US Economic News


Bill-Nelson-Maduro-Petro-031518.jpg A member of the US Senate has sent a letter to the Treasury Secretary Steven Mnuchin asking how the department could crack down on Venezuela's attempt to bypass US economic sanctions by launching a national cryptocurrency. In a letter sent to Steven Mnuchin, Florida senator Bill Nelson said he was concerned by recent reports that rogue regimes in Venezuela and Russia seek to use cryptocurrencies.

Growth in the Philadelphia manufacturing sector slowed in the month of March, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

Business activity in the New York manufacturing sector grew robustly in the month of March, the Federal Reserve Bank of New York revealed in a report on Thursday.

A report released by the Labor Department on Thursday showed import prices in the U.S. increased by more than expected in the month of February.

First-time claims for unemployment benefits in the U.S. edged lower in the week ended March 10th, according to a report released by the Labor Department on Thursday.

Bradsherman-cryptocurrency-031518.jpg American lawmakers were highly skeptical about the digital currency community during a House Financial Services subcommittee hearing on cryptocurrency and Initial Coin Offerings, with one of them calling the softmoney "a crock". The hearing was held a week after the U.S. Securities and Exchange Commission said there were potential unlawful online trading platforms for trading digital assets.

AllianzGlobalInvestors-Bitcoin-031418.jpg Bitcoin meets all of the essential criteria for an asset bubble, which is sure to burst soon and the spillover effects into traditional financial system would be limited, while the blockchain technology holds promise for investors, Allianz Global Investors said. The top cryptocurrency's trajectory resembles a textbook case of a financial-market bubble that may soon pop, the firm said.

Chicagounivesity-cryptoclasses-031418.jpg With crypto frenzy gripping the world and the United States, lessons on digital currency and its underlying technology are reportedly being introduced in university classrooms around Illinois. Some professors in the region are including the new subject into their lesson plans, while some schools are adding entire bitcoin and blockchain classes to their course lists.

SouthKorea-Youth-Crypto-Investors-031418.jpg A survey conducted in South Korea has found that the youth in their 20s are the most active participants in the country's cryptocurrency investments and trading. The survey was conducted by Korean Financial Investors Protection Foundation among 2,530 South Koreans between the ages of 25-64. Yonhap news agency published its results Wednesday. 14% of respondents said they purchased virtual currency.

U.S. wholesale prices rose slightly in February, roughly in line with the tepid growth seen in consumer prices. Concerns about rapid inflation have been diminished by this week's price data. On a monthly basis, the producer price index that measures wholesale inflation was up 0.2% following January's...

U.S. retail sales fell for a third month in a row in February, according to figures from the Commerce Department. Retail sales were off 0.1 percent, disappointing economists looking for growth of 0.4 percent. However, if gas and autos are stripped out, retail sales edged higher by 0.3%, a sign...

Binancechain-031418.jpg Cryptocurrency exchange Binance has announced its plans to launch a proprietary blockchain that will perform a number of roles. Binance, buoyed by record profits and substantial goodwill within the crypto community, said it decided to officially launch the development of the Binance Chain. As a public blockchain, Binance Chain will "mainly focus on the transfer and trading of blockchain assets.

BrianQuintenz-CFTC-031318.jpg While debates on the need to bring about regulations over the flourishing cryptocurrency market continue, Commodity Futures Trading Commissioner Brian Quintenz moots the idea, why not self-regulate? Delivering keynote address at the D.C. Blockchain Summit in Washington, the Commodity Futures Trading Commission chief suggested that a cryptocurrency SRO could have an impact beyond the U.S. market.

Consumerprices-US-031318.jpg A report released by the Labor Department on Tuesday showed consumer prices in the U.S. increased in line with economist estimates in the month of February. The Labor Department said its consumer price index rose by 0.2 percent in February after climbing by 0.5 percent in January.

Marathon-Bitcoinmining-031318.jpg Los Angeles-based patent management company Marathon Patent Group, Inc. (MARA) has commenced bitcoin mining business at its new facility in Quebec, Canada. Investors apparently showed interest in the move, as Marathon shares went up 32 percent after markets opened Monday. Marathon had purchased 1,400 Antminer S9 miners from Bitmain and had leased 26,700 square feet of data center space in Quebec.

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