WASHINGTON (Reuters) – U.S. economic growth braked more sharply than initially thought in the fourth quarter amid a slow pace of stock accumulation by businesses and a wider trade deficit, but the underlying fundamentals remained solid.
Gross domestic product expanded at a 2.2 percent annual pace, revised down from the 2.6 percent pace estimated last month, the Commerce Department said on Friday. The economy grew at a 5 percent rate in the third quarter.
WASHINGTON, Feb 27 (Reuters) – U.S. economic growth braked
more sharply than initially thought in the fourth quarter amid a
slow pace of stock accumulation by businesses and a wider trade
deficit, but the underlying fundamentals remained solid.
Gross domestic product expanded at a 2.2 percent annual
pace, revised down from the 2.6 percent pace estimated last
month, the Commerce Department said on Friday. The economy grew
at a 5 percent rate in the third quarter.
WASHINGTON (Reuters) – U.S. consumer prices in January posted their biggest drop since 2008 as gasoline prices continued to tumble and underlying inflation rose modestly, which could allow a cautious Federal Reserve more room to hold off on raising interest rates.
Other data on Thursday showed a rebound in business investment spending plans, but probably not enough to change expectations of moderate economic growth in the first quarter.
WASHINGTON (Reuters) – New U.S. single-family home sales fell less than expected in January and supply rose to its highest level since 2010, hopeful signs for a sluggish housing market.
The Commerce Department said on Wednesday that sales dipped 0.2 percent to a seasonally adjusted annual rate of 481,000 units. December’s sales pace was revised up to 482,000 units, the highest level since June 2008, from 481,000 units.
WASHINGTON (Reuters) – U.S. housing is set to gain steam this year as a strengthening jobs market offsets the drag from an expected increase in mortgage rates, a Reuters poll showed on Tuesday.
Housing activity has been sluggish since hitting a speed bump in the second half of 2013, with sales constrained by tight inventories and higher prices sidelining first-time buyers.
WASHINGTON (Reuters) – U.S. home resales fell sharply to their lowest level in nine months in January amid a shortage of properties on the market, a setback that could temper expectations for an acceleration in housing activity this year.
The National Association of Realtors said on Monday existing home sales declined 4.9 percent to an annual rate of 4.82 million units, the lowest level since April last year.
WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits fell more than expected last week, offering fresh evidence that the labor market was gathering steam.
Initial claims for state unemployment benefits dropped 21,000 to a seasonally adjusted 283,000 for the week ended Feb. 14, the Labor Department said on Thursday.
WASHINGTON (Reuters) – U.S. producer prices recorded their biggest decline in more than five years in January on plunging energy costs, pointing to very benign inflation in the near term that could argue against raising interest rates.
Other reports on Wednesday suggested the economy was growing moderately early in the first quarter. Housing starts fell last month, while manufacturing output rebounded slightly. “The reports paint a disappointing picture on the U.S. recovery, with the housing starts report in particular reinforcing the narrative that the housing recovery might be in a spot of bother, said Millan Mulraine, deputy chief economist at TD Securities in New York.
WASHINGTON (Reuters) – John Boehner, the Republican House of Representatives speaker, said he is willing to let funding for the Department of Homeland Security lapse as part of a Republican push to roll back President Barack Obama’s executive actions on immigration.
With a Feb. 27 deadline looming for funding the department, Senate Democrats three times this month blocked consideration of the Homeland Security appropriations bill, which has already been approved by the House.
WASHINGTON (Reuters) – U.S. import prices recorded their biggest drop in six years in January as the cost of petroleum and a range of other goods fell, a sign that domestic inflation pressures could remain muted for a while.
The Labor Department said on Friday import prices tumbled 2.8 percent last month, the largest decline since December 2008, after sliding by a revised 1.9 percent in December. It was the seventh straight month of declines in import prices.