US Productivity Jumps by Most Since 2020, Blunting Labor Costs
Reade Pickert Bloomberg August 3, 2023 US labor productivity logged its biggest increase in the second quarter in nearly three years, helping to offset rising labor costs. Productivity, or nonfarm business employee output per hour, rose at a 3.7% annual rate in the second quarter after registering a decline in the first three months of […]
S&P 500 Profits Get a Lift From the Crack in King Dollar’s Reign
Jessica Menton Bloomberg July 29, 2023 Traders bet greenback will fall more, helping overseas sales End of Fed rate hikes adds to pressure weighing on US currency With the Federal Reserve nearing the end of its most disruptive monetary-tightening campaign in a generation, a softening US dollar is poised to boost profit growth for nearly half of […]
US GDP Growth Accelerates to 2.4% as Consumers Show Resilience
Reade Pickert Bloomberg July 27, 2023 Household spending tops estimates, business investment robust Latest data likely add to hopes that US can skirt a recession US economic growth unexpectedly picked up steam in the second quarter, boosted by stronger-than-forecast consumer spending and robust business investment. Gross domestic product rose at a 2.4% annualized rate after a […]
IMF Lifts World Growth Outlook on US Stability, But Risks Linger
Eric Martin Bloomberg July 25, 2023 GDP this year seen expanding 3%, from 2.8% forecast in April High rates, persistent inflation, sluggish China among dangers The International Monetary Fund raised its outlook for the world economy this year, estimating that risks have eased in recent months after the US averted a default and authorities staved off a banking […]
US Consumer Confidence Rises to a Two-Year High on Job Market
Reade Pickert Bloomberg July 25, 2023 US consumer confidence advanced in July to a two-year high, bolstered by a strong job market and easing inflation. The Conference Board’s index rose to 117 this month from 110.1 in June, data out Tuesday showed. That exceeded the median estimate of 112 in a Bloomberg survey of economists. The group’s […]
US Consumer Sentiment Jumps to Near Two-Year High on Job Market
Reade Pickert Bloomberg July 14, 2023 University of Michigan index climbed to 72.6 in early July Short-term inflation expectations edged up to 3.4% from 3.3% US consumer sentiment soared in early July to an almost two-year high, bolstered by easing inflation and a strong labor market. The University of Michigan preliminary index rose by 8.2 points to […]
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 […]