The dollar has retreated on Thursday, following the release of several weaker than expected economic reports. Among the disappointing results was the downward revision to second quarter GDP and a larger than expected decrease in new orders for durable goods. The lone bright spot was the bigger than anticipated drop in initial jobless claims.
In a positive sign for the sluggish labor market, the Labor Department released a report Thursday morning showing a much bigger than expected drop in first-time claims for U.S. unemployment benefits in the week ended September 22nd.
The report showed that jobless claims fell to 359,000 from the previous week’s revised figure of 385,000. Economists had expected jobless claims to drop to 376,000 from the 382,000 originally reported for the previous week.
With private inventory investment, consumer spending, and exports all rising by less than previously estimated, the Commerce Department released a report on Thursday showing that the U.S. economy expanded by less than previously reported in the second quarter.
The report showed that U.S. gross domestic product increased at an annual rate of 1.3 percent in the second quarter compared to the previous estimate of 1.7 percent growth. The downward revision came as a surprise to most economists, who had expected the rate of second quarter GDP growth to be unrevised.
New orders for U.S. manufactured durable goods showed a substantial decrease in the month of August, according to a report released by the Commerce Department on Thursday, with the steep drop largely due to a sharp decline in orders for transportation equipment.
The Commerce Department said durable goods orders fell by 13.2 percent in August following a revised 3.3 percent increase in July. Economists had been expecting durable goods orders to drop by a more modest 5.0 percent.
After jumping to a two-year high in the previous month, pending home sales in the U.S. unexpectedly saw a notable pullback in the month of August, according to a report released by the National Association of Realtors on Thursday.
NAR said its pending home sales index fell by 2.6 percent to 99.2 in August after rising by 2.6 percent to 101.9 in July. The drop came as a surprise to economists, who had expected pending home sales to edge up by another 0.3 percent.
Investor concerns over Greece and Spain persisted on Thursday. Spain is presenting its draft budget for 2013 later today, which is expected to include more economic reforms, including further cutbacks, pension reform and new taxes on greenhouse emissions. Protests continued in Madrid against the expected austerity measures, which may pave the way for an official aid request.
The dollar has retreated on Thursday, following the release of several weaker than expected economic reports. Among the disappointing results was the downward revision to second quarter GDP and a larger than expected decrease in new orders for durable goods. The lone bright spot was the bigger than anticipated drop in initial jobless claims.
In a positive sign for the sluggish labor market, the Labor Department released a report Thursday morning showing a much bigger than expected drop in first-time claims for U.S. unemployment benefits in the week ended September 22nd.
The report showed that jobless claims fell to 359,000 from the previous week’s revised figure of 385,000. Economists had expected jobless claims to drop to 376,000 from the 382,000 originally reported for the previous week.
With private inventory investment, consumer spending, and exports all rising by less than previously estimated, the Commerce Department released a report on Thursday showing that the U.S. economy expanded by less than previously reported in the second quarter.
The report showed that U.S. gross domestic product increased at an annual rate of 1.3 percent in the second quarter compared to the previous estimate of 1.7 percent growth. The downward revision came as a surprise to most economists, who had expected the rate of second quarter GDP growth to be unrevised.
New orders for U.S. manufactured durable goods showed a substantial decrease in the month of August, according to a report released by the Commerce Department on Thursday, with the steep drop largely due to a sharp decline in orders for transportation equipment.
The Commerce Department said durable goods orders fell by 13.2 percent in August following a revised 3.3 percent increase in July. Economists had been expecting durable goods orders to drop by a more modest 5.0 percent.
After jumping to a two-year high in the previous month, pending home sales in the U.S. unexpectedly saw a notable pullback in the month of August, according to a report released by the National Association of Realtors on Thursday.
NAR said its pending home sales index fell by 2.6 percent to 99.2 in August after rising by 2.6 percent to 101.9 in July. The drop came as a surprise to economists, who had expected pending home sales to edge up by another 0.3 percent.
Investor concerns over Greece and Spain persisted on Thursday. Spain is presenting its draft budget for 2013 later today, which is expected to include more economic reforms, including further cutbacks, pension reform and new taxes on greenhouse emissions. Protests continued in Madrid against the expected austerity measures, which may pave the way for an official aid request.
The greenback has remained little changed versus the Japanese Yen on Thursday, hovering around Y77.640 level, just slightly above Wednesday’s low of Y77.580.