Analysts were disappointed with the slow growth in the American retail sector in June.
The seasonally adjusted rate of growth was 0.4%, half the amount expected by most financial analysts. Sales of building materials fell 2.2% in the month according to the commerce department which depressed the overall sales number. Continue reading
The Republic of Ireland has reported that in the fourth quarter of 2012 and the first quarter of 2013 a decline in business and services. The two consecutive declines means the economy is officially back in recession.
Preliminary estimates show the country’s GDP was down .6% in the first quarter of 2013. Continue reading
After the U.S. Federal Reserve indicated it would begin to scale back stimulus funds later this year, global markets responded with significant downturns.
European stock markets were off 3% along with other risky investments. With the belief that interest rates will be rising earlier than expected the dollar rose in late trading. Continue reading
British Prime Minister David Cameron held a press conference just before the G8 summit in Northern Ireland to announce a groundbreaking trade deal between the European Union and United States.
Cameron called the deal the “biggest bilateral trade deal in history” and said that a successful agreement would have more impact on world finance than all other world trade deals put together. Continue reading
Ratings agency Standard and Poor’s has revised the outlook for the U.S. economy and now considers the outlook for the country as “stable”.
In August 2011, the ratings agency downgraded the U.S. from AAA to AA+ with a negative outlook, meaning that they felt it was likely another downgrade would happen within a few years. Continue reading
A report from UCLA related economists say that the expected “great recovery” of the U.S. economy is not happening and that the economy is falling short of even normal growth.
The UCLA Anderson Forecast for the second quarter said the real gross domestic product is too small to help the nation climb out of his slump. Forecast director Edward Leamer wrote the current figure is 15.4% below what is considered a “normal” growth trend. Continue reading
France’s economy entered its second recession in four years according to data covering the first quarter of 2013.
The economy shrank two tenths of a percent in the first quarter of 2013 after having the same decline in the last quarter of 2012. President Francois Hollande now predicts zero growth for the country in 2013, less than previous government projections of .1% growth. Continue reading
China’s President Xi Jinping and France’s President Francois Hollande pledged to push for a world free of domination by any superpower Thursday as the French leader visited the Chinese capital on a mission to boost trade amid his country’s worsening economic woes. Continue reading
Unemployment rates in France and Spain have hit new record highs, sending shockwaves through the European economy.
Over 3.2 million people in France are seeking jobs, an increase of 11.5% from one year ago. The increase more than a full percentage point from February. The level is the highest since unemployment records began in 1996. Continue reading
Germany is preparing a proposal for new rules regarding European Union bailouts that would impose a tax on property.
The move would be aimed at “taxing the rich” to pay for the bailouts in a way that would keep wealthy landowners from moving money to other countries. German officials say that the problem with requiring bailouts to take funds from bank accounts is that wealthy account holders can transfer money out of the country before restrictions take effect. Continue reading