Arrow-right Camera

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Partly Cloudy Night 32° Partly Cloudy
News >  Nation/World

Economic Reports Jolt Wall Street

From Wire Reports

Fresh signs of a robust economy emerged Friday, but they fed concerns about a new round of inflation. Financial markets slid further.

The Commerce Department reported that consumer spending shot up 0.8 percent in July, fastest in six months, while sales of new homes rose 0.9 percent, the third straight advance.

At the same time, the Purchasing Management Association of Chicago said its index of area business activity rose to 64.3 percent in August, more than recovering a slight drop to 60.6 percent in July.

The Dow Jones industrial average, after bouncing around throughout the day, ended down 72.01 to 7,622.42, extending the week’s decline to 265.49 points.

In other reports this week:

The Commerce Department said the gross domestic product, the sum of all goods and services produced within the United States, grew at at a robust 3.6 percent in the second quarter.

The Conference Board said consumer confidence unexpectedly rose almost three points to 129.1 in August, a sign consumer spending and growth may pick up in the coming months.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.


Annual health and dental insurance enrollment period open now

 (Courtesy Washington Healthplanfinder)
Sponsored

2020 has been a stressful year for myriad reasons.