Tag Archives: US Economy

The United States economy saw its worst quarter on record, after the gross domestic product (GDP) contracted by around 33% during the second quarter (Q2) of 2020, due to the COVID-19 pandemic. Preliminary data by the US Department of Commerce showed that GDP declined by 32.9% on an annual basis. …

The United States Federal Reserve announced on Wednesday that the Federal Open Market Committee (FOMC) has decided to maintain the target range for the federal funds rate at 0% to 0.25%. The Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on required …

Consumer confidence in the United States declined during July, as shown by data released by the Conference Board on Tuesday. The Consumer Confidence Index decreased in July, after increasing in the previous month. The index reached 92.6 this month, down from 98.3 in June. In addition, the expectations index, based …

The Federal Reserve Bank of Dallas manufacturing general business activity index improved in July to -3 from -6.1 in June. The company outlook index registered a second consecutive positive reading, increasing three points to 5.9. Meanwhile, the index measuring uncertainty regarding companies’ outlooks surged from 9.1 to 20.9. The Texas …

Data by the US Department of Commerce showed on Friday that new home sales in the United States increased by 13.8% to a seasonally adjusted annual rate of 776,000 units in June. Meanwhile, May’s revised reading stood at 682,000 units. On Wednesday, data by the National Association of Realtors showed …

President of the United States, Donald Trump, announced in a press briefing on Thursday that many schools across the US are ready to open again after months of closure as a preventive measure against the coronavirus disease (COVID-19). “Given these considerations, we believe many school districts can now reopen safely, …

Home sales in the United States registered its highest rise on record last month, due to historically low mortgage rates, according to data by the National Association of Realtors, Reuters reported. Existing home sales in the US increased by 20.7% on a monthly basis to a seasonally adjusted annual rate …

A total of 1.3 million people have filed for unemployment benefits in the United States last week, according to data by the US Department of Labor on Thursday. The number beats market expectations of 1.25 million applications. However, the number showed a slight decline compared to the previous week, which …

The state of California began reapplying the lockdown announced on Monday by Governor Gavin Newsom. The new statewide directives will see all restaurants, bars, movie theaters, entertainment centers, zoos and museums close their indoor operations. In addition, the state is closing gyms and fitness centers, worship places, salons and barbershops, …

The US federal budget deficit increased to $864 billion in June with increased spending on COVID-19 stimulus and relief programs coupled with reduced taxes, data by the US Department of Treasury showed. The year-to-date fiscal deficit stands at $2.7 trillion, Reuters reported. Expenditure increased by 223% to $1.1 trillion, a …