The manufacturing purchasing managers’ index inched down to 52.8 from 53 the previous month, still indicating growth as readings above 48.7 generally show business expansion. … READ MORE >
American spending and income eroded by multi-decade high inflation
As the first-round effect of inflation on goods and services continues to play out, the second-round effect on wage pressure is showing more concerning signs. … READ MORE >
Jobless claims in July continue rising layoffs trend
Initial jobless continue to trend above the pre-pandemic average, as the U.S. economy contracted for the second consecutive quarter. However, continued jobless claims remain flat, suggesting people receiving unemployment benefits aren’t remaining unemployed for long. … READ MORE >
Unexpectedly strong durable goods orders and trade data temper recession concerns
Durable goods orders and goods trade deficit in June beat expectations, according to data released Wednesday, tempering recession concerns before the Federal Reserve is expected to announce a rate hike later in the day. … READ MORE >
Consumer confidence drops as new home sales slump
Consumer confidence continued to fall in July to the lowest level since February 2021 amid inflation angst and an economic slowdown. Sales of new homes fell by 8.1% in June. … READ MORE >
Initial jobless claims rise to eight-month high
New filings for jobless benefits rose more than expected last week to an eight-month high of 251,000, continuing to show signs of increases in layoffs amid an economic slowdown. … READ MORE >
Existing home sales continued its slump, down 21% in 2022
Existing home sales fell for the fifth straight month as the housing market cooled significantly amid steep rises in mortgage rates and housing prices. … READ MORE >
U.S. housing supply continues to fall amid rising mortgage rates
There were 1.56 million new housing starts in June on an annualized basis, a 2.0% decline from May and the lowest level since last September. … READ MORE >
Consumer sentiment eases as industrial production falls
The drop in long-term inflation expectations was quite significant, down to 2.8%, the lowest in about a year, from 3.1%. … READ MORE >
Retail sales rebounded in June amid elevated inflation
Despite solid growth in June, sales at retail and food stores failed to offset sky-high inflation for the second straight month. … READ MORE >