Growth in the Institute for Supply Management’s non-manufacturing index fell in August to 59 percent — down 1.3 percent from July’s reading but measuring its second-highest level since 2005, the ISM said today. Readings above 50 percent indicate expansion.
The rate for a 30-year fixed-rate mortgage averaged 3.89 percent this week, up from last week’s 3.84 percent, Freddie Mac said today.
The Non-Manufacturing ISM Report on Business Index fell to 59.0 in August, down 1.3 points from July’s record high reading of 60.3, but still positive, as readings above 50 indicate growth in the sector. Fifteen non-manufacturing industries reported growth in August, while one – the mining industry – reported contraction. The Business Activity Index registered
The U.S International trade deficit narrowed in July to $41.9 billion, down $3.3 billion from June. The decline in the deficit reflected an increase in exports, and a decrease in imports. July exports were $188.5 billion, up $0.8 billion from June. Imports were $230.4 billion, $2.5 billion less than in June. The goods deficit fell
Employers announced plans to cut 41,186 jobs from their payrolls in August, according to a report issued by Challenger, Gray & Christmas. August’s announced cuts were more modest than the 105,696 announced in July. Last month’s announced cuts, due to planned reductions in military staffing, marked the highest monthly total since 2011. August’s job cuts
FDIC-insured banks and savings institutions earned $43 billion in the second quarter, up 7.3 percent from the industry’s earnings a year before, the FDIC said today. A $3.6 billion rise in net operating revenue — including a 2.3 percent increase in net interest income and a 1.9 percent increase in noninterest income — drove the
Economic activity expanded across most of the twelve Federal Reserve Districts from July to mid-August. Six districts cited moderate growth, while four others cited modest increases. The Cleveland District reported only slight growth since the July release. Manufacturing reports were positive, with ten of the twelve districts reporting stable or positive growth, while only New
New orders for manufactured goods rose 0.4 percent in July to $482 billion, the Commerce Department said today.
By James Chessen, ABA chief economist WASHINGTON — “Strong loan growth, diversified revenue streams and a continued improvement in asset quality were the hallmarks of a very strong second quarter for America’s banking industry. The tremendous across-the-board increase in lending was the single biggest driver of higher bank earnings. Steadily improving asset quality and consistently
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