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U.S. retail sales post biggest rise in seven months

August 15, 2017 By Lucia Mutikani WASHINGTON (Reuters) – U.S. retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles and lifted discretionary spending, suggesting the economy continued to gain momentum early in the third quarter. Retail sales for June and May also were revised higher, which should help to assuage concerns about a slowdown in consumer spending at the start of the year. Tuesday’s upbeat report from the Commerce Department likely keeps the Federal Reserve on course to raise interest rates…

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Japan’s Aso: second-quarter GDP mainly driven by brisk housing investment

August 15, 2017 TOKYO (Reuters) – Japanese Finance Minister Taro Aso said on Tuesday that strong housing investment was the main driver of economic growth in the second quarter, while capital spending also contributed to growth. Speaking after a cabinet meeting, Aso also told reporters that capital expenditure could grow further as machinery orders remain at high levels. The government said on Monday second-quarter gross domestic product (GDP) expanded at the fastest pace in more than two years as consumer and company spending picked up. (Reporting by Tetsushi Kajimoto; Editing…

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Weak U.S. dollar means unexpected bargains for foreign tourists

August 11, 2017 By Peter Szekely (Reuters) – Toshi Sugiyura and his wife Naka had a pleasant surprise awaiting them in San Francisco when the couple arrived from Japan on an anniversary trip, thanks to the U.S. dollar’s months-long slide against the yen. The 37-year-old business owner from Nagoya said the stronger yen gave them more dollars to buy gifts for their children. “If the dollar keeps going down, maybe we’ll go to Hawaii,” added Naka Sugiyura, 41. The dollar’s declining value this year is giving foreign visitors like the…

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China Economy government month spending Top News 

Growth in China’s fiscal spending slows in July

August 11, 2017 BEIJING (Reuters) – Government spending in China rose 5.4 percent in July from a year earlier, while revenue increased 11.1 percent, the Ministry of Finance said on Friday. July’s growth rate dropped sharply from 19.1 percent in June, although revenue growth rose from 8.9 percent in that month. Government spending in the first seven months of the year rose 14.5 percent from a year earlier, while revenues increased 10 percent. (Reporting by Beijing Monitoring Desk) Powered by WPeMatico

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SAP says restrictions on new recruitment not a general hiring freeze

August 4, 2017 By Eric Auchard FRANKFURT (Reuters) – German business software company SAP denied a media report on Friday that said it has imposed a complete freeze on recruitment in order to meet financial targets this year, while reiterating that it had restricted new hirings in some areas. Business magazine WirtschaftsWoche said on Friday that SAP had instituted a cost-savings program to control infrastructure spending, corporate purchasing and business travel that was not tied directly to generating sales. SAP continued to hire new employees in development and sales while…

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Economy gas Noble Energy spending Top News U.S. 

U.S. shale oil producers cannot shake impulse to keep pumping

August 3, 2017 By Ernest Scheyder HOUSTON (Reuters) – With slumping crude oil prices stuck below where they started this year, U.S. shale oil producers have cut more than $1.2 billion from their 2017 spending budgets, even as they pledge to pump more oil. That more-for-less approach highlights the shale industry’s ability to ramp up production and keep improving the process of drilling and fracking a well to increase its clout in global oil markets. U.S. shale oil producers expect to pump at least 160,000 more barrels per day this…

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consumer Economy increase PCE spending Top News 

U.S. spending, factory data point to moderate economic growth

August 1, 2017 By Lucia Mutikani WASHINGTON (Reuters) – A gauge of U.S. factory activity slid from a near three-year high in July amid a slowdown in new orders and consumer spending barely rose in the prior month, setting the stage for a moderate economic expansion in the third quarter. That was reinforced by other reports on Tuesday showing motor vehicle sales in July recorded their biggest year-on-year drop in nearly seven years. A plunge in construction spending in June suggested the government could cut its second-quarter GDP growth estimate….

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Amazon’s big profit miss spooks investors, but analysts stay bullish

July 28, 2017 By Sweta Singh and Ankur Banerjee (Reuters) – A steeper-than-expected drop in quarterly profit rattled some Amazon.com investors, but Wall Street analysts remained largely bullish about the company’s aggressive spending plans. Shares of the e-commerce juggernaut, which have risen 40 percent this year, were down 4.3 percent at $1,001 in early trading on Friday, wiping out $21 billion from its market value. The stock touched a record high on Thursday, helping CEO Jeff Bezos briefly unseat Microsoft Inc co-founder Bill Gates as the world’s richest person. “The…

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Business consumer GDP rates spending 

U.S. economic growth picks up in second quarter, wages continue to lag

July 28, 2017 By Lucia Mutikani WASHINGTON (Reuters) – The U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, but persistent sluggish wage gains cast a dark shadow over the growth outlook. Gross domestic product increased at a 2.6 percent annual rate in the April-June period, which included a boost from trade, the Commerce Department said in its advance estimate on Friday. That was more than double the first quarter’s downwardly revised 1.2 percent growth pace. There was, however, little inflation…

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Business consumer GDP rates spending 

Consumers, businesses likely spurred U.S. economic pickup in second quarter

July 28, 2017 By Lucia Mutikani WASHINGTON (Reuters) – The U.S. economy likely accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, which would confirm that the sluggish performance early in the year was temporary. Gross domestic product probably increased at a 2.6 percent annual rate in the April-June period, according to a Reuters survey of economists. The poll, however, was conducted before the release of data on Thursday that showed a sharp drop in the goods trade deficit in June and strong…

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