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US client confidence falls in August to lowest in 6 years
WASHINGTON (AP) — U.S. client confidence fell for second straight month in August to the bottom studying in additional than six years as a resurgence of virus circumstances in lots of components of the nation heightened pessimism concerning the economic system. The Convention Board, a New York-based analysis group, reported Tuesday that its Shopper Confidence Index declined to a studying of 84.Eight in August, the bottom stage since May 2014. The August drop, which adopted a July decline to 91.7 put the index 36% beneath its excessive level for the 12 months, a studying of 132.6 in February earlier than the coronavirus started to significantly impression the USA.
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July gross sales of recent properties surge 13.9%, excess of thought
SILVER SPRING, Md. (AP) — Gross sales of recent properties jumped once more in July, rising 13.9% because the housing market continues to achieve traction following a spring downturn brought on by pandemic-related lockdowns. The Commerce Division reported Tuesday that July’s acquire propelled gross sales of recent properties to a seasonally-adjusted annual price of 901,000, probably the most since 2006. That’s a far greater quantity than analysts had anticipated and follows huge will increase in May and June. The current gross sales positive factors adopted a steep dropoff in March and April as a lot of the nation stayed dwelling as a result of authorities restrictions meant to sluggish the unfold of coronavirus.
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S&P CoreLogic Case-Shiller: US dwelling costs rise 3.5% in June
WASHINGTON (AP) — U.S. dwelling costs rose at a barely slower tempo in June, however the U.S. housing market continued to point out resilience within the face of the coronvavirus pandemic. The S&P CoreLogic Case-Shiller 20-city dwelling price index rose 3.5% in June from a 12 months earlier, down from May’s 3.6% improve and barely beneath economist’s expectations. Phoenix led the best way with a 9% improve adopted by Seattle (up 6.5%) and Tampa (up 5.9%).
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American Airways plans 19,000 furloughs, layoffs in October
DALLAS (AP) — American Airways says it would furlough or lay off 19,000 workers in October because it struggles with a pointy downturn in journey due to the pandemic. Flight attendants will bear the heaviest cuts, with 8,100 dropping their jobs. The numbers introduced Tuesday are along with 23,500 workers who accepted buyouts, retired early or took long-term leaves of absence. U.S. air journey has recovered barely since April however stays down 70% from a 12 months in the past, and carriers say they want fewer staff. In March, passenger airways acquired $25 billion from the federal government to save lots of jobs for six months, however that cash and a ban on furloughs each expire Oct. 1.
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AP-NORC ballot: Many in US shoring up funds amid downturn
WASHINGTON (AP) — A brand new ballot from The Related Press-NORC Heart for Public Affairs Analysis finds 45% of Individuals say they’re setting apart more cash than standard in the course of the coronavirus pandemic. Twenty-six p.c are paying down debt quicker than earlier than the virus struck. The findings make clear a persistent riddle of a worldwide pandemic during which a weakened economic system has in some way spared most U.S. households from the worst of the monetary toll. Simply 37% name the nationwide economic system good, down from 67% in January. However on the similar time, 63% describe their private monetary state of affairs pretty much as good, largely in step with what it was earlier than the pandemic started.
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Iowa farmers not sure what’s subsequent after winds flatten corn
WOODWARD, Iowa (AP) — Earlier than an uncommon wind storm this month, Iowa corn farmers had been anticipating a near-record crop. A couple of month earlier than corn can be totally mature and prepared for harvest, a derecho blew in from the west with hurricane-force winds that lower a swath by means of the center of Iowa. The Aug. 10 storm flattened corn fields and broken grain bins, farm buildings and houses. Thousands and thousands of acres of Iowa corn are broken to some extent.
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Bank income droop 70% as virus rakes companies, households
NEW YORK (AP) — The FDIC says the U.S. banking trade’s second quarter income fell by 70% from a 12 months in the past. The falloff got here as low rates of interest and the financial turmoil of the COVID-19 pandemic weighed closely on huge and small banks alike. Complete bank income throughout the 5,066 insured establishments had been $18.Eight billion, in contrast with income of $62.5 billion in the identical interval a 12 months in the past. This was the second consecutive quarter of steep revenue declines for the trade, as many banks took put aside billions to cowl doubtlessly unhealthy loans again in April.
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Nordstrom’s 2Q gross sales down 53% damage by pandemic fallout
NEW YORK (AP) — Nordstrom Inc. has reported a larger-than-expected loss and a 53% drop in gross sales for the fiscal second quarter because the pandemic pressured the upscale chain to briefly shut shops. The Seattle-based retailer’s enterprise was additionally damage by the shift of its anniversary gross sales from the fiscal second quarter to the third quarter. Like many shops and different non-essential retailers, Nordstrom was pressured to briefly shut its shops and furlough staff when the pandemic was declared in mid March. Nordstrom’s shops have now reopened however shops had been briefly closed throughout half of the fiscal second quarter.
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The S&P 500 index rose 12.34, or 0.4%, to three,443.62. The Dow Jones Industrial Common fell 60.02, or 0.2%, to 28,248.44, and the Nasdaq composite rose 86.75, or 0.8%, to 11,466.47. The Russell 2000 index of smaller-company stocks ended up 2.74 factors, or 0.2%, at 1,571.21.
