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U.S. Economy Shrank 0.5% in Q3

The U.S. economy shrank in the third quarter at a 0.5 percent annual pace as the now year-old recession intensified.

Fed Sets Funds Target Range of 0 to 0.25 percent

The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.

U.S. CPI Fall 1.7% in November

The cost of living in the U.S. fell in November by the most on record, as the price of gasoline and other energy costs plunged.

European Inflation Drops

Europe’s inflation rate fell to the lowest in more than two years in December as oil prices plunged and consumer spending slumped, increasing the scope for the European Central Bank to reduce borrowing costs further.

Europe’s Trade Gap Narrows

Europe’s trade gap narrowed for a third month in October as the slumping economy damped imports.

European Inflation Rate Declines

Europe’s inflation rate fell the most in almost two decades last month as oil prices plunged, giving the European Central Bank more leeway to cut interest rates.

Japan’s Jobless Rate Rises to 3.9%

Japan’s unemployment rate rose in November as plunging exports prompted companies to fire workers.

Japan Inflation Rises Slightly

Japan’s inflation rose at the slowest pace in seven months in November as oil and commodity costs tumbled and the deepening recession weakened demand.

Japan Exports Plunge Record 27%

Japan’s exports plunged the most on record in November as global demand for cars and electronics collapsed, signaling more factory shutdowns and job cuts are likely as the recession deepens.
 

U.K. Economy Shrinks

The U.K. economy shrank the most since 1990 in the third quarter and mortgage lending dropped to the lowest in 14 years as tightening credit exacerbated the slide into recession.

UK Unemployment Rises

The number of people claiming unemployment benefit climbed to 1.07m last month, exceeding the one million mark for the first time since 2001, official figures revealed on Wednesday.

UK Inflation Falls to 4.1%

Inflation fell sharply last month on the back of falling petrol prices but it remains far above the government’s target, forcing Mervyn King, governor of the Bank of England, to write another letter on Tuesday explaining why inflation remains so high and what the Bank is doing to bring it down.

Swiss Central Bank Cuts Rate to 0.5%

The Swiss central bank cut its interest rate to a four-year low of 0.5 percent and said further measures are possible as the economy faces a recession that may be the worst since 1982.

Swiss Unemployment Rises

The seasonally adjusted jobless rate increased to 2.7 percent from 2.6 percent the previous month, the State Secretariat for Economic Affairs in Bern said today.

Swiss Economy Can Avoid a Major Recession

So far, the Swiss economy has performed better than its European neighbors. In fact, although Switzerland's leading economic indicators fell to the lowest level in more than five years in November and manufacturing contracted at the fastest pace since at least 1995, it happened at more gradual pace than in any other major economy.

Canada’s Economy Shrank

Canada’s economy contracted a less- than-anticipated 0.1 percent in October as wholesalers processed fewer shipments of automobiles and factory production dropped.

Canada's Core Inflation Unexpectedly Accelerates

Canada's annual inflation excluding energy and other volatile items unexpectedly accelerated in November on a jump in food prices, potentially making it harder for the Bank of Canada to keep cutting interest rates.

Canadian Trade Surplus Narrows

Canada’s trade surplus narrowed for a second month in October as a weaker dollar boosted the cost of imports and more than offset a gain in exports of machinery.
     

Australia Jobless Rate Rises

Australia’s jobless rate climbed to the highest in a year as employers cut part-time workers in November, adding to signs the economy may follow Japan, the U.S. and Europe into a recession.

Australia’s Trade Surplus Widens

Australia posted a record trade surplus in October, twice as large as economists forecast, as coal exports surged and import growth stagnated.

Australia’s Economy Grows 0.1%

Australia’s economy grew last quarter at the weakest pace in eight years as household spending stalled, increasing pressure on the central bank to add to the biggest round of interest-rate cuts since a recession in 1991.

New Zealand Economy Shrinks 0.4%

New Zealand’s economy contracted for the third straight quarter, extending the nation’s first recession in 10 years and adding to the prospect the central bank will cut interest rates to a record low next month.

New Zealand Cuts Rate to 5%

New Zealand’s central bank cut its benchmark interest rate by a record 1.5 percentage points to 5 percent to kick-start an economy facing its worst recession in 18 years.

N.Z. Trade Deficit Widens

New Zealand’s annual trade deficit widened in October as higher oil shipments pushed imports to a record, outpacing a gain in exports.

China Cuts Key Rates

China cut interest rates for the fifth time in three months to support the world’s fourth-biggest economy after trade growth collapsed because of recessions in the U.S., Europe and Japan.

China’s Inflation Slows

China’s inflation cooled to the weakest pace in almost two years, giving the central bank room to cut interest-rates and shore up growth in the world’s fourth-largest economy.

China’s Exports Decline

China’s exports fell for the first time in seven years, more evidence that recessions in the U.S., Europe and Japan are driving the world’s fourth-largest economy into a slump.