Source: Bureau of Economic Analysis Personal income increased for the second straight month in July while spending cooled amid the decline in purchases of motor vehicles and recreational goods. Personal income climbed 1.1% or $225.9 billion, following the 0.2% growth recorded in June. Disposable income increased 1.1%, or $198.0 billion.Growth is attributed to increases in … [Read more...] about Personal Income Up for Second Straight Month as Spending Cools
Forex News
Analysts Predict OPEC+ to Approve Production Plan Amid Resurging Oil Prices
Source Bloomberg Three quarters of analysts in a survey expect OPEC+ to approve their plan to increase oil production amid rising prices during their meeting on September 1. CL1! is up +2.15% Analysts say global uncertainty and China’s recovery concerns have faded, which reinforces OPEC+ sticking with output hikes.Some OPEC+ delegates have also projected, in … [Read more...] about Analysts Predict OPEC+ to Approve Production Plan Amid Resurging Oil Prices
PBOC Hints of Possible RRR Cut to Support Rural Areas
Source: Bloomberg The People’s Bank of China indicated the possibility of using policy to strengthen rural development, driving market speculation of a reserve requirement ratio reduction as soon as Friday. The PBOC said it will expand government financing guarantees and establish an information system that would assist in rural financing.It will also maintain the … [Read more...] about PBOC Hints of Possible RRR Cut to Support Rural Areas
US Second-Quarter GDP Revised Upward to 6.6%
Source: Bureau of Economic Analysis The economic growth of the United States for the second quarter was revised slightly upward, driven by changes in nonresidential fixed investment and exports. The second-quarter real gross domestic product growth was revised to 6.6% from the advance estimate of 6.5% issued last month.The revision takes into consideration increases in … [Read more...] about US Second-Quarter GDP Revised Upward to 6.6%
American Jobless Claims Up from Previous Week’s Pandemic-Low
Source: US Labor Department US unemployment claims posted slight gains after recording the lowest level since the COVID-19 pandemic hit in the previous week. DXY is up 0.16%, gold is down 0.06%. Seasonally adjusted initial claims in the week ending August 21 climbed 4,000 to 353,000.The previous week’s level was revised 1,000 higher to 349,000. This is the lowest since it … [Read more...] about American Jobless Claims Up from Previous Week’s Pandemic-Low
