Articles by Lucia Mutikani

Trump Commerce Secretary Plans to Strip Government Spending From GDP Data

U.S. Commerce Secretary Howard Lutnick said on Sunday he would strip out government spending from the gross domestic product (GDP) report, but gave no indication how soon this change might happen, while dismissing fears of a possible recession. “You know …

U.S. Consumer Spending Beats Expectations in April; Inflation Likely Peaked

U.S. consumer spending rose more than expected in April, while annual inflation appeared to have peaked, which could help to underpin economic growth in the second quarter amid rising fears of a recession. Consumer spending, which accounts for more than …

U.S. Economy Hit Hard in Q1 But Worse Contraction Still to Come

The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation’s history. …

Hiring Momentum May Be Slowing Overall But Not in Insurance

There is an even balance in the share of U.S. businesses reporting decreases and increases in employment for the first time in a decade, a survey showed on Monday, the latest suggestion that the labor market has likely peaked and …

Irene’s Impact on Fragile U.S. Economy

The struggling U.S. economy should escape largely unscathed from Hurricane Irene and may even get a boost from reconstruction. Irene, which killed about 40 people when it dumped 5 to 15 inches (12 to 38 cm) of rain over wide …