US Economic News

Citing progress towards it goals of maximum employment and price stability, the Federal Reserve hinted Wednesday that tapering of the central bank's asset purchases could begin in the near future.

The National Association of Realtors released a report on Wednesday showing a pullback by U.S. existing home sales in the month of August. NAR said existing home sales slumped by 2.0 percent to an annual rate of 5.88 million in August after jumping by 2.2 percent to a revised rate of 6.00 million in July.

The Organisation for Economic Cooperation and Development raised the growth projection for next year, while lowering the same for this year, and expressed concern over the increasingly uneven nature of the economic recovery from the slump caused by the pandemic as well as rising inflationary pressures.

New residential construction in the U.S. increased by more than expected in the month of August, according to a report released by the Commerce Department on Tuesday.

Consumer sentiment in the U.S. has seen a modest improvement in September after falling sharply in August, according to a preliminary report released by the University of Michigan on Friday. The report said the consumer sentiment index inched up by 71.0 in September from 70.3 in August. Economists had expected the index to rise to 72.2.

Business inventories increased in line with economist estimates in the month of July, the Commerce Department revealed in a report released on Thursday. The report said business inventories rose by 0.5 percent in July after climbing by an upwardly revised 0.9 percent in June.

Growth in Philadelphia-area manufacturing activity unexpectedly reaccelerated in the month of September, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

After reporting a steep drop in U.S. retail sales in the previous month, the Commerce Department released a report on Thursday showing retail sales unexpectedly rebounded in the month of August. The Commerce Department said retail sales climbed by 0.7 percent in August after plunging by a revised 1.8 percent in July.

First-time claims for U.S. unemployment benefits rebounded by slightly more than expected in the week ended September 11th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 332,000, an increase of 20,000 from the previous week's revised level of 312,000.

Growth in Philadelphia-area manufacturing activity unexpectedly reaccelerated in the month of September, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

After reporting a steep drop in U.S. retail sales in the previous month, the Commerce Department released a report on Thursday showing retail sales unexpectedly rebounded in the month of August.

First-time claims for U.S. unemployment benefits rebounded by slightly more than expected in the week ended September 11th, according to a report released by the Labor Department on Thursday.

A report released by the Federal Reserve on Wednesday showed industrial production in the U.S. increased by slightly less than expected in the month of August. The report said industrial production rose by 0.4 percent in August after climbing by a downwardly revised 0.8 percent in July.

After reporting a notable slowdown in the pace of growth in regional manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Wednesday showing an unexpected rebound in the pace of growth in the month of September.

Reflecting a sharp pullback in fuel prices, the Labor Department released a report on Wednesday unexpectedly showing a decrease in U.S. import prices in the month of August. The Labor Department said import prices fell by 0.3 percent in August after climbing by an upwardly revised 0.4 percent in July. Import prices decreased for the first time since October of 2020.