US Retail Sales Top Forecast, Keeping Big Fed Rate Hike in Focus
Friday, July 15, 2022 05:41 AM Source: Bloomberg, By Olivia Rockeman US retail sales climbed in June by more than forecast in a broad advance, suggesting resilient consumer spending despite decades-high inflation and raising the prospects of an even larger Federal Reserve interest-rate hike this month. The value of overall retail purchases increased 1%, after an upwardly revised […]
US Long-Term Inflation Expectations Drop to One-Year Low
Friday, July 15, 2022 07:00 AM Source: Bloomberg, By Jordan Yadoo US consumer long-term inflation expectations declined in early July by more than forecast at the same time lower gasoline prices helped boost sentiment. Consumers expect prices will rise at an annual rate of 2.8% over the next five to 10 years, down from June’s 3.1% and […]
US Economy Careens Between Glee and Gloom With Each Data Release
Thursday, July 14, 2022 02:00 AM Source: Bloomberg, By Rich Miller The economy is putting out very mixed vibes. One day there’s an indicator that points toward US recession. The next day, talk of the expansion’s demise is dismissed as exaggerated after another stellar jobs report. “It’s really odd to think of an economy where you […]
Amazon says more than 300 million items sold during ‘biggest’ Prime Day event
PUBLISHED THU, JUL 14 20229:49 AM Source: CNBC, Annie Palmer Amazon announced that this year’s Prime Day event, which ended Wednesday, was its “biggest” ever. The company said more than 300 million items were purchased worldwide during the two-day discount bonanza, but it did not disclose total sales. Soaring inflation didn’t appear to deter consumers […]
TSMC Sales Soar 44% in Another Sign of Resilient Tech Demand
Thursday, July 7, 2022 11:48 PM Source: Bloomberg: Debby Wu Taiwan Semiconductor Manufacturing Co. reported better-than-expected quarterly revenue, providing another signal that electronics demand is holding up better than feared. The world’s largest contract chipmaker booked NT$534.1 billion ($17.9 billion) of revenue for the second quarter, according to Bloomberg’s calculations, compared with the average analysts’ estimate of NT$519 […]
Ned Davis Gets Bullish as Inflation Outlook Cools: Taking Stock
Tuesday, July 5, 2022 05:52 AM Source: Bloomberg, Elena Popina Days after this year’s selloff began, Ned Davis Research scrapped its bullish outlook on US equities. After the worst start to a year in half a century, the firm is bringing it back. A recent pullback in commodity prices could bring inflation down and tame the Federal […]
B of A’s Moynihan Says Consumers Are Holding Up as Rates Rise
Wednesday, April 20, 2022 10:36 AM Source: Bloomberg, Katherine Doherty The U.S. consumer is holding up well as inflation rises and interest rates climb, Bank of America Corp. Chief Executive Officer Brian Moynihan said. “There is a lot of dry powder on the consumer side,” Moynihan said in a Bloomberg TV interview with David Westin Wednesday. Account balances are rising and […]
BofA Says Consumer Spending Remains Resilient Despite Inflation
Thursday, July 7, 2022 06:44 AM Source: Bloomberg, Katherine Doherty Bank of America Corp. said customer spending continues to show signs of resilience despite surging inflation, with pent-up demand for travel and leisure countering rising gas prices and other increased costs.Spending on credit and debit cards was up 11% from a year earlier in June, compared […]
Data Offer Relatively Little Support for Recession Fears
Source: Bloomberg economics Cameron Crise, today 7:11:09 AM Recession fears can be put to one side, for today at least, as both the JOLTS and services ISM came out better than expected. The JOLTS figure showed 11.25 million job openings, down from an upwardly-revised 11.68 million. The figures do look like they are off the […]
If the U.S. is in a Recession, It’s a Very Strange One – Economic output is down but the job market is strong, unlike in previous recessions The first half of 2022 looks like a ‘jobful’ downturn, in which output fell and companies kept hiring.
Source: Jon Hilsenrath WSJ July 4, 2022 11:21 am ET The U.S. economy has experienced 12 recessions since World War II, and each one included two features: Economic output contracted and unemployment rose. Today, something highly unusual is happening. Economic output fell in the first quarter and signs suggest it did so again in the […]