From 1 October, 2023, through 30 September this year, U.S. companies imported roughly 155 million tons of goods shown as "Christmas" items on paperwork required to be filed on imports, Bloomberg reported.
Tag: Consumer Spending
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BANK OF CANADA CUTS INTEREST RATE BY HALF A PERCENT
Faced with Canada’s sinking economy, the Bank of Canada (BoC) cut its key rate from 4.25 percent to 3.75 percent on 23 October.
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INFLATION, CONSUMER SPENDING BARELY BUDGE IN AUGUST
The Personal Consumption Expenditures Price Index, which is the U.S. Federal Reserve’s favorite inflation measure ticked up just 0.1 percent in August from July, its smallest rise in three months, the Bureau of Economic Analysis reported.
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EUROZONE’S SECOND-QUARTER GROWTH MISSES ESTIMATE
The economic output of the 20-country Eurozone grew just 0.2 percent in this year’s second quarter, Eurostat, the European Union’s statistics agency, reported after previously estimating a 0.3-percent expansion.
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SPOTLIGHT: RETAIL ON THE ROPES
Discount retailer Dollar General saw its share price fall 15 percent early this month after it reduced its 2024 forecast for existing store sales growth.
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U.S. MANUFACTURING CONTINUES TO CONTRACT
In August, the Institute for Supply Management’s purchasing managers index grew to 47.2 from its July reading of 46.8 but remained below 50, indicating the sector is still in contraction.
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AMEX STOCK DROPS AS ANALYSTS WARN OF WEAK CONSUMER SPENDING
American Express’s share price shrank 2.8 percent on 21 August after Bank of America (BoA) analysts warned of weak consumer spending.
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STARTUPS’ FAILURE RATE SOARS
Over the past 12 months, business startups failed at a rate 60 percent higher than the 12 months prior, according to Carta, which provides services to young companies.
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U.K. ECONOMY GROWS MORE THAN EXPECTED IN YEAR’S FIRST HALF
Britain’s GDP expanded by 0.6 percent during April, May, and June, nearly matching the first quarter’s 0.7-percent expansion and surprising analysts who had expected a more modest rise.
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U.S. ECONOMIC GROWTH DOUBLED IN SECOND QUARTER
U.S. GDP grew by 2.8 percent in April through June, doubling the first quarter’s pace of 1.4 percent.
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