In August, 2.0 percent fewer existing U.S. home sales were closed than in July, falling by 1.2 percent year on year to mark the slowest pace of sales since June 2025, the National Association of Realtors (NAR) reported.
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ONCE AGAIN, INFLATION IS RISING FASTER THAN U.S. WAGES
In August, U.S. consumer prices rose at an annual pace of 3.4 percent, while workers’ average hourly earnings increased by 3.1 percent, according to the Bureau of Labor Statistics.
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MARKET OVERVIEW
The Dow Jones Industrial Average popped up by 500 points Friday, reversing three consecutive down days, but the late surge was not enough to pull the index out of negative territory for the shortened trading week.
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PENTAGON WATCHDOG CONTRADICTS TRUMP’S CLAIM THAT U.S. HAS ‘VIRTUALLY UNLIMITED’ SUPPLY OF KEY WEAPONS
The Pentagon’s Inspector General’s Office released a 44-page report on President Donald Trump’s war against Iran called “Operation Epic Fury,” and identified key weapons shortages and extensive damage to U.S. assets in the Middle East, which run counter to the White House’s claim that the war has essentially been won and the U.S. has no shortage of weapons.
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SPOTLIGHT: BIGS GETTING BIGGER
Nvidia, the world’s market leader in AI chip design, is paying $13 billion to own Hugging Face, a web service that houses about three million AI models, a half-million data sets, and millions of individual AI applications.
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SPOTLIGHT: THE BOND ROUT CONTINUES
On 9 September, U.S. treasury secretary Scott Bessent announced the agency would buy back $6 billion worth of long-dated government securities in a further attempt to bring down interest rates on long-term debt.
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SPOTLIGHT: CHINA’S LOPSIDED ECONOMY
Last month, China’s exports rose by 25 percent in dollar terms, year on year, as the global expansion of AI data centers continued its surging demand for chips and other related electronics and hardware.
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SPOTLIGHT: EUROPE’S FRAGILE ECONOMY
On 10 September, the European Central Bank (ECB) added a quarter point to its key lending rate, raising it to 2.50 percent to head off inflation being fueled by steadily high energy prices resulting from the Iran War.
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GOING OUT OF BUSINESS TRENDS
This week's Going Out of Business Report reveals a growing wave of bankruptcies, business closures, bank branch shutdowns, plant closings, retail retreat, and workforce reductions stretching from Main Street to multinational corporations.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
The layoff train keeps rolling, and the numbers tell a story that the government and Wall Street would rather ignore.