Nonmanufacturing Report on Business - July 2008
# NMI/PMI: 49.5
# Reading above 50 represents growing activity
# Change: Up 1.3
Federal Funds Rate - August 5, 2008
Federal Funds Rate: 2.00%
Discount Rate: 2.25%
Japanese economic indicators nosedive
Consumer confidence down, near record low: ABC
NEW YORK (Reuters) - American consumers' confidence fell in the latest week to within 2 points of its record low and is on pace for its second-worst year in 22 years of measurements, a survey showed on Tuesday.
Image via WikipediaFed Keeps Benchmark Interest Rate at 2%, Signals No Increase Anytime Soon
The Federal Reserve kept its benchmark interest rate at 2 percent and signaled that weak employment and financial instability will delay any increase in borrowing costs.
U.S. Service Industries Contract a Second Month in Sign Slowdown Spreading Service industries in the U.S. shrank in July for a second straight month as a decline in new orders overshadowed an improvement in employment.
Global economy shrinks for second month: JP Morgan
Treasury Hires Morgan Stanley
The Treasury Department hired Morgan Stanley to provide "market analysis and financial expertise" in connection with its rescue plan for Fannie Mae and Freddie Mac.
No Change Seen for European Rates
The ECB and Bank of England are almost certain to leave interest rates on hold when they conclude their policy meetings, amid further signs that the euro-zone and British economies are slowing.
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