U.S. Economic News
August 3, 2020
U.S. Economic Indicators
Construction spending decreased 0.7% in June to an annualized rate of $1.36 trillion. Both private and public construction fell 0.7%. Census Bureau Report
The ISM Manufacturing Index rose 1.6 points to 54.2 in July. The Employment Index rose 2.2 points to 44.3, while the New Orders Index rose 5.1 points to 61.5. ISM Report
U.S. News
The Wall Street Journal reports that U.S. oil refineries operated well below capacity in the second quarter as demand for fuel, especially jet fuel, remained depressed due to the coronavirus pandemic. Fuel makers may have to continue adapting to a lower demand environment as the world increasingly shifts away from fossil fuels towards more renewable energy sources. WSJ