More than 180 people reportedly have died following Saturday's strong temblor in Sichuan province. Aftershocks and landslides are making difficult to get to the villages and other places that were hit hard.
The housing sector has been one of the economy's bright spots, and economists expect that to continue. But they also say that until new-home construction catches up, the supply of homes for sale will remain tight.
Steve Inskeep talks with Boston Globe columnist Juliette Kayyem about city officials' decision to lock down Boston on Friday as law enforcement searched for a suspect in the Boston Marathon bombing. Kayyem is a former top homeland security official.
In July of 2013, the U.S. gross domestic product will officially grow three percent, due to a few additions to the statistics that economists have been using to calculate GDP for years.
From now on, government statisticians will take into account money earned from creative works including movies, television shows, books, theater and music. Money spent on research and development, which has, until now, been considered a cost of doing business will also be included.
Lewis Alexander, chief U.S. economist for Nomura, says the new additions are meant to reflect a shift in what’s important in a twenty-first century economy.
“You can think of it as the growing importance of the IT industry, but obviously the entertainment industry as well,” Alexander said.
Still, economists say that while the new additions will boost GDP, they will be too small to fundamentally change our view of how the economy is doing.
Caterpillar reported disappointing earnings this morning. The heavy-equipment maker announced its profits are down 45 percent and also cut its forecast for the rest of the year.
The U.S. economy will grow by 3 percent this summer, due to a change in the data used to calculate GDP.
Chinese manufacturers have moved to Italy and set up garment factories. They excel at making garments fast and cheaply, but some Italian manufacturers are unhappy with their presence.