USD News

Personal income and spending in the U.S. rose in line with economist estimates in the month of July, according to a report released by the Commerce Department on Monday. The Commerce Department said personal income climbed by 0.4 percent in July after rising by 0.3 percent in June.

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After reporting a marginal decline in U.S. consumer confidence in the previous month, the Conference Board released a report on Tuesday showing that consumer confidence rebounded strongly in the month of August.

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Reflecting significant strength in the Western region, the National Association of Realtors released a report on Wednesday showing that pending home sales in the U.S. rose by much more than expected in the month of July. The report said the pending home sales index jumped by 1.3 percent to 111.3 in July.

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With an increase in spending on private construction offset by a steep drop in spending on public construction, the Commerce Department released a report on Thursday showing that total U.S. construction spending came in flat in the month of July.

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Manufacturing activity in the U.S. unexpectedly contracted in the month of August, the Institute for Supply Management revealed in a report released on Thursday. The ISM said its purchasing managers index slumped to 49.4 in August from 52.6 in July.

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Partly reflecting a sharp jump in orders for transportation equipment, the Commerce Department released a report on Friday showing a notable rebound in new orders for U.S. manufactured goods in the month of July. The Commerce Department said factory orders surged up by 1.9 percent in July following a revised 1.8 percent decrease in June.

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G-20 Balances Chinese, Western Concerns

After strenuous efforts during backroom negotiations running into months, China has managed to get the Group of 20 nations to pledge an end of protectionism in global trade and investments, which has been severely hurting its economy. But it will be a long time before China will reap any benefit, because the G20 gave its members until 2018 to implement the pledge.

"We extend our commitments to standstill and rollback of protectionist measures till the end of 2018, reaffirm our determination to deliver on it and support the work of the WTO (World Trade Organization), UNCTAD (United Nations Conference on Trade and Development) and OECD (Organization for Economic Cooperation and Development) in monitoring protectionism," the G20 said in a joint communique after a two-day meeting between leaders of 20 wealthier nations.

"We will work harder to build an open world economy, reject protectionism, promote global trade and investment, including through further strengthening the multilateral trading system and ensure broad-based opportunities through and public support for expanded growth in a globalized economy," the G20 governments said.

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First-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended September 3rd, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dipped to 259,000, a decrease of 4,000 from the previous week's unrevised level of 263,000.

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Partly reflecting a jump in non-revolving credit, the Federal Reserve released a report on Thursday showing that U.S. consumer credit rose by more than expected in the month of July.

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Import prices in the U.S. saw a modest decrease in the month of August, the Labor Department revealed in a report released on Wednesday. The report also showed a notable decline in export prices during the month. The report said import prices dipped by 0.2 percent in August.

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