Standard & Poor’s
Economic growth slows in first quarterPosted by RJ and Makay on Apr 27, 2012 |
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U.S. economic output grew at an annual rate of 2.2% in the first quarter of this year, down from the prior quarter’s growth rate of 3% but still at a level that has many economists forecasting a “sustainable” recovery. From the second half of 2009 till 2011, the economy grew at a slow pace. 2011 saw an acceleration of growth. Economists had ratcheted down their growth expectations last month amid a sharp drop in new durable goods orders and weakened job growth.
Hartford Financial Services Group (HIG) Inc’s plan to exit a large portion of its life insurance business has prompted a Standard & Poor’s (S&P) Rating Services downgrade of subsidiaries previously aggregated under Hartford Life, Standard & Poor’s announced today. The agency is assigning individual ratings and outlooks for each legal entity. HIG intends to shift focus to its property & casualty insurance, group benefits and mutual fund business.
Stock market volatility has been high this year, but it may not be that unprecedented, according to Joseph Mecane, chief administrative officer of U.S. markets for NYSE Euronext. In August alone, the value of equities markets moved up or down more than 1% eleven or twelve times, he said. The volatility will probably continue, he told a gathering of industry professionals at the annual meeting of the Securities Industry and Financial Markets Association (SIFMA).
