Banks and the Economy

Manufactured Goods Orders Grew in July

New orders for manufactured goods increased for the second consecutive month, rising 0.4 percent to $482.0 billion, following a 2.2 percent increase in July. New orders for manufactured durable goods grew 2.2 percent to $241.7 billion. New orders for transportation equipment led the increase, growing 5.5 percent to $84.0 billion, as orders for ships and boats, as well as motor ...

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ADP: 190,000 New Private Sector Jobs in August

According to the ADP National Employment Report, the non-farm private sector added 190,000 jobs in August, up from 177,000 in July. Both the goods- and service-providing sectors saw stronger job growth last month. Mark Zandi, chief economist of Moody’s Analytics, said, “Recent global financial market turmoil has not slowed the U.S. job market, at least not yet. Job growth remains ...

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Manufacturing Growth Slowed in August

The ISM Manufacturing Index fell to 51.1 points in August – down 1.6 from July’s reading. The manufacturing sector is still growing, as readings above 50 indicate expansion. Of the 18 component industries, 10 reported growth in August, down from 11 in July. Respondents noted modest-to-strong growth due to lower prices for raw materials, but also expressed concern over weakening ...

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Private Construction Spending Grew but Public Spending fell in July

Construction spending grew 0.7 percent in July to $1,083.4 billion (SAAR). June spending was revised up from $1,064.6 to $1,075.9 billion, meaning 0.7 percent growth in June as well. Construction spending during the first 7 months of 2015 amounted to $583.2 billion, 9.3 percent higher than in the first 7 months of 2014. Total private construction spending rose to $787.8 ...

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Consumer Sentiment Fell in August

Consumer confidence fell to 91.9 in August, down 1.2 points from the previous month according to the University of Michigan Consumer Sentiment Index. The index is currently 11.4 percent higher than in August of 2014, but recent volatility in the stock market may affect sentiment in the near future. “The Black Mondays of October 17, 1987 and August 24, 2015 ...

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Personal Income and Consumption Rose in July

Personal income increased $67.1 billion, or 0.4 percent, in July, according to the Bureau of Economic Analysis, the same pace as in June. Personal consumption expenditures (PCE) increased $37.4 billion, or 0.3 percent, also the same as in June. Disposable personal income – personal income less taxes – increased 0.4 percent, after gaining 0.2 percent in June. The personal savings ...

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GDP Revised Up to 3.7% for Second Quarter

Real GDP for the second quarter grew at an annual rate of 3.7 percent, according to the Bureau of Economic Analysis’s second estimate. This is an upward revision from the initial second quarter estimate of 2.3 percent, and well above the first quarter’s rate of 0.6 percent. The acceleration in growth reflected acceleration in personal consumption expenditures (PCE), as well ...

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Durable Goods Orders Reached 2% Growth in July

New orders for manufactured durable goods increased 2.0 percent to $241.1 billion in July, according to the U.S. Census Bureau. The July increase followed a 4.1 percent increase in June. The majority of the increase can be attributed to a 4.7 percent gain in new orders for transportation equipment. Excluding transportation, new orders increased 0.6 percent. New orders excluding defense ...

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Conference Board: Consumer Confidence Rises after Soft July

Consumer confidence rebounded in August after July’s decline, rising 10.5 points on the month to 101.5, according to The Conference Board’s Consumer Confidence Index. The Present Situation Index – a measure of respondents’ appraisal of current business and employment conditions, grew 11.1 points to 115.1 in August, while the Expectations Index – a measure of business, employment and total family ...

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New Home Sales Rose 5.4% in July

Sales of new single-family homes rose in July to a seasonally adjusted annual rate of 507,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The July rate is 5.4 percent above the revised June rate of 481,000 and 25.8 percent above the year-ago rate of 403,000. New home sales grew month-over-month in three of the ...

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