ADM earnings fall as ethanol margins shrink in Q2
Archer Daniels Midland reports second quarter net income of 284 million dollars or 48 cents a share, down from 386 million or 62 cents, as ethanol margins weaken and Ag Services profits slip. Revenue declines to 15.6 billion from 17.2 billion. CEO Juan Luciano cites challenging first half and expects a better second half with 150 million in savings toward a 275 million target.
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Chicago Fed President Opens Door to Rate Hike This Year
Chicago Federal Reserve President Charles Evans signaled a lukewarm endorsement of a rate increase later this year while worrying inflation remains above target. He said the real economy is doing well despite headwinds from Europe and China and noted one possible rate rise, though he would prefer none until inflation cools further. The Fed raised its benchmark rate last December for the first time in a decade.
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Private sector adds 179000 jobs in July
Private employers added 179000 net jobs in July per ADP, signaling labor market strength as growth moderates near full employment. Manufacturing payrolls rose 4000 after January, while construction cut 6000 positions for a second straight month.
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