US container imports jumped 8% in June ahead of higher fuel costs and tariff increases
US container imports surged 8.2% in June from the year earlier, after buyers rushed in goods to avoid potential new tariffs and higher transportation costs tied to the U.S.-Israeli war in Iran. (Reuters)
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Fed’s Williams stays optimistic as energy prices fall
Atlanta Federal Reserve Bank of New York President John Williams said he expects falling energy prices to drive a drop in overall inflation over the next few months, while reiterating the central bank’s policy is in a good place for now. (Bloomberg)
US service sector growth dips in June; employment rebounds after months of contraction
US services sector activity dipped in June as some of the boost from businesses rushing to place orders amid the Middle East war ebbed, but employment rebounded after contracting for three straight months, pointing to continued labour market stability. (Reuters)
Brazil sees government spending share easing to 19% of GDP this year
Brazil’s government expects total spending as a share of gross domestic product to decelerate and end the year at around 19%, Treasury Secretary Daniel Leal said on Monday. (Reuters)
Surge in imports drives US goods trade deficit to 14-month high in May
The US trade deficit in goods swelled to a 14-month high in May as businesses boosted imports, likely to avoid shortages and higher prices related to the war in the Middle East, prompting economists to cut their growth estimates for the second quarter. (Reuters)
US first-quarter GDP revised sharply higher; but consumer spending nearly stalls
The US economy grew faster than previously estimated in the first quarter, but consumer spending almost stalled. Gross domestic product increased at an upwardly revised 2.1% annualized rate last quarter, the Commerce Department’s Bureau of Economic Analysis said in its third estimate of first-quarter GDP. (Reuters)
AI boom’s US employment, wage impact muted so far, ECB study finds
A boom in the use of artificial intelligence may displace some workers, but the overall effect on aggregate employment or wages in the US has been muted so far, according to a European Central Bank study released on Monday. (Reuters)
US: US manufacturing output unchanged in May after large gain in April
U.S. factory production was unexpectedly unchanged in May as strength in the output of long-lasting manufactured goods like motor vehicles was offset by declines in non-durable goods. (Reuters)