Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoOpulent ExpressNewborn Quadruplets Left Doctors Staggered — They Are One In A MillionOpulent ExpressUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo Tags: NULL whatsapp THE US economy would see a two per cent annualised hit to household income, or roughly 1.3 per cent of GDP, if the Bush tax cuts were allowed to expire as scheduled at the end of this year, according to a note published by Bank of America Merrill Lynch chief North American economist Ethan Harris yesterday. That hit could trigger a double-dip recession, he said. Democrats and Republicans are fighting over the provision, with the Obama administration wanting to permanently extend lower rates and permanently raise the two upper rates, while Republicans want the tax cuts extended. “We don’t find either view compelling,” Harris said. “The longer this game of chicken goes on, the bigger the risk of an economic accident.”Harris says there’s a 55 per cent probability of a compromise after the mid-term election and a 35 per cent chance of gridlock without any compromise.Bank of America said Congress was failing to heed the lessons of Japan, which raised consumption taxes in 1997 before recovery was strong enough. It suggests that it was because of this tax that Japan ended up in deflation. KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Monday 23 August 2010 7:43 pm Show Comments ▼ BoA warns end of Bush tax cuts to cause slump whatsapp Share
whatsapp US data calms growth fears Thursday 9 September 2010 8:23 pm whatsapp Share Show Comments ▼ Tags: NULL KCS-content Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof NEW US claims for unemployment benefits fell more than expected last week to a two-month low, while the trade deficit narrowed sharply in July, hopeful signs for the stuttering economic recovery.The data yesterday helped to calm fears of a sharp slowdown in growth and implied the economy could start working its way out of a soft patch.“The economy is not out of the woods with today’s data, but things look better than they have in several weeks and there is no danger of a new downturn in activity,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi.Initial claims for state unemployment benefits dropped 27,000 to 451,000, the lowest since the week ended 10 July, the Labor Department said. That was well below financial market expectations for 470,000.Separately, the trade deficit shrank 14 per cent to $42.8bn in July, smaller than the $47.3bn gap that markets had expected. Analysts said that suggested the pace of economic growth would quicken in the third quarter. The shrinking of the trade deficit was welcome news after a widening trade gap sliced nearly 3.4 percentage points off US economic growth in the second quarter.A widening trade deficit weighs on growth because it shows more domestic demand is being met by overseas production. The smaller trade gap reflected a 1.8 per cent increase in exports to $153.3bn, the highest since August 2008. Imports fell 2.1 per cent to $196.1bn.However imports from both China and Germany – two countries with persistent trade surpluses – were the highest since October 2008.
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