Federal Reserve Chairman Ben S. Bernanke is testifying before the Senate Budget Committee Tuesday morning about the state of the U.S. economy and the nation’s fiscal health. Bernanke is expected to warn lawmakers against impeding near-term economic growth in the name of cutting a long-term budget deficit. And he is expected to defend the Fed’s policy of keeping interest rates near zero to stimulate the economy — all in line with Bernanke’s testimony last week before the House Budget Committee. Read full article > >

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Bernanke expected to warn lawmakers against hampering growth

A new report from the Congressional Research Service — the nonpartisan public policy branch of Congress — takes a closer look at the drivers of income inequality between 1996 and 2006, the last period of moderate economic growth before the latest boom-bust cycle. The report explains that the Bush tax cuts contributed significantly to growing inequality but concludes that income from capital gains and dividends — investments in stocks, bonds, real estate and other assets — mattered even more: Read full article > >

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The biggest driver of income inequality: capital gains

BEIJING — China’s government has cut bank reserve levels to release money for lending and help shore up slowing economic growth. The central bank said Wednesday the amount of money banks must hold as reserves will be cut by 0.5 percent of deposits, effective Dec. 5. The move was the latest in a gradual series of steps by Beijing to roll back controls imposed over the past two years to cool an overheated economy. Read full article > >

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China’s government cuts bank reserve level to help shore up slowing economic growth

UK economic growth will be “flat or close to zero” over the next six months, Bank of England governor Sir Mervyn King tells MPs.

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Bank governor warns of hard times

UK economic growth will be “flat or close to zero” over the next six months, Bank of England governor Sir Mervyn King tells MPs.

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Bank governor warns of hard times

Business organisation the CBI slashes its forecast for UK economic growth, but calls for government austerity plans to continue.

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CBI cuts forecast for UK growth

The third quarter was a rough one. Between July and September, the United States’ credit rating was downgraded, Europe teetered on the brink of catastrophe and the financial markets entered a dangerously volatile phase. Yet, it appears to have been the strongest quarter this year for U.S. economic growth, according to projections for a key indicator due out Thursday morning. Read full article > >

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GDP: good expectations for growth

Prime Minister David Cameron has defended the government’s policies on economic growth after a prominent Tory figure said too little was being done.

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Cameron defends economic policy

The weakening outlook for world economic growth is undercutting oil prices and beginning to ease prices at the gasoline pump. But oil prices remain high by historical standards. Tom Kloza of the Oil Price Information Service estimates that U.S. drivers are on course to spend nearly half a trillion dollars on gasoline this year, which would break the record set in 2008. Read full article > >

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Oil, gas prices fall as economic outlook weakens

US President Barack Obama outlines his plans to cut the US deficit by a further $3tn and kick-start economic growth.

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Obama outlines US deficit plans

The National Trust criticises draft planning reforms, saying the system should protect public interests not primarily promote economic growth.

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National Trust in planning plea

Politicians and investors are placing a great deal of weight on a crude and rough estimate of economic growth that has never been particularly reliable.

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On Economy, Raw Data Gets a Grain of Salt

President Barack Obama slammed partisan politics and called on lawmakers to prioritize economic growth Monday, the first day of his three-day Midwestern tour.

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Obama knocks politics on Midwest bus tour

Maybe you’ve noticed that the economy has been acting strange lately: Corporate profits and stock prices have grown much faster than the economy, while economic growth has significantly outpaced job growth. In the past, these things moved more in synch with each other. The cause of this disconnect was assumed to be the rising productivity of American workers, which would be a good thing for the economy over the long run. Unlike past productivity gains, however, these haven’t generated increased incomes for most workers. Nor has this improved competitiveness translated into much improvement in the merchandise trade deficit. Read full article > >

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The trials of measuring and managing in a global economy

Figures are expected to show India’s first quarter economic growth rate slowed, thanks to government tightening measures.

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India economy to hit ‘soft patch’