US consumer spending slowed in March even as Americans saw a slight rise in income, official data showed Friday.Spending rose a seasonally adjusted 0.6 percent after an upwardly revised rise of 0.9 percent in February, the Commerce Department said.The increase was slightly better than the average analyst estimate of 0.5 percent increase in consumer spending, a key driver of the US economy.
WASHINGTON — A drop in government spending dragged more on the U.S. economy than initially thought in the first three months of the year, a sign of increasing pain from Washington’s austerity drive.
The U.S. economy expanded at a 2.4% annual rate during the period, down a tenth of a point from an initial estimate, according to revised figures from the Commerce Department released on Thursday. Analysts had forecast a 2.5% gain.
BEIJING: China's economy expanded 7.0 percent year-on-year in the first quarter, official data showed Wednesday, slumping to a new post global financial crisis low even as authorities take steps to bolster growth in the world's second-largest economy. The figure announced by the National Bureau of Statistics was lower than expansion of 7.3 percent in the final three months of last year, but exceeded the median forecast of 6.9 percent in an AFP survey of 15 economists.
US consumer spending cooled in April under pressure from higher food and energy prices and as Americans saw little change in buying power, the Commerce Department reported Friday.Consumer spending rose 0.4 percent in April, slowing a notch from March's 0.5 percent gain, while personal income also rose 0.4 percent, the department said.
Beijing (AFP) - China's economy expanded 7.0 percent year-on-year in the first quarter, official data showed Wednesday, slumping to a new post global financial crisis low even as authorities take steps to bolster growth in the world's second-largest economy.
BEIJING: China's central bank announced Sunday it would cut the level of funds that commercial banks must hold in reserve by one percentage point, the second such move this year to boost lending. The move, effective Monday, comes days after the world's second largest economy reported its worst quarterly growth figure for six years. In a statement on its website, the People's Bank of China (PBoC) said it will give an additional one-percentage-point RRR cut to banks for agricultural services and a further two-percentage-point cut to the Agricultural Development Bank of China.
Tokyo (AFP) - Japan's factory production suffered a surprise drop and inflation continued to slow in November, official data showed Friday despite Prime Minister Shinzo Abe's pro-spending policy blitz to stoke growth.