Next Week News

Reflecting a sharp pullback in prices for fuel imports, the Labor Department released a report on Friday showing U.S. import prices fell by more than expected in the month of July.

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New York manufacturing activity has unexpectedly seen a substantial contraction in the month of August, according to a report released by the Federal Reserve Bank of New York on Monday. The New York Fed said its general business conditions index plummeted to a negative 31.3 in August from a positive 11.1 in July.

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The Australian economy lost 40,900 jobs in July, the Australian Bureau of Statistics said on Thursday - well shy of forecasts that called for an addition of 25,000 jobs following the gain of 88,400 jobs in June.

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In highly anticipated remarks at the Jackson Hole economic symposium on Friday, Federal Reserve Chair Jerome Powell acknowledged the central bank's efforts to combat inflation will cause "some pain" but argued a failure to restore price stability would mean "far greater pain."

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For months now, Jerome Powell and the Federal Reserve have been raising interest rates in the hope of slowing the job market.

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Homebuilder confidence in the U.S. declined for the ninth consecutive month in September, according to a report released by the National Association of Home Builders on Monday. The report showed the NAHB/Wells Fargo Housing Market Index slid to 46 in September from 49 in August. Economists had expected the index to edge down to 48.

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Switzerland's economy is expected to grow less than previously estimated this year and next, as the economic prospects are hampered by a tense energy situation and sharp price increases, especially in Europe.

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Former Treasury Secretary Larry Summers says the unemployment rate must reach 6% to tamp down inflation, far from the 3.5% unemployment rate reported Friday.

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Construction spending in the U.S. unexpectedly showed a modest increase in the month of October, according to a report released by the Commerce Department on Tuesday. The report said construction spending inched up by 0.2 percent to an annual rate of $1.811 trillion in September after falling by 0.6 percent to a revised rate of $1.807 trillion in August.

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Federal Open Market Committee members decided upon yet another sizable rate hike today, announcing a 75 basis point increase. Many cryptocurrencies and stocks fell following this move as markets reacted to the news.

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