U.S. economy expands at 2%

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Source: Bloomberg
© Scanpix/Reuters
The Bureau of Economic Analysis reported on Friday that the gross domestic product of the United States added more than expected in the quarter from July to September. The U.S. GDP climbed 2% annual rate, compared to a 1.3% increase in the preceding quarter. Economists, however, expected that the economy would expand at a rate of 1.8%. Consumer spending accounts for 70% of GDP and grew by 2%, whereas previous quarter increase was 1.5%.

"The economy is expanding, but expanding slowly. We have moderate growth in consumer spending, and one of the previously disastrous areas, housing, is picking up," chief U.S. economist at IHS Global Insight, Nigel Gault, said before the report.
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Fri, 26 Oct 2012 15:10:49 GMT

Dollar pared losses against Yen after GDP data

On Friday, the U.S. dollar pared losses against the Japanese Yen, following a report on U.S. GDP, which showed that the economy picked up last quarter. The greenback was traded at 79.92 Japanese Yen at 8:41 a.m. in New York, which is still a 0.5% fall for the session. Before the release of the data, the Dollar, however, was at

Fri, 26 Oct 2012 14:15:47 GMT

Confidence of French consumers declined

The National Institute of Statistics and Economic Studies reported on Friday that confidence of consumers in France fell in September. French consumer confidence decreased to a figure of 84 last month from a previous month's reading of 85. Analysts also expected that the index would be equal to 84.

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