Recessions and depressions
WASHINGTON - U.S. unemployment fell to a seven-year low of 5.3 per cent and employers hired at a solid pace in June, but other gauges of the job market drew a bleaker picture: A wave of people stopped looking for work, and paychecks failed to budge.
The figures released Thursday capture the persistently uneven nature of the recovery from the Great Recession.
The job market "remains consistent with a two-steps-forward, one-step-back expansion the U.S. economy finds itself in," said Scott Andersen, chief economist at Bank of the West.
ATHENS, Greece - Greece's parliament voted early Sunday in favour of Prime Minister Alexis Tsipras' motion to hold a July 5 referendum on creditor proposals for reforms in exchange for loans, with the country's future in the eurozone looking increasingly shaky.
WASHINGTON - America's retailers enjoyed a record 2011 and their first $400 billion sales months ever. But the final month of the year was a dud.
Sales eked out a 0.1 per cent increase in December, to a seasonally adjusted $400.6 billion.
It was the second straight month that sales topped $400 billion. Revised government data showed that sales in November also surpassed that level.
MUMBAI, India - A skyscraper building boom in China and India may be a sign of an impending economic correction in two of Asia's largest economies, according to a new report by Barclays Capital.
Barclays has mapped an "unhealthy correlation" between construction of the world's tallest buildings and impending financial crises over the last 140 years.
Today, China is home to half of the world's skyscrapers — defined as buildings over 240 metres tall — currently under construction.