June private payrolls rose 2.37 million and there was a big positive revision for May, ADP says
Companies in June continued to bring workers back from their pandemic furlough as the national economy slowly came back to life. Private payrolls grew by 2.369 million for the month, a bit lower than the 2.5 million expectation from economists surveyed by Dow Jones, according to a report Wednesday from ADP and Moody’s Analytics.
U.S. consumer confidence for June jumps more than expected
Consumer confidence rose more than expected in June as the U.S. loosened stay-at-home and quarantine restrictions, raising hope for an economic recovery, according to data released Tuesday. The Conference Board’s consumer confidence index rose to 98.1 for the month. Economists polled by Dow Jones expected consumer confidence to rise to 91 from a May reading of […]
Pending home sales spike a record 44.3% in May, as homebuyers rush back into the market
Pending home sales spiked a stunning 44.3% in May compared with April, according to the National Association of Realtors. That is the largest one-month jump in the history of the survey, which dates back to 2001. It beat expectations of a 15% gain. Sales were still 5.1% lower compared with May 2019, however.
Coronavirus may have infected 10 times more Americans than reported, CDC says
Government experts believe more than 20 million Americans could have contracted the coronavirus, 10 times more than official counts, indicating many people without symptoms have or have had the disease, senior administration officials said.
Chinese Covid-19 Vaccines Cleared for Final Testing in U.A.E.
By Bloomberg News China National Biotec Group gets U.A.E. approval for testing World’s fast-moving shots approach final stage of trials (Bloomberg) — A Chinese state-owned vaccine developer secured regulatory approval to test its coronavirus shots in the United Arab Emirates, making it one of the first among a slew of global efforts to get the […]
Another Sharp Revival for a Fed Manufacturing Index
By Andrew Cinko (Bloomberg) — It won’t move markets, but the Kansas City Fed manufacturing U-turn will add to the positive part of the economic backdrop. Among the sub-indexes that drove the improvement is new orders, which is back to where it was in February before the shutdowns hit. With this sharp turn, that makes it four regional […]
Amazon $3.1 Trillion Markets’ Target May Be Accelerated by Virus
(Bloomberg Intelligence) — Alexa, ads and cloud will likely play an increasingly key role in Amazon’s growth, in our view, as Covid-19 accelerates the e-commerce giant’s taking leading share in target end-markets we estimate now total $3.1 trillion across segments. Amazon’s long-term bets have typically paid out over a period of 8-10 years in terms […]
New U.S. Home Sales Surge in May With Buyers Returning to Market
By Prashant Gopal (Bloomberg) — New home sales in the U.S. rose more than expected in May, with record-low mortgage rates pulling buyers back into a housing market that froze up during the pandemic. Purchases of single-family houses climbed 16.6% to a 676,000 annualized pace, government data showed Tuesday. The median forecast based on a Bloomberg […]
U.S. business sector contraction eases in June
U.S. business activity contracted for a fifth straight month in June, but the pace of decline eased, supporting views that the recession caused by the COVID-19 crisis was drawing to an end. Data firm IHS Markit said on Tuesday its flash U.S. Composite Output Index, which tracks the manufacturing and services sectors, rose to a […]
Schwarzman Sees ‘Big V’ Economic Rebound in Next Few Months
By Heather Perlberg and Hema Parmar Getting back to 2019 level will take ‘quite a while,’ he says China’s rapid growth to continue, according to Blackstone CEO (Bloomberg) — Steve Schwarzman, chief executive officer of Blackstone Group Inc., said the economy is likely to benefit from a V-type recovery in the next few months. The co-founder of the world’s […]