Lates News

A global survey by Standard & Poor's shows that the preliminary reading of the U.S. manufacturing PMI in July has contracted for the first time since December last year. Standard & Poor's Global noted, "Any protectionist benefits of import tariffs are often offset by concerns of rising prices and costs." The Atlanta Fed predicts that the annualized growth rate of the economy in the second quarter will rebound to 2.4%, primarily reflecting a reversal in import flows. The official preliminary GDP data for the second quarter will be announced next week.