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Recessions and depressions

Fed survey: Growth picks up across most of US

Fed survey: Economic growth picks up across most of the United States as harsh winter recedes
Paul Wiseman, The Associated Press

WASHINGTON - A Federal Reserve survey shows economic growth picking up across most of the United States over the past two months as bitter winter weather subsided.

Ten of the Fed's 12 regions reported an increase in economic activity, according to the Beige Book survey released Wednesday. In most places, the Fed described the improvement as "modest or moderate." Only Cleveland and St. Louis reported slower growth.

Retail sales weaken in Dec. but cap a record year

Retail sales inch up to end record year; holiday-season layoffs boost unemployment claims
Martin Crutsinger, The Associated Press

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.

Skyscraper boom may herald downturn

Pride cometh before a fall: Skyscraper boom may herald economic downturn
Erika Kinetz, The Associated Press

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.

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