U.S. economy

The Bureau of Economic Analysis (BEA) of the United States Department of Commerce is a U.S. government agency that provides official macroeconomic and industry statistics, most notably reports about the gross domestic product (GDP) of the United States and its various units—states, cities/towns/townships/villages/counties and metropolitan areas. They also provide information about personal income, corporate profits, and government spending in their National Income and Product Accounts (NIPAs).
Keep up with economic issues facing the U.S., from jobs to taxes and more.
  • Appreciating Buhari's administration so far
    Vanguard News

    Appreciating Buhari's administration so far

    A News Analysis by Ismaila Chafe, News Agency of Nigeria (NAN) Unarguably, one of the notable features of the President Muhammadu Buhari's administration in the last three years is the re-establishment of Nigeria's leadership position in Africa and its values to the world. So, when he was appointed as Anti-Corruption Champion for the year 2018 during the 29th Ordinary Session of the Assembly of African Union (AU) in Addis Ababa, it came as no surprise to observers. For his position in featuring good leadership in Africa, the African leaders also unanimously endorsed Nigeria to champion the fight against corruption in the African Union. They were convinced that the endorsement of Nigeria was in

  • Eurozone crisis: 'It brought NEO-NAZISM back' Farage hits out at EU and euro
    Express.co.uk

    Eurozone crisis: 'It brought NEO-NAZISM back' Farage hits out at EU and euro

    Eurosceptic MEP Mr Farage accused the eurozone of being the main cause of the return of the far-right and a wave of extreme nationalism on the continent. In a blistering attack against the EU and the euro currency Mr Farage said that by depriving people of taking free decisions about their future the bloc has crumbled instead of thrived. Far-right parties such as the AfD in Germany and Golden Dawn in Greece have made huge gains in recent months. Mr Farage said: “I am very concerned that the euro has brought neo-Nazism back.  I am very concerned that the euro has brought neo-Nazism back Nigel Farage “Golden Dawn only happened because Greece is in the euro. “And here is the irony: A project that

  • UK: Nearly half a million young people not in receipt of minimal state support
    wsws.org

    UK: Nearly half a million young people not in receipt of minimal state support

    By Joe Mount 26 May 2018 Youth are bearing the brunt of the Conservative government's austerity measures, with thousands affected by unemployment, homelessness and poverty. Their plight is made worse by brutal cuts to welfare benefits and social programmes. There are currently around 794,000 16-to-24-year-olds not in education, employment or training (NEETs). This is approximately 11 percent of all youth in the country. The real figure is likely higher due to the cautious assumptions behind government statistics. New research reveals that large numbers of these lack even the minimal state support they are entitled to. The London Youth charity published a report, “Hidden in Plain Sight: Young

  • Pakistan seeks 'breathing space' for economy with new loans from China
    Financial Review

    Pakistan seeks 'breathing space' for economy with new loans from China

    Pakistan expects to obtain fresh Chinese loans worth $US1-2 billion to help it avert a balance of payments crisis, Pakistani government sources said, in another sign of Islamabad's growing reliance on Beijing for financial support. Lending to Pakistan by China and its banks is on track to hit $US5 billion in the fiscal year ending in June, according to recent disclosures by officials and Pakistan finance ministry data reviewed by Reuters. The ramp up in China's lending comes as the United States is cutting aid to Pakistan following a fracture in relations between the on-off allies. In February, Washington led efforts that saw Pakistan placed on a global terror financing watch list, drawing anger in Islamabad amid fears it will hurt the economy.

  • Ralph Nader: Audit Outlaw Military Budget Draining America's Necessities – OpEd
    Eurasia Review

    Ralph Nader: Audit Outlaw Military Budget Draining America's Necessities – OpEd

    Top military, diplomatic, and political leaders have exposed, warned of, and condemned our runaway, unaudited military budgets for decades, to no avail.  (For many examples, see America's War Machine: Vested Interests, Endless Conflicts by James McCartney, with Molly Sinclair McCartney.) They usually come to the same desperate conclusion: that only organized citizens back in their Congressional Districts can make Congress stop this spending spree. Only us, Americans! From 1953, when President Dwight D. Eisenhower delivered his “Cross of Iron” speech before the Convention of Newspaper Editors, to full-length addresses by President Obama's Secretary of Defense, Robert Gates, the warnings about

  • Italian prime minister-designate sees central bank chief
    reuters.com

    Italian prime minister-designate sees central bank chief

    Prime Minister-designate Giuseppe Conte met the governor of the Bank of Italy on Friday as markets fell on fears the incoming eurosceptic government will embark on a spending spree that will undermine fragile state finances. The eurozone's leading financial risk indicator, the gap between Italian and German sovereign debt yields, pushed out to 200 basis points for the first time in nearly a year, while Italy's bank stock index hit an 11-month low. With investor concern growing, Conte was expected to finalise his cabinet team on Friday, but doubts still hung over his likely choice of economy minister — Paolo Savona, who has called Italy's entry in the euro zone a “historic error”. Conte, a political novice plucked from obscurity by the anti-establishment 5-Star Movement to head its coalition alliance with the far-right League, made no comment to reporters as he set out for talks with Bank of Italy chief Ignazio Visco.

  • Thursday state budget deadline looms in first year of talks after historic stalemate
    chicagotribune

    Thursday state budget deadline looms in first year of talks after historic stalemate

    State lawmakers took advantage of an unusually drama-free lead-up to their looming Thursday budget deadline, spending the holiday weekend in their districts with plans to return to the Capitol Monday afternoon for the final days of their scheduled session. The late-May calm at the Capitol follows the 736-day budget stalemate that ended last summer but dominated the first half of Gov. Bruce Rauner's term. In a sign of the changed political dynamics, Rauner, his Republicans, and the Democrats who control the General Assembly spent the week meeting behind closed doors. “We're seeing some good progress with all four caucuses working together crafting a budget we hope can pass,” said state Rep. Greg Harris, a Chicago Democrat and chief budget negotiator.

  • Credit analysts focus on substance over timing of Illinois budget
    Reuters

    Credit analysts focus on substance over timing of Illinois budget

    The heat is on for Illinois lawmakers to address the state's financial problems in a fiscal 2019 budget that faces a May 31 deadline for passage with a simple-majority vote, credit rating analysts said on Friday. Illinois' general obligation (GO) bond ratings, the lowest among the 50 states, are just a notch or two above the junk level, reflecting a huge unfunded pension liability, escalating pension contributions and a chronic budget deficit. "The question is what progress will the state make, if any, in breaking out of those long-running challenges?" Moody's Investors Service analyst Ted Hampton said in a phone interview.

  • Exclusive: Pakistan seeks economic lifeline with fresh China loans
    reuters.com

    Exclusive: Pakistan seeks economic lifeline with fresh China loans

    Pakistan expects to obtain fresh Chinese loans worth $1-2 billion to help it avert a balance of payments crisis, Pakistani government sources said, in another sign of Islamabad's growing reliance on Beijing for financial support. Lending to Pakistan by China and its banks is on track to hit $5 billion in the fiscal year ending in June, according to recent disclosures by officials and Pakistan finance ministry data reviewed by Reuters. The ramp up in China's lending comes as the United States is cutting aid to Pakistan following a fracture in relations between the on-off allies. In February, Washington led efforts that saw Pakistan placed on a global terror financing watchlist, drawing anger in Islamabad amid fears it will hurt the economy.

  • California's creative economy back to pre-recession job count, generating $407 billion
    Daily News

    California's creative economy back to pre-recession job count, generating $407 billion

    California's creative economy generated $407 billion and supported more than 1.6 million jobs in 2016 and it's still picking up speed, according to a report by the Otis College of Art and Design. That figure represents about 15 percent of the Golden State's $2.7 trillion economy. The study, compiled by the Los Angeles County Economic Development Corp., shows creative industries fueled $141.5 billion labor income in 2016 through direct, indirect and induced jobs. That includes workers directly involved in creative work, as well as suppliers, vendors and others who indirectly support those jobs, and employees at restaurants, grocery stores, transportation companies and other business who serve

  • Washington Post

    Oil prices fall; Russia and Saudi Arabia discuss easing production cuts

    Oil prices fell more than $2 per barrel on Friday as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest level since 2014. Brent crude futures fell $2.35, or 3 percent, to settle at $76.44 a barrel. The global benchmark lost about 2.7 percent this week, its largest weekly drop since early April. The contract hit its highest level since late 2014 at $80.50 last week. U.S. West Texas Intermediate (WTI) crude slumped $2.83, or 4 percent, to finish at $67.88 a barrel. For the week, WTI tumbled about 4.9 percent, its biggest loss since early February, a sharp course reversal after six weeks of gains. The discount of WTI to Brent hit $8.60 per

  • US business spending on equipment improving
    reuters.com

    US business spending on equipment improving

    WASHINGTON (Reuters) - New orders for key U.S.-made capital goods increased more than expected in April and shipments rebounded, pointing to a moderate pickup in business spending on equipment after slowing down at the end of the first quarter. The report from the Commerce Department on Friday added to data on consumer spending in suggesting momentum in the economy. That bolsters expectations the Federal Reserve will raise interest rates next month. The U.S. central bank increased borrowing costs in March and forecast at least two more rate hikes for this year. “Business investment spending is solid enough to keep the Federal Reserve on the gradual path of interest rate hikes,” said Chris Rupkey,