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Outstanding U.S. consumer debt fell by $10.3 billion, or 4.9 percent at an annual rate, to $2.5 trillion, the Federal Reserve said. That's a much steeper cut than the $4.7 billion analysts expected, according to Thomson Reuters.
The U.S. savings rate is now the highest it's been since 1998. Tess Vigeland talks to former Undersecretary of Commerce Robert Shapiro about whether he thinks the rate will stick.
Originally posted by tamusan
reply to post by SLAYER69
I guess this shows that if we dig around a little we can find the silver lining.
What the U.S. needs to do is start to manufacture something other than consumer debt.
Jul. 31 - The United States will soon allow more high-tech exports to China as part of the issues agreed upon during the recently concluded China-U.S. Strategic and Economic Dialogue this week.
“The U.S. pledged to facilitate exports of high-technology products from the U.S. to China,” Vice-Premier Wang Qishan told China Daily adding that the dialogue was a “full success.”
By TIMOTHY AEPPEL
China is on its way to surpassing the U.S. as the world's largest manufacturer far sooner than expected. The question is, does that matter?
In terms of actual size, the answer is, no. But if size is a proxy for relative health of each nation's sector, the answer is yes.
Anyone who walks the aisles of a U.S. retailer might think China already is the world's largest manufacturer. But, in fact, the U.S. retains that distinction by a wide margin. In 2007, the latest year for which data are available, the U.S. accounted for 20% of global manufacturing; China was 12%.
The gap, though, is closing rapidly. According to IHS/Global Insight, an economic-forecasting firm in Lexington, Mass., China will produce more in terms of real value-added by 2015. Using value-added as a measure avoids the problem of double-counting by tallying the value created at each step of an extended production process.
WASHINGTON (Reuters) - U.S. output per worker rose at its fastest pace in six years during the second quarter as businesses wrung more from shrinking staff in a sign that recovery from recession will be slow and unlikely to create a surge in hiring.
A Labor Department report on Tuesday showed nonfarm productivity, a gauge of hourly output per worker, jumped at a 6.4 percent annual rate, the sharpest since the third quarter of 2003 after a 0.3 percent gain in the January-March quarter.