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The U.S. economy grew as expected in the second quarter, according to a reading Thursday that confirmed that gross domestic product rose at its quickest rate in nearly four years. GDP, the broadest measure of how the economy is progressing, increased 4.2 percent, the Bureau of Economic Analysis reported, the same as expected from economists
READ MOREFOMC Raises their Fed Fund Rate 1/4 point to 2.25% The Fed additionally removed language saying that they are “accomodative”. 12 out of 16 FOMC members see another rate hike in December.
READ MOREThe U.S. added 201,000 new jobs in August, a sign the economy was still expanding strongly toward the end of summer. The increase matched the 200,000 estimate. The unemployment rate was unchanged at 3.9%. The biggest news was higher worker pay. The average wage paid to American workers rose by 10 cents, or 0.4%, to
READ MOREOutput grew 5% instead of 4.8% as previously reported. The increase in hours worked was raised to 2% from 1.9%, the Bureau of Labor Statistics said Thursday. Unit-labor costs fell a revised 1%, a touch higher than the initially reported 0.9% decline. The most notable change was in manufacturing, whose productivity growth was revised up
READ MOREThe Federal Reserve has kept its benchmark interest rate target unchanged amid what it calls a “strong” period for economic growth and job creation. On Wednesday, the Fed kept its benchmark target range at 1.75%-2% in its latest policy statement, in-line with expectations from investors ahead of the announcement. “Information received since the Federal Open Market
READ MOREU.S. consumer spending increased solidly in June as households spent more on restaurants and accommodation, building a strong base for the economy heading into the third quarter, while inflation rose moderately. The Commerce Department said on Tuesday consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4 percent last month. Data
READ MOREThe U.S. created 213,000 new jobs in June, another hearty gain that shows companies are finding ways to fill open jobs despite a dwindling pool of skilled workers. The gain in hiring topped the 200,000 forecast of economists polled. In a surprise, the unemployment rate rose to 4% from 3.8%, the Labor Department said Friday.
READ MOREThe European Central Bank on Thursday laid out plans to taper its program of monthly bond purchases later this year, aiming to bring them to a halt by the end of 2018. At the same time, the ECB pledged to keep interest rates at present, ultra-low levels at least through next summer. “The ECB’s announcement
READ MORESales at retail stores surged in May, but the increase was a double-edged sword. Americans are spending more because of a strong economy, but rising inflation also means they have to pay more for gas and other staples. Retail sales nationwide jumped by 0.8% last month, twice as high as the forecast. Sales growth in
READ MOREThe Fed is teeing up another interest rate hike as the two-day meeting wraps up on Wednesday. The benchmark federal-funds rate would rise to a range between 1.75% and 2%. That would be at a level similar or above where it was from late 2001 to 2004. Investors will be paying attention to the Fed
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