, increased 10.5% in April, the Commerce Department reported Friday. The jump reflected a sharp rise in government payments through federal rescue programs, primarily one- time household stimulus payments of $1,200. Unemployment insurance...

  • FOREX-Dollar weak vs. euro; Trump news conference on China on tap

    * Trump plans China news conference for Friday. * Sterling steady vs. By Saqib Iqbal Ahmed. The dollar extended its slide against a surging euro on Friday, hurt by month-end flows and as the common currency continued to enjoy a boost from the European Union's recently announced plan to prop up the bloc's coronavirus-hit economies with a 750 billion-euro recovery fund.

  • Correction to Consumer Spending Article

    The Commerce Department reported April consumer spending on long-lasting goods Friday. "Consumer Spending Fell a Record 13.6% in April-- 2nd Update" at 10:11 a.m. ET, incorrectly said it reported the data Thursday. (END) Dow Jones Newswires 05-29-20 1124 ET Copyright (c) 2020 Dow Jones& Company, Inc..

  • U.S. consumer spending tanks; savings hit record high

    U.S. consumers cut spending by the most on record for the second straight month in April while boosting savings to an all-time high, and the growing frugality reinforced expectations the economy could take years to recover from the COVID-19 pandemic.

  • Coronavirus sinks U.S. consumer spending; savings hit record high

    * Consumer spending drops 13.6% in April. * Personal income jumps 10.5%; saving rate hits 33% * Goods trade deficit rises 7.2% in April. * Goods exports plunge 25.2%; imports dive 14.3% By Lucia Mutikani.

  • Canada Preliminary Figures Point to Narrower Budget Deficit in FY19-20

    OTTAWA--Canada's preliminary fiscal figures for the fiscal year ended on March 31 indicate a narrower budget deficit than originally forecast back in December, according to the country's Finance Department. Estimates of a narrower deficit will likely be overlooked, as pandemic-fueled spending and revenue declines have the Canadian government on track to post its biggest deficit on record for the current 2020-21 fiscal year. According to the Finance Department's...

  • Indian economy slows in March quarter, with worst to come

    * March qtr growth of 3.1% lowest in at least eight years. * Slowdown puts pressure for fiscal stimulus, rate cut. * 2019/20 growth estimate cut to 4.2% from 5% * Coronavirus impact on economy seen in April-June quarter. * Private economists predict up to 5% contraction in 2020/21. By Manoj Kumar.

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