Economy shows strength despite credit turmoil
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The number of workers seeking jobless aid fell more than expected last week and the service sector grew steadily in August, according to data on Thursday that pointed to economic strength despite credit market turmoil and a slumping housing market.
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WASHINGTON -- The economy grew at its strongest pace in more than a year during the spring as solid improvements in international trade and business investment helped offset weakness in housing.
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The survey of business activity around the country, compiled from reports submitted by the Fed&#39;s 12 regional banks, depicted an economy that was moving ahead with even the hard-hit manufacturing sector beginning to regain its footing after a prolonged
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Strong business investment and higher exports drove the U.S. economy ahead at a robust 4 percent annual rate in the second quarter before turmoil in credit markets struck that is expected to brake growth ahead.
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Stocks ended higher on Thursday after a major bond insurer reassured investors about its stability, fueling a rebound by financial shares hammered recently by the prospect of crumbling credit markets.
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The economy -- helped out by more brisk consumer and business spending -- grew at an annual rate of 3.9 percent in the third quarter, a performance that was stronger than previously thought.
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Strong business investment and higher exports drove the U.S. economy ahead at a robust 4 percent annual rate in the second quarter, before the onset of turmoil in credit markets that is expected to brake growth.
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Arizona features a relatively strong economy underscored by rising job growth and commercial lending, although commercial real estate remains a concern and bank profits offer a mixed picture, according to a new report.
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Strong performances in the bankâs asset management, credit card groups and treasury services groups helped offset troubles in the investment banking unit.
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The top US central banker says the country&#39;s banking system has weathered a recession and major corporate bankruptcies, and emerged &quot;strong, vibrant and profitable.
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The economy grew at an annual rate of 4 percent during the second quarter, its strongest pace in more than a year as international trade and business investment helped offset weakness in housing.
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The dollar rallied forcefully on  Wednesday as investors took a break from worrying about the  U.S. current account deficit and focused on relative interest  rate and growth differentials.
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The U.S. economy is growing robustly  despite a slowing housing sector, although inflation remains  above the central bank's comfort level, two top Federal Reserve  officials said on Monday.
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Stronger-than-expected orders for U.S.-made durable goods in December suggested the economy retained some life and might not need a heavy dose of interest-rate cuts, even though house prices fell a record amount in November.
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European equities were modestly higher on Wednesday as banks rallied on some strong numbers, offsetting profit taking in the auto sector.
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The pound held its ground against the dollar despite strong economic data reinforced expectations that the US economy is enjoying a soft landing.
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NEW YORK, Dec. 31 -- After a year of stomach-churning swings, U.S. stocks managed to finish 2007 with a modest gain despite a worsening credit crunch and concerns about an economy possibly headed for recession.