Initial claims for unemployment benefits inched down further last week, remaining near a multi-decade low amid a persistently tight job market. New claims dropped by 2,000 to 190,000 for the week ending Feb. 24, lower than the pre-pandemic average of 218,000, according to Labor Department ... READ MORE >
Manufacturing sector shrinks again in February amid falling demand
The manufacturing sector contracted for the third straight month as higher borrowing costs continued to affect demand. The Institute for Supply Management’s manufacturing index in February was 47.7, remaining below the long-term breakeven point of 48.7. An index above 48.7 indicates an ... READ MORE >
Consumer confidence falls in February amid a worsening outlook
American consumer confidence fell for the second straight month in February as expectations deteriorated to the lowest point since last July, the Conference Board reported on Tuesday. The top-line confidence index dropped to 102.9 from 106.0 in the prior month, while the expectations index ... READ MORE >
Canada’s economy stalled even as consumer spending held up
The Canadian economy stalled in the fourth quarter, eking out a 0.03% gain in a significant downside surprise from expectations of a 1.6% increase. But the disappointing growth underestimated the spending strength of the Canadian consumers. Final consumption expenditures rose by a sharp 2.1%, after ... READ MORE >
Business spending on equipment rose in January
Investments in business equipment posted a sharp rebound in January after two consecutive months of disappointing declines. While the Commerce Department’s data released on Monday showed some resilience from private businesses, there were reasons to be cautious because January’s data can be ... READ MORE >
January’s spending shows a hot economy despite rate hikes
January’s data on inflation and spending came in hotter than expected on Friday, making the case that the Federal Reserve will need to raise interest rates three more times and bring its peak policy rate to 5.5%. Rising prices and spending indicated that overall demand remained robust, which ... READ MORE >
Initial jobless claims inch down amid tight labor market
New filings for jobless benefits inched down last week to 192,000, remaining below the pre-pandemic level where they have been since December, according to Labor Department data released on Thursday. That low level continues to suggest a strong labor market where companies hold on to their ... READ MORE >
Canada’s annual inflation slows again, yet Bank of Canada’s work is not done
Canada’s inflation continued to decelerate on a year-ago basis for the seventh month in a row as the Bank of Canada’s rate-hike campaign to slow down the economy showed more results. The consumer price index rose by 5.9% from 12 months ago in January, down from 6.3% in December, and lower than the ... READ MORE >
U.S. inventories are growing at twice the rate of sales
With demand remaining strong, middle market firms have been increasing their inventories during the current quarter, with just under a majority expecting to do so over the next six months, according to the RSM US Middle Market Business Index. Inventories are now growing at twice the rate of ... READ MORE >
Jobs and inflation data show a still-strong economy
Both producer inflation and jobless claims came in stronger than expected in the most recent government reports released on Thursday. The data adds further pressure on the Federal Reserve as it aims to steer the economy toward a soft landing. With strong data accumulating, current conditions ... READ MORE >