Existing home sales fell in July to their lowest level since 2020 amid elevated mortgage rates as the Federal Reserve continued to hike interest rates. Sales dropped 5.9% to 4.81 million annualized, marking the sixth straight month of market contraction. … READ MORE >
RSM U.S. Supply Chain Index: Back to normal for first time since pandemic hit
The U.S. Supply Chain Index in July was back above neutral for the first time in nearly three years, suggesting substantial relief coming from the supply-induced components of inflation. … READ MORE >
Retail sales unchanged amid sharp drop in gasoline prices
Retail sales stayed flat in July on the back of a sharp drop in gasoline prices and lower automobile sales. … READ MORE >
Industrial production rose in July, tempering recession fears despite housing starts drop
Even alongside the decline in housing starts, this industrial data shows that recession fears may have been overblown after the economy contracted for two consecutive quarters in the first half of 2022. … READ MORE >
University of Michigan survey: Consumer sentiment rises on better economic outlook
U.S. consumer sentiment rose more than expected in August on the back of the sharp drop in gasoline prices, but remains near a record low as consumers shouldered multi-decade-high inflation and continuing economic uncertainty. … READ MORE >
Initial jobless claims rise as producer inflation deflates for first time in 2 years
While there has been a clear upward trend in new unemployment claims, the number remained relatively low compared to the historical standard, especially with significant downward revisions to data for the last two weeks of July. … READ MORE >
Initial jobless claims rise amid labor market slowdown
New claims for jobless benefits rose by 2.4% to 260,000 for the week ending July 30, after a brief decline in the prior week. … READ MORE >
Service sector grew faster in July, beating forecasts
The service sector grew faster than expected in July on the back of broad-based increasing business activities and new orders. … READ MORE >
The worst of the Great Resignation might be over, but not for small businesses
The record high turnover in the job market, known as the Great Resignation, is showing signs of easing, but that may not be the case for small businesses. … READ MORE >
Job openings drop in June amid Fed’s attempt to control inflation
Job openings in the United States fell for the third straight month in June as the labor market started to loosen up, the Bureau of Labor Statistics reported on Tuesday. Job openings—which represent labor demand—have been the main target of the Federal Reserve to lessen the second-round impact on wage-pushed inflation. … READ MORE >