Banks and the Economy

Manufacturing Index Grew to Six-Year High in August

The ISM Manufacturing Index registered 58.8 points in August, up 2.5 percentage points from the previous month, according to the Institute for Supply Management. August’s reading indicates a twelfth consecutive month of expansion in manufacturing, as readings over 50 points denote expansion. It was the highest reading since April 2011. Of the eighteen manufacturing industries, fourteen reported growth, while three ...

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Consumer Sentiment Rose in August

Consumer Sentiment rose 3.4 points in August to 96.8, according to the University of Michigan Consumer Sentiment Index. Last month’s figure is 7.8% higher than the August 2016 index. The Current Economic Conditions Index fell 2.5 points to 110.9 but remained 3.9 points higher than the August 2016 estimate. The Consumer Expectations Index increased 7.2 points to 80.5 after falling ...

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Construction Spending Fell to Nine-Month Low in July

Construction spending slowed in July for the third time in four months, landing at a seasonally adjusted annual level (SAAL) of $1,211.5 billion, according to the Census Bureau. June’s spending estimate was revised down to a rate of $1,219.3 billion. July’s figure is 1.8% greater than the July 2016 estimate of $1,189.8 billion. Total private construction was $945.5 billion SAAL, ...

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156,000 Jobs Added in August

Total nonfarm payroll employment rose by 156,000 in August, a decrease from July’s downwardly revised figure of 189,000, according to the Bureau of Labor Statistics. The national unemployment rate ticked up to 4.4%, staying within a 10 basis point range in the last five months. Private service-providing industries added a net 95,000 jobs, led by gains in professional and business ...

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Second Quarter GDP Upwardly Revised from 2.6% to 3.0%

Real GDP for the second quarter of 2017 grew at a seasonally adjusted annual rate of 3.0%, according to the Bureau of Economic Analysis’s revised estimate, up from the advance estimate of 2.6%. The general picture of economic growth remained the same. Last quarter’s growth was the strongest since the first quarter of 2015. The increase in the estimate was ...

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ADP: 237,000 Jobs Added in August

The non-farm private sector added 237,000 jobs in August, according to the ADP National Employment Report. July’s figure was revised up from 178,000 to 201,000. The trade, transportation and utilities job sector accounted for 23.6% of August’s growth. Businesses of all sizes saw steady increases. Small businesses with fewer than 50 employees rebounded from added 48,000 jobs, while medium-sized businesses ...

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CFPB Announces 2018 Reg Z Dollar Thresholds

The Consumer Financial Protection Bureau today announced 2018 changes in dollar thresholds for several Regulation Z provisions governed by the CARD Act, the Home Ownership and Equity Protection Act and the Dodd-Frank Act. The thresholds are based on changes in the Consumer Price Index.

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