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Economy

AP News | Equities.com |

The U.S. economy grew at a record 33.1% annual rate in the July-September quarter but has yet to fully rebound from its plunge in the first half of the year — and the recovery is slowing as coronavirus cases surge and government aid dries up.

The Commerce Department’s estimate Thursday of third-quarter growth showed that the nation has regained only about two-thirds of the output that was lost early this year when the eruption of the virus closed businesses, threw tens of millions out of work and caused the deepest recession since the Great Depression.


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The number of Americans seeking unemployment benefits fell last week to 751,000, the lowest since March, but it's still historically high and indicates the viral pandemic is still forcing many employers to cut jobs.

Applications for unemployment aid fell 40,000 from the previous week, the Labor Department said Thursday. They fell in 30 states, including big drops in California, Florida and Texas. Claims rose significantly in Arizona, Illinois, and Michigan.


Reuters | Equities.com |

Consumer confidence dropped sharply in October in three U.S. states considered crucial for Republican President Donald Trump’s re-election as fears about the economy’s outlook mounted, according to a survey on Tuesday.

The Conference Board’s findings came ahead of next Tuesday’s fiercely contested battle for the White House between Trump and Democratic nomineee Joe Biden. Trump is trailing the former vice president in national opinion polls.

Consumer confidence in Florida dropped to a reading of 100.3 this month from 114.4 in September. Though confidence has rebounded after slumping as the COVID-19 pandemic swept across the state, it is near levels seen just before the 2016 election.


AP News | Equities.com |

Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units, the Commerce Department said Monday, as the housing market’s hot summer buying season cooled.

The Commerce Department said Monday that despite the modest decrease, sales of new homes are up 32.1% from a year earlier. However, the pandemic may start to weigh on the market as the colder winter months arrive and with coronavirus c...


Reuters | Equities.com |

The U.S. Treasury market still runs the risk of abrupt freezes in liquidity like the one seen in March and April, as the COVID-19 pandemic roiled the financial system, a member of the Federal Reserve Bank of New York’s Market Committee said on Friday.

The market shock in March, which helped drive yields across maturities to all-time lows, was “truly an exceptional event,” Lorie Logan said in a speech to the Brookings-Chicago Bo...


AP News | Equities.com |

The number of Americans seeking unemployment benefits fell last week to 787,000, a sign that job losses may have eased slightly but are still running at historically high levels.

With confirmed infections having neared 60,000 in the past week, the highest level since July, many consumers have been unable or reluctant to shop, travel, dine out or congregate in crowds — a trend that has led some employers to keep cutting jobs. Several sta...


Reuters | Equities.com |

U.S. single-family homebuilding raced to a more than 13-year high in September, cementing the housing market’s status as the star of the economic recovery amid record-low mortgage rates and a migration to the suburbs and low-density areas in search of more room for home offices and schooling.

The report from the Commerce Department on Tuesday also showed building permits and housing completions scaling levels last seen in 2007...


AP News | Equities.com |

Retail sales rose strongly in September, the fifth consecutive month of growth, as Americans spent more on clothing, cars and sporting goods.

The U.S. Commerce Department said Friday that retail sales jumped 1.9% last month. That’s much better than the 0.8% rise economists expected. And it’s up from an increase of 0.6% in August.

Retail sales have been recovering since plunging in the spring as stores and malls were ordered clos...


AP News | Equities.com |

The number of Americans seeking unemployment benefits rose last week to 898,000, a historically high number and evidence that layoffs remain a hindrance to the economy’s recovery from the pandemic recession that erupted seven months ago.

Thursday’s report from the Labor Department shows that the job market remans fragile, and it coincides with other recent data that have signaled a slowdown in hiring. The economy is still roughl...


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U.S. wholesale prices jumped 0.4% in September as food costs rose by the largest amount since May.

The Labor Department said Wednesday that the September increase in its producer price index, which measures inflation before it reaches the consumer, followed a 0.3% rise in August and a 0.6% surge in July which had been the biggest monthly gain since late 2018.

The 0.4% September rise was bigger than economists had been expe...