Retail sales stayed flat in July on the back of a sharp drop in gasoline prices and lower automobile sales. … READ MORE >
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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 >
Inflation eases amid falling gasoline prices
After a year of consecutive increases, inflation has finally begun to ease, hitting 7.6% on a year-over-year in July amid declining gasoline prices. Compared to June, inflation went up by a modest 0.1%. Nonetheless, most measures of core inflation increased, which means inflation remains pervasive across all aspects of life and not just concentrated in a few categories such as gasoline and food. … 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 >
5 things to know in life sciences: Week of Aug. 8
This week, we highlight how passage of the Inflation Reduction Act could impact the U.S. biopharma industry. We also look at digitization in health care, the challenges facing researchers deploying the approved monkeypox vaccine, and a video on how COVID-19 evades the immune system. Finally, we look at what growing human brain cells in a mouse means for bioethics. … 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 >
US July CPI: Inflation posts likely peak as commodity, gas and transportation prices fall
Commodity, oil, and gasoline prices declined noticeably in July, driving the pace of top-line inflation lower even as core inflation continued to increase at a torrid pace. This will provide a large boost to overall consumption and economic activity as Americans likely spent roughly $400 million less on gas compared to the previous month which will result in improved consumption and direct relief to beleaguered households. … READ MORE >
Payroll employment returns to pre-pandemic levels
The U.S. unemployment rate now stands at 3.458%, the lowest rate in 50 years and one that many of us will most likely not observe again in our career arcs. … READ MORE >
Canada’s jobs fall in July as unemployment rate remains steady
Canada’s economy shed 31,000 jobs in July while the unemployment rate remained at a historic low of 4.9%, confirming what the strong gross domestic product numbers have been showing: The economy is not in recession. … READ MORE >
U.S. July employment report: A recession is not yet at hand
Economies in recession do not produce 528,000 jobs in a given month and have 3.5% unemployment rates. Since January, total employment has increased by 3.3 million jobs and the unemployment rate has declined from 4% to 3.5%. With such a robust labor market, claims that the economy is in recession … … READ MORE >