Economic Report

Mortgage applications for home purchases fell for the second consecutive week, down 1% from the previous week Refinancing Demand decreased by 1% for the week, but 74% higher than a year ago. Mortgage applications for homebuyers have been declining over the past two months, even as mortgage rates drop. The …

The International Labour Organization (ILO) has said the impact of the coronavirus pandemic on jobs is expected to be much worse than expected.  The agency’s latest report showed that the number of working hours globally between April and June was 14% lower than in 2019, which the International Labor Organization …

American unemployment in the private sector increased by 2,369,000 in June, according to the monthly report, released by Automatic Data Processing (ADP) Research Institue on Wednesday.  This reading comes after the decline of 3,065,000 in May. “Small business hiring picked up in the month of June,” said Ahu Yildirmaz, vice …

Stock futures fell ahead of the opening of the American session on Wednesday, indicating a lower opening on the first day of trading in June. Shares closed on Tuesday on a stunning rise, which makes the Q2 the best quarter since 1998 and the second-best recorded quarter. The S&P 500 …

According to Reuters, Saudi Arabia may raise its August official selling price (OSP) for crude oil sold in Asia. That would be the third monthly price hiking due to an increase in Middle East benchmarks and a rebound in Asian refining margins. As of August, Middle East crude supply may …

The world’s efforts for discovering a cure are going at full capacity, with Gilead’s remdeisivr being a potential cure.  In the US, the number of cases reached 40,000 again, and epidemiologist Anthony Fauci warned that the US could see 100,000 cases per day. While testifying on Capitol Hill, he told …

“Germany’s economy will gradually recover after a historic slump due to the coronavirus pandemic and will likely return to last year’s level at the end of 2021,” economic institute IFO said on Wednesday, according to Reuters. IFO sees GDP contracting by 11.9% in Q2 on a quarterly basis and to …

Eurozone PMI Manufacturing was finalized at 47.4 in June, up from 39.4 in May a report by IHS Markit said. The index was in contraction below 50 for 17 consecutive months. and had fallen to 33.4 in April. The report stated: “Eurozone manufacturing sector continues to contract sharply,” “There was …

After the Great collapse due to COVID 19 pandemic, the UK manufacturing sector returned to recovery after it began to stabilize last June. IHS Markit’s Purchasing Managers Index (PMI) posted 50.1 compared to 40.7 in May, in line with economists’ expectations. PMIs are given on a scale of 0 to …

The government media office in UAE said in a statement issued on Tuesday that Dubai’s real GDP decreased by 3.5% in Q1 year-on-year as the country was hit by the Covid-19 pandemic, according to Reuters. The government said some sectors such as real estate and finance have maintained their strength …