Apple’s Rising Class of Leaders Will Shape a Post-Tim Cook Era
By Mark Gurman (Bloomberg) — Apple Inc. Chief Executive Officer Tim Cook and his top deputies are focusing greater attention on developing a new generation of leaders to eventually run some of the iPhone maker’s most important divisions such as hardware development, services and marketing. As Cook begins his 10th year at the helm, his management group is […]
Job openings top expectations even as rate of hiring slows
Job openings rose 10% in July to a pandemic high even though the rate of hiring saw a sharp slump, according to a Labor Department report Wednesday. The total for available positions hit 6.6 million for the month, above the 6 million expected from economists surveyed by FactSet. The estimate effectively would have been no […]
China says August exports beat expectations, jumping 9.5% from a year ago
China’s dollar-denominated exports beat expectations to rise 9.5% for the month of August from a year ago, data from the country’s General Administration of Customs showed on Monday.
Bank of America says sell-off has more to go, but S&P 500 will eventually rebound to 3,630 preelection
The fast and furious tech equity rout could have further to go in the coming weeks before the market eventually rebounds ahead of the U.S. presidential election, according to Bank of America’s chief investment strategist Michael Hartnett.
Service Industries in U.S. Expand at a More Moderate Pace
By Olivia Rockeman ISM gauge retreats from a more than one-year high in July Business activity also cools; employment decline slows (Bloomberg) — U.S. service industries expanded at a slower rate in August as orders growth downshifted, indicating a more moderate pace of economic recovery from the pandemic. The Institute for Supply Management data showed Thursday […]
Manufacturing in U.S. Expands at Fastest Pace Since Late 2018
By Katia Dmitrieva ISM new orders gauge jumps to more than 16-year high Production grows by most since 2018, inventories shrink (Bloomberg) — U.S. manufacturing expanded in August at the fastest pace since late 2018, powered by growth in new orders that are a bright spot in an otherwise struggling economy. A gauge of factory activity increased to […]
U.S. consumer spending rises strongly; outlook uncertain as fiscal stimulus fades
U.S. consumer spending increased more than expected in July, boosting expectations for a sharp rebound in economic growth in the third quarter, though momentum is likely to ebb as the COVID-19 pandemic lingers and money from the government runs out.
U.S. Consumer Sentiment Edged Up in Late August on Economy Views
By Olivia Rockeman Economic prospects remain half as favorable as pre-crisis Consumer spending may be at risk without further fiscal aid (Bloomberg) — U.S. consumer sentiment increased slightly in late August on an improving economic outlook, while remaining well below pre-pandemic levels. The University of Michigan’s final sentiment index for August was 74.1, compared with a preliminary reading […]
U.S. Pending Home Sales Top Forecasts, at Highest Since 2005
By Olivia Rockeman Realtors group raises forecast for home sales this year Scarce inventory is limiting gains, NAR economist says (Bloomberg) — U.S. pending home sales rose in July by more than forecast to the highest level since 2005, signaling the housing market’s sharp recovery will continue with borrowing costs to stay low for the foreseeable […]
Framework review complete, Fed’s Powell starts hard sell for higher inflation
After a nearly two-year review, U.S. Federal Reserve officials feel they’ve hit on a better way to meet their key goals of steady inflation and maximum employment. On Thursday, Fed Chair Jerome Powell begins what may be the tougher task: convincing the public that the central bank can and will deliver in the wake of […]