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United States Department Of Commerce
Latest United States Department Of Commerce Items
Sales of new homes dropped sharply last month to the slowest pace on record, the latest sign that the economic recovery is fading.
New home construction edged up slightly in July, but applications for building permits tumbled to the lowest point in 14 months, a sign of continued stress in housing.
The nation's highest income groups predictably did better during the recession and socked away their money, new government figures show, but wealthier Americans' newfound penchant for savings is already driving Democratic calls to raise taxes on them this fall.
Americans spent less at most retail stores in July and inflation remained tame as high unemployment and weak job growth fueled fears of a slowing economic recovery.
What a difference a week or so makes. July was a pretty good month for stocks and capped off a strong rally that began in mid-May.
President Obama signed a bill lowering tariffs on materials used by U.S. manufacturers and urged Congress to approve $5 billion in additional clean-energy tax credits.
Stocks and interest rates fell sharply Wednesday as more bad news chipped away at investors' view of the economy.
Cisco Systems Inc. reported stronger earnings in the latest quarter as its customers continued to catch up on delayed purchases of networking gear, but its CEO said the company was seeing signs of the economic recovery slowing down.
The U.S. trade deficit surged in June to the highest level since October 2008 and imports of foreign consumer goods hit an all-time high. But U.S. exports faltered, representing a setback for American manufacturers.