By Lucia Mutikani WASHINGTON (Reuters) – U.S. industrial production rose at a faster-than-expected clip in March, the latest sign the economy was gaining momentum. Groundbreaking for new homes also increased but remained well below the post-recession peak hit in November, signaling the drag the housing market is placing on the economy. The increase in industrial production, which beat economists' expectations for a 0.5 percent gain, reflected in part a 0.5 percent rise in manufacturing output.
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The Islamist group Boko Haram is suspected. It is also being blamed for Monday’s bomb attack that killed more than 70 people in Nigeria’s capital.
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U.S. housing starts rose less than expected in March and building permits fell, pointing to underlying weakness in the housing market that could persist despite better weather. The Commerce Department said on Wednesday groundbreaking increased 2.8 percent to a seasonally adjusted annual rate of 946,000. The housing market is under strain from higher mortgage rates and elevated house prices that are sidelining potential buyers.
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After nearly six years of falling living standards, weekly earnings have finally edged above inflation, according to the Office for National Statistics.
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Scientists at the Smithsonian are set to unpack something rare that the National Museum of Natural History has never had before — a nearly complete skeleton of a Tyrannosaurus rex.
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China’s economy expanded by 7.4% in the first quarter of the year, better than expected but down from 7.7% at the end of 2013.
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By Adam Rose BEIJING (Reuters) – China's economy grew at its slowest pace in 18 months in the first quarter of 2014, official data showed on Wednesday, with signs of waning momentum already prompting limited government action to steady the world's second-largest economy. Authorities have ruled out major stimulus to fight short-term dips in growth, and some analysts think the economy will continue to lose momentum into the middle of the year. It was China's slowest annual growth since the third quarter of 2012, when growth was also 7.4 percent. "I don't think they're going to announce any further significant measures to support growth." Beijing has announced some modest measures, such as tax cuts for small firms and speeding up some investment in rail projects, to try to steady growth around its target of 7.5 percent without disrupting plans to restructure the economy.
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