Posts Tagged ‘downwards’
Australia revises growth forecast downwards
Australia has today revised its annual growth forecast from 3.25% to 3% due to uncertainty surrounding the global economic recovery.
Australia is one of the few developed economies not to have fallen into recession like its counterparts throughout the world as it has benefited from an increase in commodity prices, while exports have received a boost [...]
US consumer spending creeps up 0.2% in May
According to the Commerce Department, consumer spending in the US rose to an eight-month high in May, by 0.2% on month, suggesting the recovery is still on course.
The rise in consumer spending, which makes up for more than two-thirds of overall economic activity in the US, slightly exceeded expectations of a 0.1% rise.
The news sent [...]
US consumer sentiment up in June
US consumer sentiment rose in June to a level not seen since January 2008.
The Thomson Reuters/University of Michigan’s Surveys of Consumers’ index rose to 76 in June from 73.6 the previous month.
The index has averaged 84.5 over the last 10 years.
Meanwhile, the index of consumer expectations for six months from now, which monitors the [...]
US Q1 economic growth figures revised downwards
The Commerce Department has today revealed the US economy grew by an annualised 2.7% in the January to March period – slightly lower than the 3.2% previously estimated.
This figure is the third and final estimate and the downward revision was due to a slower rate of business investment and consumer spending.
However, it still means the [...]
OBR set to downgrade UK growth prospects
The newly-established Office of Budget Responsibility (OBR) is scheduled to publish growth forecasts later and they are likely to be much lower than the previous Labour Government’s predictions.
According to economists, the OBR, which is led by former Treasury official Sir Alan Budd, is expected to say ex-Chancellor Alistair Darling’s 2011 forecast of 3% – 3.5% [...]