The U.S. economy expanded at an annual rate of 3% in the second quarter of 2024, bolstered by strong consumer spending and robust business investment, according to an updated report released by the Commerce Department on Thursday. This revised figure marks an increase from the initial estimate of 2.8% growth for the period from April to June.

U.S. Economy Grows at 3% in Second Quarter, Driven by Consumer Spending and Investment

Reuters

BERLIN (Reuters) - The downturn in Germany's manufacturing sector, which accounts for about a fifth of Europe's biggest economy, continued to gather pace in August, a survey showed on Monday.

Downturn in German manufacturing accelerates, PMI shows

iHeartRadio

The Nasdaq closed down 3% while the S&P 500 finished the day 2% lower.

Dow Falls Over 600 Points Following Weak Manufacturing Reports

Contrary to what many believe in, investment research firm BCA Research sees that the economy is on the cusp of a recession. "There's things that are breaking down quite rapidly now," Garry Evans, BCA Research's chief strategist of global asset allocation said on CNBC's "Squawk Box Asia." Contrary to what...

A recession is coming in the U.S., and 'a few rate cuts' won't prevent it, says strategist

NBC News

U.S. factories remained in slowdown mode in August, fueling fears about where the economy is headed, according to separate manufacturing gauges. The Institute for Supply Management monthly survey of purchasing managers showed that just 47.2% reported expansion during the month, below the 50% breakeven point for activity. Though that was...

Weak manufacturing measures raise specter of U.S. economic slowdown

Equities have lost over $1 trillion in market capitalization over the past trading session as large-cap tech stocks endured a massive sell-off that saw the price of Nvidia (NVDA), a company that’s been rallying off of AI growth bets, losing over $360 billion in market capitalization including its after-hours move.

Titans Tumble: $1 Trillion Wiped Out in Record-Breaking Single-Day Stock Loss

BERLIN (Reuters) - The number of people out of work in Germany rose significantly less than expected in August, Federal Labour Office figures showed on Friday. The office said the number of unemployed grew by 2,000 in seasonally adjusted terms to 2.8 million. Analysts polled by Reuters had expected that figure to rise by 16,000.

German unemployment rises less than expected in August, labour office says

New York Post

Lowe’s cut its annual profit and sales forecasts on Tuesday, echoing bigger rival Home Depot’s concerns of a slim chance of a recovery in home improvement demand this year.

The Federal Reserve was expected to cut interest rates earlier this year, but insufficient proof of easing inflation thus far has kept the rates high, which is affecting home sales, and consequently demand for expensive renovation projects.

“We’re seeing significant implications … people aren’t moving nearly as often as they typically do because current mortgage rates are so much higher,” said CEO Marvin Ellison on a post-earnings call.



Big box retailers peddle Halloween products in...

Lowe’s follows rival Home Depot with dismal profit forecast: ‘People aren’t moving’

Georgia State

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DeanLand

Three earthquakes were recorded in Georgia during August, the strongest a 2.4 magnitude which occured far outside of the area where Georgia earthquakes most often occur. The quakes were recorded and reported by the US Geological Survey, which maintains seismograph stations throughout the US.

Rare SE Georgia Earthquake Recorded in August, State's Farthest South in 10 Years

TheStreet

August put investors through a lot of drama. This week features one giant economic report. Also: The top stocks of the month.

How big will the Fed rate cut be? Watch the jobs report

South Korea's headline inflation for August eased to 2% form 2.6%, its lowest level on a year-on-year basis since March 2021. Mainland China's CSI 300 looks to hover near a seven-month low, according to futures. Asia-Pacific markets mostly fell on Tuesday as investors assess South Korea's August inflation numbers, which...

Asia-Pacific markets mostly fall after South Korea's inflation rate hits 42-month low

The beginning of the month means lots of data drops. Let’s start with the manufacturing sector: Forecasters expected the news to be bad, and guess what? The news was bad. Actually, even worse than expected. The economy might still be growing, but the manufacturing industry is not. It contracted...

Full warehouses and fewer orders: manufacturing production declines across the U.S.

TEMPE, Ariz. — Economic activity in the manufacturing sector contracted in August for the fifth consecutive month and the 21st time in the last 22 months, say the nation's supply executives in the latest Manufacturing ISM® Report On Business. The report was issued Tuesday by Timothy R. Fiore,...

Manufacturing Sector Contracts for Fifth Consecutive Month

FXDailyReport.com

Crude oil prices cratered to start the holiday-shortened trading week, erasing their 2024 gains on the prospect of higher supplies and waning demand. Oil prices are now trading at their lowest levels since January and could descend further. October West Texas Intermediate (WTI) crude oil futures plummeted $2.93, or 3.98%,...

Oil Prices Crash to Lowest Level in 2024 on Growing Supply, Falling Demand Fears

Two indicators of manufacturing activity depicted sluggish activity in the sector. Manufacturing activity, which is often used as a measure of economic growth, has been significantly impacted by higher borrowing costs, economists said. Economists say the factory sector will be stuck in neutral until the Federal Reserve lowers interest rates.

Manufacturing Struggles Persist Under High Interest Rates

An uptick in sausage demand can offer the latest sign of consumers tightening their belts as they continue grappling with high prices. There’s been “modest growth” in the dinner sausage category for one producer, according to the Dallas Federal Reserve’s Texas Manufacturing Outlook Survey released Monday. This underscores the trends of shoppers opting for cheaper products and pulling back spending all together as cumulative inflation bites into purchasing power.

Increased sausage demand may be red flag, Dallas Fed survey says

The Motley Fool

History shows that stock-split stocks tend to continue outperforming their peers.

3 Stock-Split Stocks to Buy Hand Over Fist Before They Soar as Much as 204% According to Select Wall Street Analysts

The Independent

 Wall Street took a dive on Tuesday, particularly for chip-selling tech companies, as investors watched the major markets tumble. The S&P 500 was down more than 2 percent and the NASDAQ Composite was down more than 3 percent - or 577 points - in a wide-ranging selloff suggesting a lack of confidence in AI and chip manufacturing heading into September. Overall, the Dow Jones Industrial Average was down 1.5 percent, or 626 points, to close the. It ended day trading at 40,936.93.Tuesday's drop was the largest for the big three markets since early August, according to Yahoo Finance. Nvidia,...

Stocks tank as economic slowdown fears mount and tech companies disappoint

Gary Ng, Asia-Pacific economist at Natixis, discusses the rise in China's Caixin manufacturing purchasing managers index and says "things are still quite challenging."

China's Caixin manufacturing PMI data not very optimistic, economist says

LONDON (August 3) The EUR/USD pair has been under pressure recently, influenced by weaker-than-expected European manufacturing data. Spain’s Manufacturing PMI came in at 50.5, down from 51.4, while Italy’s was even lower at 49.4, signaling contraction. France and Germany’s manufacturing sectors also struggled, with PMIs at 42.1 and...

Dollar Index Eyes $102 as US Bond Yields Push Higher, Euro Under Pressure

NewsBreak

Manufacturing, Construction Slowdown Trigger Broad Sell-Off

The finish line is finally in sight for the Fed’s marathon race toward rate cuts and a soft landing. Maybe some last-mile anxiety was inevitable. Tuesday...

Manufacturing, Construction Slowdown Trigger Broad Sell-Off

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