Financial News Network - Economic News

U.S. consumer spending rises for second straight month, income drops further

U.S. consumer spending increased for the second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in Covid-19 cases and the end of expanded unemployment benefits.

Read more: https://www.cnbc.com/2020/07/31/personal-income-and-spending-june-2020.html

Second-quarter GDP plunged by worst-ever 32.9% amid virus-induced shutdown

Neither the Great Depression nor the Great Recession nor any other slump over the past two centuries have ever caused such a sharp drain on the economy.

Read more: https://www.cnbc.com/2020/07/30/us-gdp-q2-2020-first-reading.html

U.S. weekly jobless claims rise for a second straight week, total 1.434 million

Jobless claims for last week were roughly in line with expectations as the coronavirus pandemic continues to ravage the U.S. economy.

Read more: https://www.cnbc.com/2020/07/30/weekly-jobless-claims.html

A full recap of Fed Chief Powell's market-moving comments on rates, economy

Federal Reserve Chairman Jerome Powell spoke to reporters following the central bank's July policymaking decision.

Read more: https://www.cnbc.com/2020/07/29/watch-fed-chair-powell-discuss-the-central-bank-s-latest-policy-decision.html

Fed holds rates steady, says economic growth is 'well below' pre-pandemic level

The Federal Open Market Committee released a statement following its two-day meeting that concluded Wednesday.

Read more: https://www.cnbc.com/2020/07/29/fed-meeting-decision-interest-rates.html

U.S. goods trade deficit narrows amid signs the global flow of goods is improving

The United States' trade deficit in goods fell sharply in June as exports rebounded following several months of decline, suggesting a recovery in global trade after being severely disrupted by the Covid-19 pandemic.

Read more: https://www.cnbc.com/2020/07/29/us-goods-trade-deficit-narrows-amid-signs-the-global-flow-of-goods-is-improving.html

Pending home sales surge for the second consecutive month as the Realtors raise their forecast for 2020

Pending home sales continued to climb in June, rising 16.6% monthly since May, and rising 6.3% since June 2019, according to the National Association of Realtors.

Read more: https://www.cnbc.com/2020/07/29/pending-home-sales-surge-for-the-second-consecutive-month.html

Most swing-state voters support extending $600 weekly unemployment benefit, CNBC/Change Research poll finds

Voters in key states back an unemployment extension, direct payments and state and local aid in the coronavirus bill, the CNBC/Change Research poll found.

Read more: https://www.cnbc.com/2020/07/29/coronavirus-stimulus-voters-support-enhanced-unemployment-cnbcchange-poll-finds.html

Powell is expected to say the Fed will keep doing whatever it can while it considers its next move

Markets are watching the Fed but may focus more on what Congress is doing with its trillion dollar plus stimulus package.

Read more: https://www.cnbc.com/2020/07/29/powell-is-expected-to-say-the-fed-will-keep-doing-whatever-it-can-while-it-considers-its-next-move.html

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