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
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 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.
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
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
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
By Maeve Sheehey Half of panelists expect return to 4Q 2019 GDP level in 2022 Majority say Congress should extend aid to unemployed (Bloomberg) -- The U.S. economy will emerge from the recession in the second half of this year or at some point in 2021, and a majority of economists said Congress needs to extend
The S&P 500 and Nasdaq closed at record highs on Friday, with both lifted by Apple after data pointed to some pockets of strength in the U.S. economy.
By Maeve Sheehey Pace strongest since 2006; all regions post double-digit gains Median price jumps as inventories decline from year earlier (Bloomberg) -- U.S. sales of previously owned homes surged by the most on record in July as lower mortgage rates continued to power a residential real estate market that’s proving a key source of strength
By Ksenia Galouchko 79% in survey expect stronger economy, most since 2009 BofA strategists say positioning isn’t ‘dangerously bullish’ (Bloomberg) -- It took unprecedented stimulus and a rally that’s pushed equities near record highs, but fund managers overseeing $489 billion finally believe that this stock market recovery has legs. Among investors surveyed by Bank of America