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ISM index falls slightly to 56.3% but remains near 3-year high. American manufacturers tapped on the brakes lightly in July but were still expanding near the fastest pace in three years, a good sign for the broader U.S. economy.
READ MOREOverall spending was up nearly 5% for the first half of the year compared to a year ago. Outlays for construction projects dipped in June after a strong start to the year as spending on public works tumbled. Construction spending fell 1.3% to a seasonally adjusted annual rate of $1.21 trillion, but May’s rate, originally
READ MOREAmericans increased spending in June by the smallest amount in five months, partly because it cost less to fill up at the gas pump. Consumer spending rose 0.1% in June, matching the smallest increase of 2017. Income growth and inflation, meanwhile, were unchanged. Despite a stable economy and the best labor market in years, Americans remain cautious
READ MOREHome-purchase contract signings jumped in June after three months of declines, another reflection of choppy momentum in the housing market. The pending home sales index from the National Association of Realtors rose 1.5% to a level of 110.2, the group said Monday. May’s reading was revised upward.
READ MOREThe economy in the Chicago region grew rapidly in July but cooled a bit from earlier in the summer, indicating that businesses are still confident despite political drama in Washington. The Chicago business barometer, or Chicago PMI, slipped to 58.9 in July from a three-year high of 65.7 in June, MNI Indicators said Monday. The
READ MOREMonetary policy must take a back seat to fiscal and regulatory measures in the struggle to get the global economy out of its low-interest-rate doldrums, said Federal Reserve Vice Chairman Stanley Fischer, on Monday. Interest rates are not only near historic lows in the U.S., but also in the euro area, the U.K. and Japan,
READ MOREThe cost of employing the average U.S. worker showed little acceleration despite the tightest labor market in years. Economists had expected a 0.6% gain in the employment cost index. Still, there’s little evidence of a broad upswing in the cost of labor. Over the past 12 months, employment costs have risen an unadjusted 2.4%, the
READ MOREGDP rebounded from soft patch at the start of the year. Consumer spending, the main engine of the economy, led the way with a 2.8% increase, according to Commerce Department data. Business investment in equipment rose 8.2%, while outlays on structures advanced 4.9%. In a bit of a surprise, the value of inventories fell slightly
READ MOREThe number of Americans who applied for unemployment benefits rose in late July but remained near the lowest level in decades, mirroring a red-hot labor market that shows little sign of cooling. The average of new claims over the past month, which gives a more stable picture of layoff trends, was unchanged at 244,000.
READ MOREThe Federal Reserve took a step toward reducing its $4.5 trillion balance sheet, as the Federal Open Market Committee statement said its previously announced drawdown program would begin “relatively soon” instead of simply “this year.” In a unanimous decision, the Fed as expected held its targeted federal funds rate range between 1% and 1.25%. The
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