As expected, the Federal Open Market Committee today left the Federal funds rate in a "range from 0 to 1/4 percent." The Fed funds rate has remained unchanged since late-2008 at its lowest level ever. The discount rate also was left [...]
Global| Aug 01 2012FOMC May Be Hinting of Upcoming Action
by:Tom Moeller
|in:Economy in Brief
- Global| Aug 01 2012
U.S. Mortgage Market Activity Remains Strong
The Mortgage Bankers Association index of total mortgage applications rose 0.2% last week (67.3% y/y). The figures are close to the high in this cycle. Applications to refinance have led the gain. Last week, they rose 0.8% w/w and [...]
by:Tom Moeller
|in:Economy in Brief
- Global| Aug 01 2012
U.S. Construction Spending Ticks Higher
The value of construction put-in-place rose an expected 0.4% during June following a 1.6% May increase, initially reported as 0.9%. Private sector spending gained 0.7% (13.1% y/y) after a 2.1% May rise. Residential building continued [...]
by:Tom Moeller
|in:Economy in Brief
- Global| Aug 01 2012
U.S. ISM Factory Index Remains Depressed
Activity in the industrial sector continues to struggle. The July ISM Composite Index of industrial sector activity ticked up to 49.8 versus an unrevised 49.7 in June. The figure compared to Consensus expectations for 50.0 and remains [...]
by:Tom Moeller
|in:Economy in Brief
- Global| Aug 01 2012
ADP Reports Moderate Job Growth
Employment continues to grow. Private sector payrolls rose 163,000 in July as reported by the payroll processor Automatic Data Processing (ADP) and economic consultants Macroeconomic Advisers. A 120,000 gain had been expected. The [...]
by:Tom Moeller
|in:Economy in Brief
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