United States Economy
The United States economy produced roughly $15 trillion worth of goods and services in 2008, making it easily the largest in the world. China is next, at about $12 trillion, according to one widely used estimate. Per person, the American economy has the fourth largest output-- more than $45,000 for every man, woman and child, on average --behind Luxembourg, Bermuda and Liechtenstein, all havens for offshore banking.
In 2007, the American economy began to slow significantly, mostly because of a real-estate slump and related financial problems. In December 2007, the economy entered a recession, according to a committee of academic economists, overseen by the National Bureau of Economic Research, that is widely considered the arbiter of recessions.
The committee defines a recession as a broad-based and protracted downturn in economic activity, and its members typically wait many months before announcing that a recession has ended. By nearly all accounts, the recession continued into early 2009, making it the longest one in decades.
Sunday, April 26, 2009
Experts to advise WHO on pandemic alert phase
GENEVA, April 26 (Reuters) - International experts will convene on Tuesday to advise the World Health Organisation (WHO) whether to raise the current pandemic alert level due to the new flu virus in Mexico and the United States, a WHO spokesman said.
"We need more epidemiological evidence from Mexico before the experts would be in a position to advise on a pandemic change," WHO spokesman Gregory Hartl told Reuters on Sunday.
"An advisory body will recommend whether or not the director-general should up (raise) the phase. They are meeting again on Tuesday," he said.
A new type of swine flu has killed up to 81 people in Mexico and infected around a dozen in the United States. The current pandemic alert level is 3 on a scale of 1 (low risk of human cases) to 6 (efficient, sustained transmission between humans). (Reporting by Stephanie Nebehay)
GENEVA, April 26 (Reuters) - International experts will convene on Tuesday to advise the World Health Organisation (WHO) whether to raise the current pandemic alert level due to the new flu virus in Mexico and the United States, a WHO spokesman said.
"We need more epidemiological evidence from Mexico before the experts would be in a position to advise on a pandemic change," WHO spokesman Gregory Hartl told Reuters on Sunday.
"An advisory body will recommend whether or not the director-general should up (raise) the phase. They are meeting again on Tuesday," he said.
A new type of swine flu has killed up to 81 people in Mexico and infected around a dozen in the United States. The current pandemic alert level is 3 on a scale of 1 (low risk of human cases) to 6 (efficient, sustained transmission between humans). (Reporting by Stephanie Nebehay)
Gulf OPEC OK for now with $50 oil, sees risks
TOKYO (Reuters) - Gulf oil producers said on Sunday they can tolerate moderate crude prices for longer to help revive global growth, but shared a concern with consumer nations that a prolonged period of low prices could sow the seeds of a future fuel price spike.
At a meeting with Asian oil consumer countries including Japan and China, the two sides agreed oil prices will need to rise eventually to support investment in production capacity to prevent prices getting out of control when demand rises again.
Middle East OPEC members said they were satisfied with oil at $50 a barrel or less while the economy was on the mend. That suggests Gulf producers may push the Organization of the Petroleum Exporting Countries to maintain a moderate stance when the group next meets on May 28 to decide output policy.
"I think this is very pragmatic, $40-$50 this is a pragmatic price for 2009," said Qatari Oil Minister Abdullah al-Attiyah.
TOKYO (Reuters) - Gulf oil producers said on Sunday they can tolerate moderate crude prices for longer to help revive global growth, but shared a concern with consumer nations that a prolonged period of low prices could sow the seeds of a future fuel price spike.
At a meeting with Asian oil consumer countries including Japan and China, the two sides agreed oil prices will need to rise eventually to support investment in production capacity to prevent prices getting out of control when demand rises again.
Middle East OPEC members said they were satisfied with oil at $50 a barrel or less while the economy was on the mend. That suggests Gulf producers may push the Organization of the Petroleum Exporting Countries to maintain a moderate stance when the group next meets on May 28 to decide output policy.
"I think this is very pragmatic, $40-$50 this is a pragmatic price for 2009," said Qatari Oil Minister Abdullah al-Attiyah.
Earnings, banks lift Wall St; Nasdaq up for 7th week
NEW YORK (Reuters) - Stocks rallied on Friday as earnings showed companies have weathered the recession and economic data raised hopes the economic cycle may have hit a bottom.
Investors were also undeterred by a government release of a much anticipated concept paper on stress tests for the 19 biggest U.S. financial services companies.
American Express (AXP.N) gave the most fuel to the Dow's rise, shooting up nearly 21 percent to $25.30 a day after reporting results that topped analysts' expectations, helped by aggressive cost cutting.
Ford Motor Co (F.N) also posted a smaller-than-expected first-quarter loss and said it was on track to at least break even in 2011 and did not expect to seek U.S. government loans, sending its shares up 11.4 percent to $5.
Economic data also fed the buying frenzy after durable goods orders slipped in March, but fell far less than Wall Street expected. Sales of new single-family homes dropped, but inventories plummeted at a record pace.
NEW YORK (Reuters) - Stocks rallied on Friday as earnings showed companies have weathered the recession and economic data raised hopes the economic cycle may have hit a bottom.
Investors were also undeterred by a government release of a much anticipated concept paper on stress tests for the 19 biggest U.S. financial services companies.
American Express (AXP.N) gave the most fuel to the Dow's rise, shooting up nearly 21 percent to $25.30 a day after reporting results that topped analysts' expectations, helped by aggressive cost cutting.
Ford Motor Co (F.N) also posted a smaller-than-expected first-quarter loss and said it was on track to at least break even in 2011 and did not expect to seek U.S. government loans, sending its shares up 11.4 percent to $5.
Economic data also fed the buying frenzy after durable goods orders slipped in March, but fell far less than Wall Street expected. Sales of new single-family homes dropped, but inventories plummeted at a record pace.
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