US economy likely slowed in third quarter, effects of hurricanes Harvey, Irma, survey reveals
Businessam Staff
October 27, 2017
The economic growth of United States of America probably slowed in the third quarter as hurricanes Harvey and Irma restrained consumer spending and undercut construction activity, but underlying momentum likely remained strong amid robust business investment on equipment. Gross domestic product likely increased at a 2.5 percent annual rate in the July-September period after a […]
Canada named world’s most cashless society as study claims switch to digital payments boosts economy
Businessam StaffOctober 16, 2017
Canada has been adjudged number one in the ranking of world’s most cashless societies, according to studies as reported by the Canadian Huffington Post. Various studies suggest that Canada is moving towards a cashless society faster than anyone else and that going cashless boosts an economy since businesses and consumers would save time, and cash-based […]
Watching inflation closely but economy is strong, says US Fed’s Yellen
Businessam StaffOctober 16, 2017
The US economy remains strong and the strength of the labour market calls for continued gradual increases in interest rates despite subdued inflation, Federal Reserve Chair Janet Yellen said Sunday. “We will be paying close attention to the inflation data in the months ahead,” Yellen said in prepared remarks at an international banking seminar in […]
Hurricane Maria threatens Puerto Rico after $1bn Irma damage
Businessam StaffSeptember 20, 2017
Hurricane Maria was on course to hit Puerto Rico just two weeks after Irma caused as much as $1 billion in damages on the bankrupt island. Maria’s top winds were at 155 miles (250 kilometers) an hour, the National Hurricane Center said in a notice around 6 a.m. New York time. At Category 5, the strongest classification on the five-step […]
Irma’s damage a reminder of Florida economy’s vulnerability
Businessam StaffSeptember 18, 2017
Florida’s economy has long thrived on one import above all: People. Until Irma struck this month, the state was adding nearly 1,000 residents a day – 333,471 in the past year, akin to absorbing a city the size of St. Louis or Pittsburgh. Every job seeker, retiree or new birth, along with billions spent by […]
Hurricanes to slow US economy but rebound should follow
Businessam StaffSeptember 13, 2017
Hurricanes Harvey and Irma will likely pack tough unpleasant effects for the U.S. economy as businesses have been disrupted, fuel and chemical refineries out of commission and consumers struggling to restore their lives. According to Agency Press, nearly one-fifth of the nation’s oil refining capacity has been shut down because of Harvey, and fuel production […]
Hurricanes Harvey, Irma damages could cost US economy $290 bn, AccuWeather says
Businessam StaffSeptember 11, 2017
Combined damages from Hurricanes Harvey and Irma could cost the U.S. economy as much as $290 billion, according to a new forecast. Hurricane Harvey, which battered Houston with record amounts of torrential rain and flooding last month, is estimated to be one of the costliest weather disasters in U.S. history and Irma is expected to cause record-breaking […]
Don’t wait for inflation to rise before hiking rates, Fed’s Mester warns
Businessam StaffSeptember 7, 2017
The Federal Reserve shouldn’t wait until it reaches its economic goals before starting to tighten monetary policy, Cleveland Fed President Loretta Mester said Thursday. One of the more consistently hawkish officials at the central bank, Mester pushed her case for a gradual but consistent pattern of rate hikes during a speech in Pittsburgh. While the […]
U.S. jobless claims jump the most in nearly 5 years amid surge in applications
Businessam StaffSeptember 7, 2017
The number of Americans filing for unemployment benefits jumped to its highest level in more than two years last week amid a surge in applications in hurricane-ravaged Texas, but the underlying trend remained consistent with a firming jobs market. Initial claims for state unemployment benefits, according to CNBC report, soared by 62,000 to a seasonally […]
Toronto housing market slump continues with August drop
Businessam StaffSeptember 6, 2017
Housing prices in Toronto continued their summer slump in August as government regulations and fears about a market softening curbed demand in Canada’s biggest city. The average price for all housing types declined 1.9 percent last month from July to C$732,292 ($591,225), according to the Toronto Real Estate Board. That’s down 20 percent from the March peak […]