Economy

Consumer Spending in U.S. Unexpectedly Stalls as Americans Rebuild Savings Consumer spending in the U.S. unexpectedly stalled in April as Americans used growing wages to rebuild savings.

Bernanke `Extended Period' Resolve May Be Eroded as Delinquencies Decline Consumer delinquency rates are dropping at U.S. retailers and banks such as American Express Co. and Bank of America Corp., signaling an incipient lending thaw that may spur economic growth.

Japanese Prices Decline, Unemployment Rises in Signs Recovery Is Slowing Japan’s unemployment rate unexpectedly increased in April, household spending fell and deflation deepened, signaling domestic demand is restraining the nation’s recovery from its worst postwar recession.

India Growth May Top 8% as Interest Rates Stay `Out of Line' With Recovery India’s economy probably grew at the quickest pace in more than two years, increasing pressure on the central bank to raise interest rates even as Europe’s sovereign- debt crunch threatens to undermine the global recovery.

U.K. Consumer Confidence Unexpectedly Falls on Plan to Cut Public Spending U.K. consumer confidence unexpectedly dropped to a five-month low in May as Britons baulked at the prospect of government spending cuts and became more pessimistic about the economic outlook, GfK NOP said.

America as Export Juggernaut Led by Intel With Surging Chip Manufacturing Intel Corp., the world’s largest maker of computer chips, is increasing production and commanding higher prices as an export boom puts American manufacturing at the forefront of the economic recovery.

U.S. Economy Expands Less Than First Estimated, Highlighting Europe Risks The U.S. economy grew in the first quarter at a slower pace than previously calculated, reflecting smaller gains in consumer and business spending and highlighting the risks to the recovery posed by the European debt crisis.

New Zealand Home-Building Approvals Surged 8.5% in April to Two-Year High New Zealand’s home-building approvals rose for a third month in April to a two-year high, adding to signs that residential construction will help economic growth accelerate this year.

Geithner Downplays Differences With Germany Over Ban on Naked Short Sales Treasury Secretary Timothy F. Geithner smoothed over differences on Germany’s unilateral ban of naked short-selling and said the U.S. and Europe are in “broad agreement” about the need for tighter market regulation.

China Is Long-Term Investor in Euro Assets, Foreign-Exchange Agency Says China denied as “groundless” a report that it’s reviewing foreign-exchange holdings of euro assets, and the nation’s sovereign wealth fund said it’s maintaining its European investments.

Bank of Korea Should Hold Key Rate to Avoid `More Turmoil,' Institute Says The Bank of Korea should keep its benchmark interest rate unchanged as escalating military tension with North Korea and Europe’s debt crisis have shaken investors’ confidence, the head of a state-run research institute said.

Fed Watch

Bernanke `Extended Period' Resolve May Be Eroded as Delinquencies Decline Consumer delinquency rates are dropping at U.S. retailers and banks such as American Express Co. and Bank of America Corp., signaling an incipient lending thaw that may spur economic growth.

Discount Rate Rise Was Sought by Three Fed Banks Last Month, Minutes Show Directors at three Federal Reserve banks called for an increase in the rate charged on direct loans to banks, according to minutes of Board of Governors meetings last month released today in Washington.

Fed's Lacker Says Financial Regulatory Overhaul Fails to Curb Safety Net Federal Reserve Bank of Richmond President Jeffrey Lacker said proposed U.S. laws to overhaul financial rules keep too much of a safety net in place for firms and probably won’t break a “vicious circle” of crises.

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