Banks and the Economy

Fed Holds Rates Steady

The Federal Reserve Open Market Committee (FOMC) unanimously voted to hold the target range for the federal funds rate steady at 0.75 to 1 percent at their May meeting. The Committee had raised rates by 25 basis points at their previous meeting in March with the expectation of two more rate increases this year. The FOMC recognized that growth in ...

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ADP: 177,000 Jobs Added in April

The non-farm private sector added 177,000 jobs in April, according to the ADP National Employment Report. March’s figure was revised down to 255,000. Service-providing jobs accounted for most of the month’s growth. Growth was widespread in April with businesses of all sizes seeing strong increases, with strong gains for small and medium-sized businesses. Small businesses with fewer than 50 employees ...

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ISM: Non-Manufacturing Sector Grew in April

The ISM Non-Manufacturing Index registered 57.5 points in April, 2.3 percentage points above March’s figure. This was the 88th consecutive month of growth. Sixteen non-manufacturing industries reported growth in April, while only one reported contraction. Growth in the Business Activity Index increased 3.5 points to 62.4. Seventeen industries reported increased business activity and one reported decreased activity. Respondents noted that ...

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ABA Commends Congressional Effort to Reform Dodd-Frank

As the House Financial Services Committee prepares to begin the markup of the Financial Choice Act tomorrow, ABA President and CEO Rob Nichols wrote to committee leadership commending them for their efforts to address the negative consequences of the Dodd-Frank Act.

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Construction Spending Decreased in March

Construction spending decreased 0.2% in March to a seasonally adjusted annual level (SAAL) of $1,218.3 billion, according to the Census Bureau. February’s spending estimate was revised to a rate of $1,220.7 billion. March’s figure is 3.6% greater than the March 2016 estimate of $1,176.4 billion. Total private construction was $940.2 billion SAAL, nearly the same as the revised February estimate ...

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Manufacturing Sector Expanded in April

The ISM Manufacturing Index registered 54.8 points in April, down 2.4 percentage points from the previous month, according to the Institute for Supply Management. April’s reading indicates an eighth consecutive month of expansion in manufacturing, as readings over 50 points denote expansion. Of the eighteen manufacturing industries, sixteen reported growth while one reported contraction. The Employment Index decreased 6.9 points ...

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State Associations Commend Effort to Reform Dodd-Frank

Following this week’s introduction of the Financial Choice Act, 52 state bankers associations wrote to House Financial Services Committee Chairman Jeb Hensarling to commend him for taking the first step toward addressing the negative impacts of the Dodd-Frank Act.

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