Industrial production increased 0.8% in May. Total industrial production in May was 16.3% higher than its year-earlier level but remains 1.4% below pre-pandemic levels.
Manufacturing output increased 0.9% in May. Durable manufacturing increased 1.0%, while nondurable manufacturing increased 0.8%. The output of utilities rose 0.2% from April. Mining production increased 1.2% in May.
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The University of Michigan Consumer Sentiment Index decreased 5.7% in August compared to the month prior, landing at 58.2, according to final results for the month.
Personal income increased 0.4%, or $112.3 billion, in July, the Commerce Department said. The personal savings rate was 4.4%.
The rate for a 30-year fixed-rate mortgage was 6.56% this week. The rate for a 15-year fixed-rate mortgage was 5.69%.
Pending home sales fell 0.4% in July from the prior month, the National Association of Realtors said. Year over year, pending transactions were up 0.7%.
Real gross domestic product increased at an annual rate of 3.3% in the second quarter of 2025, according to the Commerce Department’s second estimate.
Federal Reserve Governor Lisa Cook filed a lawsuit against President Trump for his attempt to remove her from the Fed board, saying the president’s actions are “unprecedented and illegal.”
