Tag Archives: US Economy

The business activity in the US service sector continued to expand at a strong pace in June but lost momentum compared to May with the Markit Services PMI declining to 64.8 from 70.4 70 figure was expected. The Composite PMI fell to 64.9 in June from 68.7 in May.

Manufacturing activity in the U.S. continued to show signs of improvement this month, as shown by survey data by the Federal Reserve Bank of Richmond on Tuesday. The Fifth District Survey of Manufacturing Activity’s Composite Index rose from 18 in May to 22 in June, maintaining a positive performance since …

U.S. Federal Reserve Chairman Jerome Powell told lawmakers on Tuesday that the economy has notably improved amid recovery from the Coronavirus pandemic and that inflation will ease over time following the recent surge. Testifying for the second consecutive day before the House of Representatives Select Subcommittee on the Coronavirus Crisis, …

Home sales in the United States continued to decline for the fourth consecutive month during May, data showed on Tuesday. Existing home sales fell by 0.9% last month to a seasonally adjusted annual rate of 5.80 million units, according to the National Association of Realtors. Resale activity soared by 44.6% …

The US House of Representatives on Thursday voted to repeal the president’s 2002 authorization for the use of military force that authorized the war in Iraq. As voting continued, the number of votes in favor of cancellation reached 265, against 162. Almost all Democrats support repealing the mandate, while most …

The United States government on Thursday announced a plan to invest more than $3 billion in the research, development, and production of antiviral medicines that could be used to treat the novel coronavirus disease (COVID-19). The plan will reportedly be funded from the American Rescue Plan, which was proposed by …

Business inventories in the United States declined by 0.2% in April, official data showed on Tuesday. The reading follows a rise of 0.2% in March. On the annual level, inventories fell by 3.6%, according to the U.S. Department of Commerce. Retail inventories plunged by 1.8%, after decreasing by 1.4% in …

Industrial Production in the United States expanded by 0.8% on a monthly basis in May, the US Federal Reserve reported on Tuesday. This reading followed April’s growth of 0.1% (revised from 0.7%) and came in slightly better than the market expectation for an increase of 0.6%.

Retail Sales in the US fell by 1.3% to $620.2 billion in May following April’s expansion of 0.9% (revised from 0%), the data published by the US Census Bureau revealed on Tuesday. This reading came in weaker than the market expectation for a decrease of 0.8%.

Consumers in the United States expect an economic boom in 2022, the results of the Federal Reserve Bank of New York’s monthly survey showed. The May survey results also showed higher expectations for inflation, home prices, earnings, and employment. Median expectations for inflation next year continued to rise for the …