U.S. Economic News
August 24, 2017
U.S. Economic Indicators
Existing home sales fell 1.3% to a seasonally adjusted annual rate of 5.44 million in July, but are 2.1% above year-ago levels. NAR notes that buyer interest is still strong, but inventory shortages have put pressure on affordability, limiting the pace of sales. NAR Report
Initial jobless claims rose 2,000 to 234,000 last week. The four-week moving average fell 2,750 to 237,750. DOL Report
U.S. News
The Washington Post reports that a new Energy Department report on the electricity grid includes recommendations for regulatory changes that would bolster coal and nuclear power plants. The report also notes that cheap natural gas has been the primary driver of coal and nuclear plant shutdowns, rebutting the notion that environmental regulations or renewable energy sources were leading factors. WaPo
According to the Wall Street Journal, Fitch Ratings said yesterday that a failure to raise the debt ceiling in a “timely manner” would spur a review of the U.S.’ credit rating. Even if Congress manages to raise the debt ceiling before the end of September, Fitch says that brinkmanship over the debt limit could cause a downgrade of the country’s credit rating. WSJ