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Gold
Gold Gains as Weaker Dollar Spurs Demand
Gold gained in New York and London as the dollar traded near a 10-month low, increasing demand for the precious metal as an alternative investment.
“If gold does break through $960 an ounce, the next resistance will be $981,” brokerage firm GoldCore Ltd. in Dublin said today in a note. “Failing that, we will revert to the current range of $905 to $960 an ounce.”
Aug 4 · 10:30:00 AM · Source: Bloomberg.com
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by Rich Pike
Housing
Pending home sales up for 5th straight month
Pending sales of previously owned U.S. homes rose at a faster-than-expected pace in June, a real estate trade group said on Tuesday, more evidence the housing market was starting to claw out of a three-year slump.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in June, rose 3.6 percent to 94.6. It was the fifth straight month of advance and the first such streak in six years, the industry group said.
Aug 4 · 10:23:00 AM · Source: Reuters.com
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by Rich Pike
Incomes
U.S. Incomes Fall 1.3%
U.S. personal incomes tumbled 1.3 percent in June, more than forecast and the biggest drop in four years, signaling that consumer spending will take time to recover.
The decline partly reflected the unwinding of one-time transfer payments from the Obama administration’s stimulus plan, which boosted incomes 1.3 percent in May, figures from the Commerce Department showed today in Washington. Spending rose 0.4 percent in June as prices climbed. Adjusted for inflation, purchases fell 0.1 percent, the report showed.
Aug 4 · 9:19:00 AM · Source: Bloomberg.com
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by Rich Pike
IMF
IMF: Worst over for U.S. but recovery to be slow
The sharp contraction in the U.S. economy "seems to be ending" but recovery will be slow with risks still looming from the weak labor and housing markets, the International Monetary Fund said on Friday.
The IMF, in its annual report on the U.S. economy, stuck to earlier forecasts that gross domestic product will shrink by 2.6 percent in 2009 and then rise by 0.8 percent in 2010.
Jul 31 · 1:22:00 PM · Source: Reuters
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by Rich Pike
GDP
Pace of GDP Contraction Slows in Second Quarter
Gross domestic product fell at a seasonally adjusted 1.0% annual rate April through June, the Commerce Department said Friday in the first estimate of second-quarter GDP.
The pace of contraction has slowed. It fell 6.4% in the first quarter and 5.4% in the fourth quarter.
Jul 31 · 10:02:00 AM · Source: Wall Street Journal
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by Rich Pike
Unemployment
May-June joblessness up in 90% of metro areas
USA Today is reporting that unemployment rates rose from May to June in 348 of more than 370 metro areas, according to an Associated Press analysis of Labor Department data released Wednesday.
The Labor Department does not provide seasonally adjusted metro area unemployment data. It does adjust the national unemployment rate for seasonal factors. The U.S. jobless rate, which hit 9.5% in June, is expected to rise to 9.7% when the department reports the July rate next week.
Jul 30 · 5:21:00 PM · Source: USA Today
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by Rich Pike
Mortgage Rates
U.S. Mortgage Rates Rise to 5.25%
The average 30-year rate increased to 5.25 percent from 5.2 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate was 4.69 percent.
Federal Reserve Chairman Ben S. Bernanke is trying to lower borrowing costs with a program to purchase mortgage-backed securities. The central bank’s plan brought down yields on government debt and mortgage-backed bonds issued by Fannie Mae, Freddie Mac and Ginnie Mae, allowing lenders to reduce rates on new loans and still sell the securities at a profit. Rates started climbing in May along with Treasury yields on investor concern that higher government debt would fuel inflation.
Jul 30 · 12:16:00 PM · Source: Bloomberg.com
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by Rich Pike
Durable Goods
Durable Goods Orders Drop 2.5%
The Commerce Department reported that durable goods orders fell 2.5 percent in June, the largest drop since January.
This was worse than market expectations for a 0.6 percent decline. Orders had advanced for two straight months. We're a long way from being out of the woods.
Jul 29 · 9:06:00 AM · Source: CNBC.com
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by Rich Pike
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