Third quarter gross domestic product growth was revised down to a 3.4% gain from the 3.5% gain in the previous estimate, data released Friday by the Bureau of Economic Analysis showed. At the same time, the price picture was revised only modestly from the previous estimate. The core PCE price index was revised up to
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The region’s services sector decelerated, as the general business conditions index slumped to 3.9 in December from 43.3 in November, this month’s Federal Reserve Bank of Philadelphia non-manufacturing Report on Business, released Friday, indicates. At the company level, the general business activity index plunged to 3.0 from 42.4. The prices paid index was 18.3, down
Orders placed with U.S. factories for business equipment fell in November, missing forecasts for an increase and adding to signs that demand is slowing amid risks from the trade war with China. Non-military capital-goods orders excluding aircraft — a proxy for business investment — dropped 0.6%, after an upwardly revised 0.5% increase the prior month,
Manufacturers report expansion “continued to grow but remained subdued” in December, and the Federal Reserve Bank of Philadelphia Report on Business respondents showed price indexes were positive, but again lower than earlier this year. The general business conditions index decreased to 9.4 from 12.9. Economists surveyed by IFR Markets predicted a reading of 15.0 for
The U.S. current account deficit widened to $124.8 billion in the third quarter from a revised $101.2 billion gap in the previous quarter, data released Wednesday by the Commerce Department showed. The goods and services gap was the primary driver of the larger current account gap, widening to $158.7 billion in the third quarter from
David Einhorn, president of Greenlight Capital Inc., speaks. Photographer: Michael Nagle/Bloomberg Famed hedge fund investor David Einhorn is having a brutal year. He’s down over 18% in 2018, posting one of the worst performances in the entire hedge fund industry. Surprisingly, it could have been worse for Einhorn. Despite his losses, Einhorn actually dodged a big bullet in
CHICAGO — The Illinois Regional Transportation Authority heads into the New Year with a $3.1 billion operating budget, a $4.3 billion five-year capital program and improved odds that its infrastructure funding drought will end. The RTA board has signed off on the budgets for its three service boards that operate in the Chicago area: the
Venezuelan President Nicolas Maduro is pictured during the left-wing Latin America Forum of São Paulo held in Havana on July 17, 2018. In a rare moment of honesty, Maduro blames himself and his party for the country’s crisis. (Photo by YAMIL LAGE / AFP) News flash! Socialism in poor, closed-door economies is a failure. So
The impact of Hurricane Michael on Florida’s 2020 budget, and other unanticipated expenses, will wipe out any discretionary funding legislators have to build the budget next year, according to the state’s top economist. In the best-case scenario the projected discretionary balance of $223.4 million is gone, and in the worst case scenario there will be
These 31 funds are the cheapest for short-term stakes in short-term bonds. Shutterstock Do you have idle cash in your brokerage account? Chances are it’s not earning much. Consider switching to a brief investment in an exchange-traded fund that owns short-term bonds. The scorecard below shows the cheapest ETFs for a position held for three months.
November retail sales were up 0.2% in the month, slightly above analysts’ projections for a 0.1% gain, but well below the 0.9% gain expected by markets, according to a report released by the Commerce Department Friday. The modest headline gain hides significant underlying strength when a large gasoline station drop is removed. October sales were
Share to facebook Share to twitter Share to linkedin These 23 funds are the cheapest of their type for in-and-out trades. Shutterstock What does it cost to own the whole bond market for a brief period? This ranking tells you. The table scores exchange-traded funds for their three-month holding costs, defined to include the effect
DALLAS — HilltopSecurities has named Piper Jaffray senior executive managing director M. Bradley Winges as president and chief executive, succeeding Hill A. Feinberg, who remains chairman. Winges, 51, has worked 27 years at Piper Jaffray where he headed fixed income securities and municipal sales and trading along with other departments. He is also on the
Share to facebook Share to twitter Share to linkedin Just a handful of long-term bond funds are cheap to own for a brief interval. Shutterstock If you want to make a bet on declining interest rates, shares in a fund that owns long-term bonds are a good option. This table ranks exchange-traded long-term bond funds on
In the week ended Dec. 13, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell to 4.13% from 4.15% last week. The Bond Buyer’s 20-Bond GO Index of 20-year general obligation yields jumped to 4.18% from 4.12% in the previous week. It
Share to facebook Share to twitter Share to linkedin These 15 funds are the cheapest in their categories for short-term speculations. Shutterstock Owning a bond fund is one way to bet on a decline in interest rates. The table ranks the cheapest exchange-traded funds for three-month holding costs on a $10,000 investment. 3-month Holding Cost*
U.S. filings for unemployment benefits fell last week to the lowest since September, returning to hover near an almost five-decade low and signaling the labor market remains tight after what some economists saw as possible cooling signs. Jobless claims dropped to 206,000 in the week ended Dec. 8, below the 226,000 median estimate in Bloomberg’s
(Photo by Alexander RyuminTASS via Getty Images) The trend is your friend is an investment adage that is usually associated with short term traders, employing technical analysis or other momentum strategies. It can also apply to thematic investors seeking to identify mega-trends that will last decades. These are trends so clearly in place, it is
Legislation to permit local government bonding to pay for underfunded pension and other retirement liabilities through 2023 is making its way through the lame-duck session of the Michigan legislature. Without an extender, the existing law will expire Dec. 31. The legislation, which would also lower the ratings floor at which municipalities would be eligible to
Jerome Powell, chairman of the U.S. Federal Reserve. The future actions of the Fed will have a key impact on bond markets. Photographer: Andrew Harrer/Bloomberg We’re now firmly into a rising interest rate cycle in the U.S. With several bond metrics approaching extreme levels relative to recent history, here are a few things to be aware of, and
WASHINGTON — Expanding the uses for private activity bonds and enacting infrastructure legislation are the priorities that Rep. Steve Stivers, R-Ohio, will have in 2019 as the new GOP co-chair of the Municipal Finance Caucus. Stivers also plans to use the recruiting skills he honed in the 2017-18 election cycle as chair of the House
Shutterstock The interest rate on the 10-year Treasury is trending higher every month that goes by. The price of oil is trending higher every month as well. This has been the case for a while now and I’m surprised that, so far, the stock market mostly continues on as if little of that mattered. I’m
The Conference Board Employment Trends Index fell to 110.41 in November from 110.73 in October, the board said on Monday. On a year-over-year basis, however, the ETI remains positive registering a 4.4% gain. “The Employment Trends Index declined slightly this month and shows some moderation after reaching its highest point so far in August,” said
Picture of 10.000 bolivar-bill taken in Caracas on July 26, 2018. – Venezuelan President Nicolas Maduro on July 25 announced the removal of five zeroes from the country’s currency — two more than originally planned — amid hyperinflation the IMF said could reach one million percent this year. (Photo by Juan BARRETO / AFP) (Photo
Scranton’s employee pension plans showed, for the first time in years, “noticeable, across-the-board improvements,” that include stronger funding and reduced debt levels, Pennsylvania Auditor General Eugene DePasquale said. Still, significant work remains for all three pension plans, DePasquale told reporters at Scranton City Hall on Thursday. Funding levels increased in all three employee pension plans,