To reduce inflation to acceptable levels, it will be necessary to destroy between 1.7 million and 5.3 million jobs. … READ MORE >
Spending remains steady on strong income growth and inflation relief
U.S. personal income and spending in July signaled a gradual rebound of the economy in the third quarter after six months of declines in gross domestic product. … READ MORE >
Better-than-expected GDP and jobless claims push back recession fear
The decline in U.S. gross domestic product growth in the second quarter was less than previously estimated, and jobless claims fell by 0.,8%. … READ MORE >
Core capital goods investments grow while pending home sales fall
Although the top-line durable goods orders number remained flat on the month in July, core capital goods orders increased by 0.4%, beating estimates. In a separate report, pending home sales fell by 1% in July. … READ MORE >
New home sales down 40% this year to lowest level since 2016
New home sales extended this year’s slump by dropping 12.6% in July to 511,000 annualized, following a 7.1% drop in June. … READ MORE >
Existing home sales fall below pre-pandemic level as initial jobless claims hold steady
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 >