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Housing starts were at a 1.22 million seasonally adjusted annual rate, the Commerce Department said Wednesday, 8.3% higher than in May and 2.1% higher for the year. The MarketWatch consensus of economists was for a 1.16 million annual pace.
READ MOREFalling import prices show that barely any inflation is coming into the U.S. from abroad. The price of imported goods fell in June for the third time in four months, the latest signal that inflation in the U.S. has waned after a rapid buildup last year. The import price index dropped 0.2% last month, largely
READ MOREThe New York Fed’s Empire State manufacturing index fell to a seasonally adjusted reading of 9.8 from 19.8 in June. Economists polled by Econoday expected a reading of 15, on a scale where any figure above zero indicates improving conditions. Readings in July for new orders, shipments, inventories, delivery times and number of employees all
READ MOREThe cost of rent is on the rise again, pressuring Americans’ pocketbooks and crimping growth throughout the economy. Rent rose 3.9% compared to a year ago in June, the Labor Department said Friday. While that’s only a slight uptick from 3.8% annual gains in the past couple of months, the average annual increase in each
READ MOREThe University of Michigan’s sentiment index slipped to 93.1 in July from 95.1 in June. The index has fallen from a 13-year high of 98.5 in January, when President Trump took office. Consumers were optimistic at the start of the Trump presidency, especially Republicans, but the early hopes about even faster U.S. growth appear to
READ MOREIndustrial production rose 0.4% in June, a touch ahead of expectations, as mining output surged 1.6%, the Federal Reserve reported. Utilities output as flat and manufacturing output edged up 0.2%.
READ MOREThe flurry of economic reports released Friday were not, on balance, that strong. But they may not be weak enough to derail the Federal Reserve’s plans for hiking interest rates and reducing its balance sheet later this year.
READ MOREThe Federal Reserve’s preferred inflation gauge accelerated more than expected in June, according to new data released on Friday, a worrisome sign as central bankers try to combat higher prices with the steepest interest rate hikes in decades. The personal consumption expenditures index showed that core prices, which strips out the more volatile measurements of
READ MOREOn Friday, the New York Fed said its “nowcast” has been reduced to 1.9% for the second quarter, down a tick from its last report, and from as high as 2.6% in April. A similar assessment from the Atlanta Fed called GDPNow fell to 2.4% from 2.6%, and is down from 4.3% in May.
READ MOREThe U.S. economy shrank in the spring for the second consecutive quarter, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates forced consumers and businesses to pull back on spending. Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an
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