August 2014 Flash Report

Bolstered by a smaller trade deficit and the biggest gain in corporate spending in more than two years, August reports indicated the US economy expanded in the 2nd quarter by more than previously forecast (4.2% versus 4.0%). Corporate profits also grew by 8%, the most since the third quarter of 2010, significantly outpacing the first quarter’s 9.4% drop. Orders for durable goods set a record pace in July, suggesting sustained growth in manufacturing, while favorable data from housing to employment has Fed officials debating the timeframe for tightening monetary policy.

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