Category: Economy

U.S. Pull Back Off Highs But Remain Firmly Positive

After moving sharply higher early in the session, stocks have given back some ground over the course of the trading day on Thursday. The major averages have pulled back off their best levels but remain firmly positive. The major averages have moved back to the upside in recent trading but remain well off their highs. […]

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BEA: June Vehicles Sales increased to 13.0 Million SAAR

by Calculated Risk on 7/02/2020 11:59:00 AM The BEA released their estimate of May vehicle sales this morning. The BEA estimated light vehicle sales of 13.05 million SAAR in June 2020 (Seasonally Adjusted Annual Rate), up 5.7% from the revised May sales rate, and down 24.1% from June 2019. Click on graph for larger image. […]

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Comments on June Employment Report

by Calculated Risk on 7/02/2020 11:09:00 AM The labor market swings have been huge, and the June employment report was better than expected with 4.8 million jobs added. Leisure and hospitality led the way with 2.088 million jobs added in June, following 1.403 million jobs added in May. Leisure and hospitality lost 8.318 million jobs […]

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Trump Is So Amped About the Economy Surging That He Forgot COVID Is Too

WASHINGTON — President Trump took a victory lap over new numbers showing the economy bounced back in June, even as a surge in new coronavirus cases is forcing states’ governors to reconsider their push to reopen their economies. Trump held a surprise White House press conference Thursday morning, taking the podium just over an hour […]

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Trump Is So Amped About the Economy Surging That He Forgot COVID Is Too

WASHINGTON — President Trump took a victory lap over new numbers showing the economy bounced back in June, even as a surge in new coronavirus cases is forcing states’ governors to reconsider their push to reopen their economies. Trump held a surprise White House press conference Thursday morning, taking the podium just over an hour […]

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U.S. Factory Orders Show Significant Rebound In May

New orders for U.S. manufactured goods showed a substantial rebound in the month of May, according to a report released by the Commerce Department on Thursday. The Commerce Department said factory orders spiked by 8.0 percent in May after plunging by a revised 13.5 percent in April. Economists had expected factory orders to surge up […]

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U.S. Factory Orders Show Significant Rebound In May

New orders for U.S. manufactured goods showed a substantial rebound in the month of May, according to a report released by the Commerce Department on Thursday. The Commerce Department said factory orders spiked by 8.0 percent in May after plunging by a revised 13.5 percent in April. Economists had expected factory orders to surge up […]

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Some New Climate Models Are Projecting Extreme Warming. Are They Correct?

Yves here. Readers may be surprised to learn that independent science groups review major climate models on a regular basis. Nevertheless, and I hate to seem like such a naysayer, but between Covid-19 and greater social divisions, the ability of many advanced economies to change course on climate change seems very much diminished. By Jeff […]

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Weekly Initial Unemployment Claims decrease to 1,427,000

by Calculated Risk on 7/02/2020 08:55:00 AM The DOL reported: In the week ending June 27, the advance figure for seasonally adjusted initial claims was 1,427,000, a decrease of 55,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 1,480,000 to 1,482,000. The 4-week moving average was 1,503,750, […]

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Wall Street Aims Positive

Early signs from the U.S. Futures Index suggest that Wall Street will open higher on Thursday. The promising results from a Covid-19 vaccine trial and encouraging data from top two economies the United States and China boosting sentiment. Investors also looked ahead to major economic announcements on the day. Asian shares finished higher, while European […]

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South Africa Current Account Swings To Surplus

South Africa’s current account posted surplus in the first quarter for the first time since 2003, South African Reserve Bank said Thursday. The balance on the current account of the balance of payments logged a surplus of ZAR 69.7 billion, which was the first surplus since the first quarter of 2003. The deficit totaled ZAR […]

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U.S. Trade Deficit Widens More Than Expected In May

With the value of exports falling by much more than the value of imports, the Commerce Department released a report on Thursday showing the U.S. trade deficit widened more than expected in the month of May. The Commerce Department said the trade deficit widened to $54.6 billion in May from a revised $49.8 billion in […]

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U.S. Weekly Jobless Claims Dip Much Less Than Expected

A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits fell by much less than expected in the week ended June 27th. The Labor Department said initial jobless claims dropped to 1.427 million, a decrease of 55,000 from the previous week’s revised level of 1.482 million. Economists had expected […]

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U.S. Employment Spikes More Than Expected In June

After reporting an unexpected jump in employment in the U.S. in the previous month, the Labor Department released a report on Thursday showing another record spike in employment in the month of June. The report said non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs […]

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Eurozone Unemployment Rises Less Than Expected

Despite a deep recession, the euro area jobless rate rose only marginally in May as the short-time work programs of member countries to support jobs amid the downturn caused by the coronavirus pandemic suppressed actual unemployment. The unemployment rate climbed to 7.4 percent in May from 7.3 percent in April, data released by Eurostat showed […]

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Eurozone Producer Prices Decline Further

Eurozone producer prices continued to decline in May amid falling energy prices, data from Eurostat showed on Thursday. Producer prices decreased 5.0 percent on a yearly basis in May, following a 4.5 percent decline in April. Economists had expected a fall of 4.8 percent. Excluding energy, producer prices declined 0.6 percent in May after a […]

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Spain Unemployment Rises In June

Spain’s unemployment increased marginally in June as containment measures to curb the spread of coronavirus weighed on the labor market, data from the Ministry of Labor, Migration and Social Security revealed on Thursday. In June, the number of registered unemployed rose by 5,107 or 0.1 percent from the previous month. The unemployment had increased sharply […]

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Links 7/2/2020

Cloud cuckoo land? How one bird’s epic migration stunned scientists Guardian Fed’s Bullard says risk of financial crisis remain FT Russian Arctic sets ‘fantastical’ heat records: weather chief Agence France Presse House Democrats’ Climate Plan Embraces Much of Green New Deal, but Not a Ban on Fracking Inside Climate News Guest post: How climate change […]

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