First-quarter economic growth was actually 2%, up from 1.3% first reported in major GDP revision
Jeff Cox The Hill June 29, 2023 The U.S. economy grew at a 2% annualized pace in the first quarter, according to a final revision to the figure released Thursday. That was well above the previous estimate of 1.3% and the 1.4% Dow Jones consensus forecast. Upward revisions in consumer spending and inventories boosted the […]
Hiring at US Companies Tops All Forecasts, ADP Data Show
Augusta Saraiva Bloomberg June 1, 2023 Private payrolls increased by 278,000 in May, led by leisure Wage growth slowed, including for people changing jobs Employment growth at US companies last month exceeded all projections, highlighting a durable labor market that continues to buttress the economy. Private payrolls increased 278,000 following a revised 291,000 gain in April, […]
US consumer spending surges in April; inflation heats up
Reuters Lucia Mutikani May 26, 2023 WASHINGTON, (Reuters) – U.S. consumer spending increased more than expected in April, boosting the economy’s growth prospects for the second quarter, and inflation picked up, which could prompt the Federal Reserve to raise interest rates again next month. The growth picture was further brightened by other data from the […]
Chinese Stocks Wipe Out 2023 Gains as Headwinds Intensify
Bloomberg May 23, 2023 CSI 300 extends decline as developers’ debt woes resurface Geopolitics, yuan weakness, and uneven recovery are concerns China’s benchmark stock index erased all its gains for the year as a weaker yuan and developers’ debt woes added to persistent worries over growth and geopolitics. The CSI 300 Index closed down 1.4% Wednesday, with […]
US Bank Lending Rises for Fourth Week, Led by Small Institutions
Alex Tanzi Bloomberg May 5, 2023 US bank lending increased for a fourth straight week, suggesting credit conditions remain relatively stable despite elevated concerns about regional lenders. Commercial bank lending rose $41.6 billion in the week ended April 26 after increasing $12.4 billion the prior week, according to seasonally adjusted data from the Federal Reserve out Friday. […]
Strong US consumer spending seen driving economy in first quarter
Lucia Mitikani Bloomberg April 27, 2023 WASHINGTON (Reuters) – U.S. economic growth slowed more than expected in the first quarter as an acceleration in consumer spending was offset by businesses cutting back on inventory investment in anticipation of weaker demand this year amid higher borrowing costs. The Commerce Department’s advance first-quarter gross domestic product report […]
US Business Activity Unexpectedly Jumps, Risking More Inflation
Augusta Saraiva Bloomberg April 21, 2023 S&P Global composite measure rose to 11-month high in April Firms increased prices at fastest pace in seven months US business activity unexpectedly climbed this month to nearly a one-year high, bolstered by stronger services and manufacturing that threatens to reignite inflationary pressures. The S&P Global flash April composite purchasing managers […]
China’s Consumer-Driven Growth Gives Boost to Global Economy
Bloomberg News April 18, 2023 GDP expands 4.5% in first quarter, fastest pace in a year Citigroup, SocGen upgrade full-year growth forecasts China’s economy grew at the fastest pace in a year in the first quarter, putting Beijing on track to meet its growth goal for the year without adding major stimulus, while also helping […]
US Paychecks Are Outpacing Inflation, Giving Fed Fodder for Hike
Molly Smith Bloomberg April 18, 2023 Median earnings ran above consumer prices in first quarter Strong wage gains may tilt Fed toward another rate hike in May US workers are starting to see pay gains run faster than inflation, amplifying their purchasing power and giving the Federal Reserve reason to raise interest rates again next […]
US Producer Prices Unexpectedly Fall, Signaling Easing Pressures
Reade Pickert BloombergMarch 15, 2023 US producer prices unexpectedly declined in February, pointing to an easing of cost pressures in corners of an economy still battling the highest inflation in a generation. The producer price index for final demand fell 0.1% from the prior month and increased 4.6% from a year earlier, according to data out Wednesday […]