Economy

Consumers are growing more optimistic about the US economy – CNN

Published

2 years ago

September 27, 2022

CNN
—

Consumer confidence rose for a second straight month in September, as moderating gas prices and the hope that inflationary pressures might be easing helped lift the nation’s collective mood.

The Conference Board reported on Tuesday that its baseline index rose to 108 from a revised 103.6 in August.

The reading comes as welcome news, since the consumer outlook lately has been buffeted by the growing fear of an economic downturn. Last Thursday, the Conference Board said its Leading Economic Index notched its sixth consecutive drop, which the organization’s senior director of economics said is “potentially signaling a recession.” The index provides visibility into a range of economic activity ranging from jobs to manufacturing to markets.

The consumer confidence index is just one constellation of data points economists and investors will have to digest this week. The Bureau of Economic Analysis’s third and final look at second-quarter GDP will be released on Thursday. Barring an upward revision that finds the economy expanded instead of contracted, American economic activity will have fallen for two consecutive quarters, a commonly used — although unofficial — yardstick to indicate that the country is in a recession.

On Friday, the BEA will also release its Personal Consumption Expenditures Index, the Federal Reserve’s preferred inflation benchmark, and the University of Michigan will report on consumer sentiment.

This story is developing and will be updated.

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Economy

September merchandise trade deficit narrows to $1.3 billion: Statistics Canada

Published

11 hours ago

November 5, 2024

Anne Joseph

OTTAWA – Statistics Canada says the country’s merchandise trade deficit narrowed to $1.3 billion in September as imports fell more than exports.

The result compared with a revised deficit of $1.5 billion for August. The initial estimate for August released last month had shown a deficit of $1.1 billion.

Statistics Canada says the results for September came as total exports edged down 0.1 per cent to $63.9 billion.

Exports of metal and non-metallic mineral products fell 5.4 per cent as exports of unwrought gold, silver, and platinum group metals, and their alloys, decreased 15.4 per cent. Exports of energy products dropped 2.6 per cent as lower prices weighed on crude oil exports.

Meanwhile, imports for September fell 0.4 per cent to $65.1 billion as imports of metal and non-metallic mineral products dropped 12.7 per cent.

In volume terms, total exports rose 1.4 per cent in September while total imports were essentially unchanged in September.

This report by The Canadian Press was first published Nov. 5, 2024.

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