Clothing, gas and service price increases drove a 1.8% increase in inflation during the month of June according to U.S. government reports.
The rise was 0.4% above May but below the government’s target figure of 2%. The consumer price index rose half a percent in June. Continue reading
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
Standard & Poor’s Ratings Agency has downgraded Italy one step as the EU nation’s economy continues in a downward spiral.
S&P said the continued weakness of the Italian economy was the reason behind the cut from BBB+ to BBB. The ratings agency said that their expectation of the Italian economy had downgraded to a 1.9% contraction, significantly worse than previously forecasts. Continue reading
Chinese officials have caused concern in world markets with a surprise announcement that both imports and exports fell in June.
China had been trying to maintain that the country’s economy was not slowing down but a 3.1% downturn in exports from a year prior is leading economists to watch for a slowdown. Continue reading
The Eurozone debt crisis, which has stabilized over the last year, is in danger of seriously exploding as the government of Portugal is threatening to collapse.
Portugal’s Prime Minister made a national address Tuesday night saying he refused to accept the resignation of the country’s foreign minister and that he would try to go on governing. 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
New car sales in Europe hit the lowest point since 1993 in May.
The continual slide in sales is attributed to the worsening recession across the continent.
Registration of new cars fell to 1.04 million in May and the trends shows a danger of falling below 1 million in upcoming months. The last time registrations fell below 1 million was May 1993. 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
The city of Detroit, Michigan is about to default on almost $2.5 billion in debt and is asking the city’s creditors to take ten cents for every dollar they’re owed by the city. Continue reading
