Economy, 2011 | featured news

The final weeks of 2011 were the economy's strongest since it appeared to be slipping toward recession in late spring.

The U.S. trade deficit narrowed in October to its lowest point of the year as Americans bought fewer foreign cars and imported less oil. Exports of American-made autos also fell.

China's services sector cooled in November to its weakest growth in three months, an HSBC purchasing managers' index showed on Monday, the latest data portraying an economy slowing quickly and in need of policy support.

Small businesses in the United States grew more confident in the economy's future for the second straight month during October as their outlook for business conditions improved, according to a survey released on Tuesday.

Consumer sentiment inched up in early September, but Americans remained gloomy about the future with a gauge of expectations falling to the lowest level since 1980, a survey released on Friday showed.

Growth in retail sales stalled in August after a pitched battle over spending in Congress led consumer confidence to crumble, data showed on Wednesday.

U.S. service firms, which employ 90 percent of the work force, grew at a slightly faster pace in August. But the sector remains weak, adding to concerns that the economy is at risk.

Job creation came to a halt in August, according to new government data that show an economic recovery that appears to be sputtering out. The Labor Department on Friday reported zero net job creation in August, far worse than the 68,000 net jobs analysts had expected to be added. The unemployment rate was unchanged at 9.1 percent. The July job growth number was revised downward, as well, to only 85,000 jobs added that month — not the 117,000 estimated.

Retail sales at major chain stores beat analysts' expectations, rising 4.4% year-over-year in August, according to Thomson Reuters' tally of 23 retailers. Discounters, including Target Corp. and Costco Wholesale Corp., did well as East Coasters stocked up before Hurricane Irene.

Manufacturing grew a little slower in August than the previous month, but didn't contract as some had feared.