During the week of 31 July, the U.S. national average mortgage interest rate on a 30-year, fixed-rate loan rose to 6.66 percent from 6.58 percent the week before, the Federal Home Loan Mortgage Corp. reported.
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U.S. GOVERNMENT BORROWING COST IS HIGHEST SINCE 2007
On 30 July, the interest rate the U.S. government paid on its 30-year bond edged up 0.14 of a percentage point to about 5.25 percent, its highest in 19 years.
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A KEY MEASURE OF CONSUMER CONFIDENCE DECLINED IN JULY
American consumers were less confident about current economic conditions in July than they were in June, according to the latest monthly survey from The Conference Board.
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U.S. OIL AND GASOLINE RESERVES ARE “PRECARIOUSLY LOW”
Commercial crude oil reserves dropped by 7.2 million barrels during the week ending 24 July and last month the U.S. Strategic Petroleum Reserve (SPR) went down another 3.8 million barrels as U.S. refineries continued running at between 97 and 100 percent of capacity.
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U.S. ECONOMIC GROWTH SLOWS TO 1.5 PERCENT IN SECOND QUARTER
The U.S. GDP expanded by 1.5 percent across April, May, and June, falling far short of the first quarter’s 2.1-percent growth and missing analysts’ expectations in a Bloomberg survey of a 2-percent bump.
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GOING OUT OF BUSINESS TRENDS
The economic slowdown continues to leave its mark on Main Street and corporate America alike.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
The layoff machine keeps rolling from banking and technology to healthcare, media, automotive manufacturing, education, and local government as companies slash costs, automate operations, and brace for an increasingly uncertain future.
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SPOTLIGHT: BIGS GETTING BIGGER
U.S. private equity giant Blackstone is buying HSBC bank’s Australian portfolio of home and personal loans.
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HERMÈS SHARE PRICE DROPS DESPITE POSITIVE SECOND QUARTER
The share price of luxury firm Hermès plopped down 10 percent on 28 July even though the company reported a modest rebound in sales during this year’s second quarter.
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SHELL OIL REPORTS SECOND-BEST QUARTER EVER
British energy giant Shell Oil posted $9.8 billion in adjusted earnings in the second quarter, beating analysts’ forecast of $8.9 billion and more than doubling the $4.3 billion from a year earlier.