Canada is now facing its worst dilemma - a mild contraction, according to Stephen Poloz, governor of the Bank of Canada.
Tags: Manufacturing
Crisis-hit Puerto Rico takes up VAT route to shore up revenues
The debt-ridden Island Puerto Rico has opted for value-added tax (VAT) as a measure to enhance revenues for the government. The new VAT structure will come into force starting1 April 2016.
Mitsubishi Motors in US calls it a day
Japanese automobile major Mitsubishi Motors Corp has begun the process of closing down operations in the US. Mitsubishi had put on its sole US manufacturing unit on the block, but couldn't find a suitable buyer and decided to close the shop.
After 25 years, China revises down GDP growth to 7.3%
The growth rate of China's economy for 2014 has revised marginally lower to 7.3 percent from previous forecast of 7.4 percent. The drop in services sector weighed more on gross domestic product (GDP). According to the latest data from National Bureau of Statistics (NBS), the GDP stood at 63.6 trillion Yuan ($10 trillion) in 2013 and this was 32.4 percent lower than earlier projection. The latest data casts shadow over the Chinese government's target of seven percent for 2015.
China manufacturing woes continue: PMI index slips below 50 pts
Several measures gauging the manufacturing industry activity are showing discouraging results. The latest manufacturing gauging index slipped below 50, which indicates the deceleration in the manufacturing industry, falling to 49.7 in August.
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U.S. job growth accelerated sharply in May and wages picked up, signs of strong momentum in the economy that bolster prospects for a Federal Reserve interest rate hike in September.
Wall Street was set to open little changed on Wednesday with investors cautious ahead of the release of minutes from last month's Federal Reserve meeting, which is expected to shed light on when interest rates will be hiked.
China's factories suffered their fastest drop in activity in a year in April as new orders shrank, a private business survey showed on Monday, hardening the case for fresh stimulus measures to halt a slowdown in the world's second-largest economy.
Manufacturing activity growth remained sluggish in some of the world's major economies in April, suggesting that global economic growth remains "moderate and uneven," as the International Monetary Fund described it in its World Economic Outlook in April.
Expansion in the U.S. manufacturing sector weakened in April as growth in output and new orders fell, according to an industry report released on Friday.
U.S. economic growth likely braked sharply in the first quarter as harsh weather dampened consumer spending and energy companies struggling with low prices cut spending, but there are signs activity is picking up.
As the Federal Reserve's policy-setting committee wraps up its third meeting of the year, a critical task awaits the U.S. central bank: narrowing the wide gap between how it and the markets view the path of interest rates.
U.S. business investment spending plans fell for a seventh straight month in March, weighed down by a strong dollar and lower energy prices, suggesting the economy was struggling to rebound from a recent soft patch.
Japanese manufacturing activity contracted in April for the first time in almost a year as domestic orders and output fell, which could fuel concerns that the country's modest economic recovery is losing momentum.
