For the third consecutive month, U.S. factory activity contracted as manufacturers’ cost of materials fell their most in more than a year.
Tag: U.S. economy
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HIGH INTEREST RATES CONTINUE TO HOBBLE THE U.S. ECONOMY
Home sales and capital goods orders both declined in May due to lingering inflation and high interest rates, Bloomberg reported. Capital goods shipments dropped by 0.5 percent, the sharpest dip in three months.
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AMERICANS HAVE SPENT THEIR COVID-ERA SAVINGS. CAN THEY KEEP SPENDING?
Consumer spending makes up almost 70 percent of the American GDP. With their COVID-era savings spent, can American households continue to support the U.S. economy?
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INFLATION RATE FLAT-LINES IN MAY, FANNING HOPES OF FED RATE CUT
U.S. inflation’s pace was unchanged in May at an annual rate of 2.6 percent, the Commerce Department reported. Service prices rose 0.2 percent but were offset by a 0.4-percent decrease in goods prices, the largest since last November.
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NO ONE IS LISTENING TO WALL STREET’S FEW REMAINING BEARS
A few stock market strategists continue to warn that stocks are overpriced as the economy slows and the frenzy over artificial intelligence has left markets vulnerable to a sudden plunge.
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ECONOMIC UPDATE – MARKET OVERVIEW
“Economic Cracks Are Getting Exposed in the 2024 Market Bounty,” was a headline story in Bloomberg last Friday.
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SPOTLIGHT: BIGS GETTING BIGGER
Saudi Arabia’s Public Investment Fund has partnered with private equity firm Ardian to buy 37.6 percent of London’s Heathrow airport, one of the world’s busiest transit hubs.
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SPOTLIGHT ON THE U.S. HOUSING MARKET: SALES FALL, PRICES RISE
The median selling price of U.S. homes in May was $419,300, the National Association of Realtors (NAR) reported, the highest on record and 5.8 percent above the price a year earlier.
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FACTORY OUTPUT INCREASED IN MAY
Although retail sales slipped 0.1 percent last month, industrial production increased 0.9 percent, more than twice economists’ 0.4-percent forecast and reversing a decline in March and flat output in April.
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RETAIL SALES FALL FLAT IN MAY
U.S. retail sales increased by a scant 0.1 percent in May as retailers had to offer more discounts to entice cash-strapped consumers to buy, the commerce department reported.