He clarifies that the offer accepted by Hamas is a softened version of Egyptian proposal, which is not acceptable to Israel
mena8 hours ago
The U.S. Commerce Department on Thursday said consumer spending and net exports were more robust that initially estimated and that inventories fell less sharply. A month ago, it had said U.S. Gross Domestic Product had expanded at a 1.9 percent rate in the quarter.
Analysts polled by Reuters were expecting the annual rate to be revised to 2.7 percent.
U.S. equity index futures rose and the dollar pared losses, while Treasury debt prices fell on the report. Federal funds futures showed increased prospects for interest rate hikes.
"The market is gaining increasing confidence the strain in the financial markets and high oil prices will not tip the economy into a recession," said Jim Awad, chairman of W.P. Stewart & Co. Ltd in New York.
GDP grew at a sluggish 0.9 percent rate in the first quarter after a 0.2 percent contraction in the final three months of 2007. The fourth quarter of last year was the weakest since July-September 2001, when the economy was in recession.
The Federal Reserve has held benchmark interest rates at 2 percent since April to bolster an economy reeling from the deep housing slump, tight credit and soaring energy costs. Growth in the second quarter at close to the level of long-term trends could make it easier for the Fed to raise interest rates to combat troublesome inflation.
However, many analysts worry that exports and consumer spending, which have buoyed the economy, are likely to taper off in the second half of the year as spending from government stimulus checks dries up and weakening global growth and a stronger U.S. dollar crimp demand from abroad.
Consumer spending, which fuels two-thirds of the U.S. economy, grew at an upwardly revised 1.7 percent rate in the second quarter rather than the 1.5 percent pace first reported.
Meanwhile, exports grew at a 13.2 percent annual rate instead of the 9.2 percent pace initially estimated.
In evidence the housing downturn continues to weigh on the economy, residential construction was down by an annual 15.7 percent pace, slightly more than the 15.6 percent decline reported earlier.
Meanwhile, inventories dipped at an annualized $49.4 billion in the quarter, rather than the $62.2 billion drop first reported, a possible sign that businesses are less pessimistic than believed.
Separately, the number of U.S. workers filing new claims for jobless benefits fell by 10,000 last week, government data on Thursday showed, but remained at elevated levels indicating a weak labor market.
He clarifies that the offer accepted by Hamas is a softened version of Egyptian proposal, which is not acceptable to Israel
mena8 hours ago
These areas will serve a growing population and will act as green corridors that link service areas, residential areas, and workplaces
uae9 hours ago
The Kremlin specifies that the exercises are a response to statements by French President Emmanuel Macron and British officials
world9 hours ago
Hopes for a September cut rose after the non-farm payroll report on Friday
markets9 hours ago
He also stabbed three other workers, leaving them with serious injuries
uae9 hours ago
Dubai FinTech Summit kicked off on Monday with over 200 exhibitors
business10 hours ago
There were no immediate details over what the agreement entailed
mena10 hours ago
Authorities are currently investigating the sightings
uae10 hours ago