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US growth forecast slashed

The US rate of economic growth during the second quarter of the year has been revised down to 1.6 per cent, according to the Bureau of Economic Analysis.

In its first estimate published last month the BEA forecast GDP had grown at an annual rate of 2.4 per cent.

The BEA’s second estimate is in line with analyst forecasts, who expected growth to be revised down to 1.5 per cent.

This week the Dow fell on the back of weak housing data and the expected downward revision to GDP growth.
Even a better-then expected fall in jobless claims did little to allay fears about America’s labour market recovery.

Paul Ashworth, an economist at Capital Economics, says yesterday that a downward revision in GDP would probably fuel fears the American economy is enduring a hard landing.

“But conditions are not quite as bad as the headline figure is likely to suggest,” he says.

“GDP growth many only be dragged down by a more abrupt end to inventory rebuilding and a larger negative contribution from external trade.”

Ben Bernanke, the chairman of the Federal Reserve, is to speak later today.


The changing face of UK fund business

Among the themes that emerged from the IMA’s annual asset management survey was the changing structure of the industry. Asset management originated as the investment arm of insurance companies and the retail and investment banks but, for the first time, firms owned by them account for less than 50 per cent of UK-managed assets and […]

Banks fear new regulators won’t be accountable

The British Bankers’ Association is lobbying the Government over fears that the new Consumer Protection and Markets Authority and Prudential Regulation Authority will lack accountability. The Treasury is currently consulting on its proposal to replace the FSA with the PRA, to be positioned under the Bank of England, and pass conduct of business oversight to […]


Clegg slams IFS Budget analysis

Deputy Prime Minister Nick Clegg has attacked the Institute of Fiscal Studies’ Budget analysis claiming it fails to take into account other Government policy initiatives. In a column in today’s Financial Times, Clegg says the study ignored the capital gains tax increases for higher-rate tax payers and measured the Budget’s impact “solely on the basis […]

Prestwood launches financial planner mentoring programme

Prestwood Group, the company behind Truth and Prestwood Software, has launched a coaching and mentoring programme to help financial planners transition their business ahead of the retail distribution review. The programme is spread over four to six months and includes tutorials and practical support. It is led by a team of eight mentors based across […]


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