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There's a good chance that something you purchased at a store passed through a port before it reached you. The new Economy Matters quiz tests your knowledge of some key regional ports, which have become a linchpin of the national and global economies. buff.ly/4d7qSae
Second-Quarter GDP Growth Estimate Increased. On July 17, the GDPNow model estimate for real GDP growth in the second quarter of 2024 is 2.7 percent, up from 2.5 percent on July 16.
At Boeing, the head of its commercial airline unit expects a “meaningful” increase in 737 production rates. But Stephanie Pope has a word of caution, too. buff.ly/3YwDELF
A key regulator is said to have determined that half of the 22 large US banks it supervises have insufficient or weak management of operational risk. The harsh grades are part of sweeping regulatory scrutiny in the wake of a series of bank failures last year.
China cuts key lending rates to boost sluggish economy. The country’s central bank surprised investors by lowering borrowing costs for the first time since last August. The decision was announced days after top Chinese officials held a twice-a-decade economic policy meeting that centered on ways to kick-start China’s economic growth.
The U.S. stock market tumbled on Friday due to the IT outage that affected Microsoft systems worldwide. The Dow Jones Industrial Average managed to finish the week in positive territory, while the S&P 500 dropped 2.0% and the NASDAQ retreated 3.6%. ![]()
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Housing starts rose in June to a seasonally adjusted annual rate of 1.353 million. Although this was better than expected, housing production is still lagging behind demand, which is expected to keep prices elevated. ![]()
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Total building permits jumped 3.4% month-over-month to a seasonally adjusted annual rate of 1.446 million, but the increase was driven by permits for multifamily developments, including apartments and condos. Permits for single family units were down 2.3%. ![]()
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Meanwhile, mortgage applications for the week ending on July 13 increased by 3.9% from the prior week, boosted by a recent drop in mortgage rates. ![]()
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Import prices were flat in June following a 0.2% decline in May. Excluding oil, export prices were up 0.2%. Import prices dropped 0.5% in June after a 0.7% decline in May. Excluding agricultural products, export prices were down 0.6%. ![]()
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Retail sales remained flat in June, partially due to a decline in auto sales related to the CDK global cyberattack and lower gas prices. Excluding autos and gasoline, retail sales rose 0.8% month-over-month. ![]()
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Total industrial production rose more than expected in June, following a 0.9% increase in May. The positive sales and production readings pushed the Atlanta Fed’s GDP Now estimate for second quarter to 2.7% (seasonally adjusted annual rate). ![]()
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On the other hand, the Conference Board Leading Indicator index continued to trend down, contracting 0.2% following a 0.4% decline in May. ![]()
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Initial jobless claims for the week ending July 13 increased more than expected to 243,000. Continuing jobless claims increased by 20,000 to 1.867 million, the highest level since November 2021. @Chmura Economics & Analytics
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