Employers announced plans to shed 105,696 workers from their payrolls in July, according to a report issued by Challenger, Gray & Christmas. July’s announced cuts marked the highest monthly total since 2011. July’s job cuts were 125 percent higher than the planned layoffs announced in July 2014. In the first 7 months of 2015, employers
The Non-Manufacturing ISM Report on Business Index rose 4.3 points to 60.3 in July, the highest reading of the index since its inception in 2008 (index readings above 50 indicate expansion). Fifteen industries reported growth in July, while two – Professional, Scientific & Technical Services; and Mining – reported contraction. The Business Activity Index registered
The U.S. international trade deficit widened in June to $48.3 billion, up $2.9 billion from May. The increase reflected a $0.1 billion decrease in exports and a $2.8 billion increase in imports. The goods deficit grew $2.9 billion to $63.5 billion, while the services surplus remained essentially unchanged at $19.7 billion. Exports of goods decreased
According to the ADP National Employment report, the non-farm private sector added 185,000 jobs in July, down from 229,000 in June. Both the goods-producing and service-providing sectors saw slower job growth. Small businesses, with less than 50 employees, added 59,000 jobs, down from 118,000 in June. Medium-sized businesses, with 50 to 499 employees, added 62,000
New orders for manufactured goods increased 1.8 percent to $478.5 billion, following a 1.1 percent decrease in May. June’s increase followed two consecutive monthly decreases. New orders for transportation equipment, also following two monthly decreases, grew 9.3 percent to $78.5 billion, as orders for defense and non-defense aircraft and parts increased 31.4 and 65.4 percent.
Credit standards continued to ease in most commercial and consumer loan categories, according to the Federal Reserve’s latest survey of senior loan officers released today.
The ISM Manufacturing Index fell to 52.7 points in July – down 0.8 points from June’s reading. The manufacturing sector is still growing as readings above 50 indicate expansion. Of the 18 component industries, 11 reported growth in July, unchanged from the previous month. Respondents noted that business conditions have changed little from last month,
Construction spending increased 0.1 percent in June to a seasonally adjusted annual rate (SAAR) of $1,064.6 billion. May spending was revised up from $1,035.8 to $1,063.5 billion. Construction spending during the first six months of 2015 amounted to $482.7 billion, 8 percent higher than the first six months of 2014. Total private construction fell to
Personal income increased $68.1 billion, or 0.4 percent, in June according to the Bureau of Economic Analysis, the same pace as the previous month. Personal consumption expenditures (PCE) increased $25.9 billion, or 0.2 percent, after increasing at a 0.7 percent rate in May. Disposable personal income – personal income less personal current taxes – increased
Consumer Confidence fell to 93.1 in July, down 3 points from the previous month according to the University of Michigan Consumer Sentiment index. The index is currently 11.3 points higher than in July of 2014. “A disappointing pace of economic growth was the main reason for the small decline in consumer confidence. Nonetheless, the data