Company payrolls surged by 195,000 in August, well above Wall Street estimates and at a time when fears have been growing about a looming recession, according to a report Thursday from ADP and Moody’s Analytics.
Markets will rally for the rest of the year, according to J.P. Morgan.
U.S. consumer spending increased solidly in July as households bought a range of goods and services, which could further allay financial market fears of a recession, but the strong pace of consumption is unlikely to be sustained amid tepid income gains.
Gross domestic product increased at a 2.0% annualized rate, the Commerce Department said in its second reading of second-quarter GDP on Thursday.
U.S. wholesale chain Costco was forced to shut its first store in China early on its opening day on Tuesday, according to state media, after large crowds flocked through the door and caused traffic jams in the Shanghai neighborhood.
European Union officials have drawn up an aggressive 173-page plan to counter both President Donald Trump’s trade moves and American tech giants including Google, Apple, Amazon, Microsoft and Facebook.
Federal Reserve officials who voted to lower interest rates three weeks ago agreed that the move shouldn’t be viewed as an indication that there is a “pre-set course” for future cuts, according to meeting minutes released Wednesday.
Target CEO Brian Cornell still thinks the U.S. consumer is strong and spending, despite fears that some shoppers may be pulling back with the threat of another economic recession looming.
Bank of America CEO Brian Moynihan is not worried about a potential U.S. economic slowdown, saying the American consumer is still in a strong place and can keep the economy growing.
Amid rising fears of a recession, Domino’s Pizza CEO Ritch Allison said Tuesday that the U.S. consumer is still strong.