US-based employers announced 62,075 job cuts in July, up 29% from June’s total of 47,999, CG&C reported.
News in end use
US Weekly Initial Jobless Claims Trend Higher in the Week Ending July 26
The advance figure for seasonally adjusted initial unemployment claims was 218,000, an increase of 1,000 from the previous week.
Federal Reserve Holds Interest Rates Steady
The FOMC decided to maintain the target range for the federal funds rate at 4.25–4.50%.
US Pending Homes Sales Decline 0.8% in June
The NAR Pending Home Sales Index declined 0.8% month-over-month and 2.8% year-over-year in June.
US Real GDP Increases at an Annual Rate of 3.0% in Q2, BEA Reports in Its “Advance” Estimate
Real GDP increased at an annual rate of 3.0% in Q2, following a decrease of 0.5% in Q1.
Bank of Canada Maintains Target Overnight Rate at 2.75%
The Bank of Canada will maintain its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.
Mortgage Applications Decline in the Week Ending July 25
Mortgage loan application volume decreased 3.8% on a seasonally adjusted basis from one week earlier.
ADP: Private Sector Employment and Compensation Increase in July
Private sector employment increased by 104,000 jobs in July, and annual pay rose 4.4% year-over-year, ADP reported.
US Residential Construction Job Openings Little Changed in June
The number of open construction sector jobs was effectively unchanged at 246,000 in June, the BLS and NAHB reported.
FHFA Home Price Index Rises 2.8% Year-Over-Year in May
The FHFA House Price Index rose 2.8% year-over-year in May. On a month-over-month basis, seasonally adjusted prices declined 0.2%.