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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Jerome Powell announces new Fed approach to inflation
US Fed Chairman, Jerome Powell, in his speech at the annual Jackson Hole, announced that the US central bank has shifted policy under which the central bank will allow inflation to run “moderately” above the Fed’s 2% goal for some time before the Fed will need to act by raising interest rates. Jerome Powell stated that this change will help to strengthen the labour market, particularly for many in low and moderate income communities.
US annualised GDP declined less than initially expected in 2Q 2020
In the US, the second estimate of annualised gross domestic product (GDP) plunged 31.70% on a QoQ basis in 2Q 2020, compared to a fall of 5.00% in the prior quarter. Markets were expecting GDP to record a fall of 32.50%.
US number of initial jobless claims dropped less than anticipated in the week ended 22 August 2020
In the US, the seasonally adjusted number of initial jobless claims eased to a level of 1006.00 K in the week ended 2 August 2020, compared to a revised reading of 1104.00 K in prior week. Market anticipations were for the number of initial jobless claims to fall to a level of 1000.00 K.
US pending home sales rose more than expected in July
In the US, pending home sales registered a rise of 5.90% on a MoM basis in July, compared to a revised rise of 15.80% in the previous month. Markets were expecting pending home sales to record a rise of 3.00%.
US Kansas City Fed manufacturing activity index advanced in August
In the US, the Kansas City Fed manufacturing activity index recorded a rise to 23.00 in August, compared to a reading of 7.00 in the previous month.
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