indicator
Washington (AFP) - Sales of previously owned homes in the United States edged up in July, industry data showed on Thursday, breaking a four-month trend of declines. Homebuyers in the world's biggest economy have been grappling with a surge in mortgage rates after the US central bank rapidly lifted the benchmark lending rate in 2022. But the popular 30-year fixed-rate mortgage ticked down slightly in late July, potentially offering some relief to buyers. Existing home sales rose 1.3 percent from June to an annual rate of 3.95 million, seasonally adjusted, said the National Association of Realto...
AFP
Washington (AFP) - US consumer inflation eased slightly in July, according to government data published Wednesday, its smallest 12-month increase since March 2021 and a positive sign for the Federal Reserve as it weighs cutting interest rates. The consumer price index (CPI) eased to 2.9 percent last month from a year ago, down slightly from 3.0 percent in June, the Labor Department said in a statement, while a measure that strips out volatile food and energy costs cooled to an annual rate of 3.2 percent. This was slightly lower than the median forecast of economists surveyed by Dow Jones Newsw...
AFP
Washington (AFP) - The US jobs market cooled much more than expected in July with unemployment reaching its highest rate since 2021, government data showed Friday, fueling calls for interest rate cuts as high levels bite. The world's biggest economy added 114,000 jobs last month, down from June's revised 179,000 figure, said the Department of Labor. The jobless rate rose to 4.3 percent, the highest since October 2021, according to government data. "Today's report shows employment is growing more gradually at a time when inflation has declined significantly," said President Joe Biden in a state...
AFP
Washington (AFP) - The US Federal Reserve's favored inflation measure eased further in June, according to government data published Friday, in more good news for policymakers ahead of next week's interest rate decision. The personal consumption expenditures (PCE) price index eased to an annual rate of 2.5 percent in June, the Commerce Department said in a statement, down slightly from 2.6 percent a month earlier. This was in line with the median forecast of economists surveyed by Dow Jones Newswires and The Wall Street Journal. "Today's report shows we are making real progress fighting infla...
AFP
Washington (AFP) - US economic growth blew past expectations in the second quarter, boosted by consumer spending and inventory building despite high interest rates, government data showed Thursday. After a slow start this year, the world's biggest economy grew at an annual rate of 2.8 percent in the April to June period, up from 1.4 percent in the first three months, said the Commerce Department. The initial estimate was markedly above the 1.9 percent growth rate economists anticipated -- a reassuring sign that consumption remains resilient. President Joe Biden hailed the economy's strength in...
AFP
New York (AFP) - The sales rate of new family homes in the United States dipped in June, missing analyst estimates amid still elevated interest rates, according to government data released Wednesday. New home sales in June came in at an annual, seasonally-adjusted rate of 617,000, according to data released jointly by the US census and housing departments. That was below the 621,000 rate in May, according to Wednesday's revised figures, and under the 640,000 projected by analysts. "Many potential buyers are remaining in a holding pattern due to elevated mortgage rates that averaged near seven ...
AFP
Washington (AFP) - US existing home sales dropped more than expected in June, according to industry data released Tuesday, while the median price hit a new high. The trends, underscoring affordability challenges for homebuyers, come even as mortgage rates cooled slightly. But a larger stock of inventory currently is seen as an encouraging sign that market conditions are improving. Sales of previously-owned homes retreated 5.4 percent from May to a seasonally adjusted annual rate of 3.9 million in June, the National Association of Realtors (NAR) said. The figure was slightly below the 4.0 milli...
AFP
Washington (AFP) - Retail sales in the United States slipped less than analysts anticipated in June on a weaker performance in the auto and gas segments, government data showed Tuesday. The slower consumption growth adds to recent data showing that the world's biggest economy is cooling gradually, although there is still some way to go. A downward trend is likely to raise the central bank's confidence that it can soon begin cutting interest rates. To ease demand and bring inflation back down sustainably, the Federal Reserve has rapidly lifted the benchmark lending rate and in recent months, h...
AFP
German investor morale fell more than expected in July, the Centre for European Economic Research (ZEW) reported on Tuesday. The ZEW's sentiment barometer fell by 5.7 points compared to the previous month to 41.8 points. On average, analysts had expected the economic indicator to fall to 41.0 points. This is the first decline in a year. By contrast, the assessment of the current economic situation in Germany brightened somewhat. The corresponding index value rose by 4.9 points to minus 68.9 points. Economists, however, had expected a decline to 74.8 points. "The economic outlook is becoming gl...
DPA Breaking News
Washington (AFP) - US inflation cooled more than expected in June, government data showed Thursday, a positive development for President Joe Biden as he fights to win confidence on his economic record in his reelection bid. The consumer price index (CPI) rose 3.0 percent last month from a year ago, said the Labor Department, as a drop in gas prices more than offset housing costs. A measure stripping out volatile food and energy prices also saw the smallest annual rise since 2021. "Today's report shows that we are making significant progress fighting inflation," Biden said in a statement. While...
AFP
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