Coronavirus
US Housing Starts Surge by Most Since 2016, Permits Climb
U.S. home construction starts increased in July by more than forecast and applications to build surged by the most in three decades, indicating builders are responding to robust housing demand fueled by record-low interest rates.
Oil Drops for Third Day Before OPEC+ Reviews Easing Output Cuts
Oil fell below $42 a barrel in New York as OPEC+ gathered to assess its supply deal, with countries struggling to contain the virus that has hurt economies and fuel demand globally.
Oil Set to Eke Out Weekly Gain With Virus Fears Capping Prices
Oil is poised to post a second straight weekly gain, buoyed by an improving global economic picture and rising U.S. gasoline demand.
US Industrial Production Up 3%; Factory Output Rises 3.4%
American industry continued to regain ground lost in the coronavirus recession last month, but production remains well below where it was before the pandemic struck.
Rebound in US Retail Sales Slowed in July Amid Virus Surge
The rebound in U.S. retail sales slowed in July by more than expected, indicating a surge in coronavirus cases and still-high unemployment cooled the economic recovery.
Transportation Groups Keep Pressing Congress for COVID-19 Relief
Stakeholders representing the country’s freight and passenger transportation interests have ramped up calls for pandemic-related emergency aid as White House and congressional negotiators appear to have reached an impasse this month.
Trump Draws Hard Line on USPS in Stalled Relief Talks
President Donald Trump raised a new obstacle in the completion of a deal on a coronavirus-relief package Aug. 13 by drawing a hard line against a Democratic plan for shoring up the U.S. Postal Service, adding his unsupported claim that more mail-in voting in the November election would increase fraud.
US Jobless Claims Below 1 Million for First Time in Pandemic
The number of Americans applying for unemployment benefits fell below 1 million for the first time since the pandemic began in March, suggesting the economic recovery is gaining some traction amid a deceleration in coronavirus infections.
Stocks Briefly Erase Pandemic Losses; Oil Rallies
U.S. stocks briefly surpassed the all-time closing high reached before the coronavirus pandemic, propelled by surging technology shares. The dollar weakened, and Treasury yields rose to five-week highs.
Labor Abuse Allegations Tie Up Ships in Australia Ports
Australian authorities detained at least two cargo ships for alleged labor violations related to demands from seafarers to be sent home, some of whom have spent more than a year at sea.
August 12, 2020