Banks and the Economy

Durable Goods Orders Unchanged in August

New orders for manufactured durable goods were virtually unchanged in August, following a 3.6% increase in July, according to the U.S. Census Bureau. New orders excluding defense decreased 1.0% on the month, as orders of nondefense capital goods fell 4.4% to $65.0 billion. Shipments of manufactured durable goods fell 0.4% to $231.7 billion, after being virtually unchanged in in July. ...

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New Home Sales and Prices Down in August

New single-family home sales declined to a seasonally adjusted annual rate of 609,000 in August, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

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Low Inventories and High Prices Suppressed Existing Home Sales in August

Existing-home sales fell 0.9% to a seasonally adjusted annual rate of 5.33 million in August, according to the National Association of Realtors (NAR). High prices and low inventories appear to have suppressed sales. “It is very concerning to see that inventory conditions not only show no signs of improving but have actually worsened in recent months from their already suppressed ...

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No Fed Hike in September

The Federal Open Market Committee (FOMC) maintained the current target for the federal funds rate at 25-50 basis points in September.

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Housing Starts Down in August Following Three Monthly Gains

Housing starts fell to a seasonally adjusted annual rate of 1.142 million in August, 5.8% below the revised July rate of 1.212 million, but 0.9% above the August 2015 rate. Housing activity increased in most regions, rising 7.6% in the Northeast, 5.6% in the Midwest, and 1.8% in the West. These increases were more than offset by a 14.8% decline ...

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