Trade Deficit Narrows to $59.14B
Oct 10, 9:22 AM ET |
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| August imports were $5.5 billion less than July imports of $229.4 billion. |
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| The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total August exports of $164.7 billion and imports of $223.9 billion resulted in a goods and services deficit of $59.1 billion, down from $61.3 billion in July, revised. August exports were $3.4 billion less than July exports of $168.1 billion. |
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Import Price Index Falls 3% in September
Oct 10, 9:07 AM ET |
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| Export prices decreased 1% in September following a 1.7% decline in August. |
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| The U.S. Import Price Index decreased 3% in September, the Bureau of Labor Statistics of the U.S. Department of Labor reported today, following a 2.6% decline in August. Falling petroleum prices led the overall decrease, although nonpetroleum prices also declined. Prices for overall exports decreased 1% for the month. |
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Fed Offers Additional $37.5 B to AIG
Oct 09, 12:22 PM ET |
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| The New York Fed will borrow up to $37.8 billion in investment-grade, fixed-income securities from AIG in return for cash collateral. |
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| The Federal Reserve Board authorized the New York Fed to assist regulated insurance subsidiaries of AIG. The recent injection of $37.8 billion will be in addition to $85 billion loan facility set by the Fed for AIG. |
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Wholesale Trade Drops 1% in August
Oct 09, 10:20 AM ET |
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| August sales of durable goods were down 1.5% from last month, but were up 5.5% from a year ago. |
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| The U.S. Census Bureau announced today that August 2008 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $404.9 billion, down 1% from the revised July level, but up 13.4% from the August 2007 level. The July preliminary estimate was revised downward $1.7 billion or 0.4%. |
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Jobless Claims Drop by 20,000
Oct 09, 8:51 AM ET |
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| The advance seasonally adjusted insured unemployment rate was 2.7% for the week ending Sept. 27, unchanged from the last week unrevised rate of 2.7%. |
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| In the week ending Oct. 4, the advance figure for seasonally adjusted initial claims was 478,000, a decrease of 20,000 from the previous week's revised figure of 498,000. It is estimated that the effects of Hurricane Gustav in Louisiana and the effects of Hurricane Ike in Texas added approximately 17,000 claims to the total. The 4-week moving average was 482,500, an increase of 8,250 from the previous week''s revised average of 474,250. |
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IMF Revises Loss Estimate to $1.4 Trillion
Oct 08, 11:22 AM ET |
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| Inflation is high, driven by a surge in commodity prices, but is expected to moderate. |
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| The world economy is entering a major downturn in the face of the most dangerous financial shock in mature financial markets since the 1930s. Global growth is projected to slow substantially in 2008, and a modest recovery would only begin later in 2009. The situation is exceptionally uncertain and subject to considerable downside risks. |
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Crude Oil Inventories Rise
Oct 08, 10:48 AM ET |
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| Distillate fuel inventories fell by 0.5 million barrels, and are near the lower limit of the average range for this time of year. |
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| U.S. commercial crude oil inventories increased by 8.1 million barrels from the previous week. At 302.6 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories increased by 7.2 million barrels last week, and are below the lower boundary of the average range. Both finished gasoline inventories and gasoline blending components inventories increased last week. |
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Fed Lowered Rate by 0.5%
Oct 08, 9:37 AM ET |
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| The Federal Open Market Committee has decided to lower its target for the federal funds rate 50 basis points to 1.5%. |
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| The Committee took this action in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures. The Committee took this action in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures. Incoming economic data suggest that the pace of economic activity has slowed markedly in recent months. |
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FOMC Minutes
Oct 07, 2:32 PM ET |
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| Industrial production fell sharply in August after edging up in July. |
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| Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities. The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain. |
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Fed Acts to Support Short Term Loans
Oct 07, 10:08 AM ET |
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| An improved commercial paper market will enhance the ability of financial intermediaries to accommodate the credit needs of businesses and households. |
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| The Federal Reserve Board on Tuesday announced the creation of the Commercial Paper Funding Facility, a facility that will complement the Federal Reserve''''s existing credit facilities to help provide liquidity to term funding markets. |
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