Productivity up 2.9 percent in spring economy
The Labor Department reports U S productivity rose 2.9 percent annualized in the April to June quarter, the smallest gain since late 2002 after a 3.7 percent rise in the first quarter. Unit labor costs rose 1.9 percent in Q2, though 12 month rise remains only 0.2 percent, signaling contained wage pressures and a benign inflation outlook.
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Washington
Labor Department
Federal Reserve
Merrill Lynch
Ron Wexler
Wall Street
Dow Jones
Fed raises key rate a quarter point to 1.50 percent
The Federal Reserve boosted the federal funds target to 1.50 percent amid a mixed view of the economy. Analysts saw the move as cautious, while some expect a possible September increase if growth picks up, despite a soft patch and higher energy costs.
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Washington
Federal Reserve
Central Bank
Fed
Alan Greenspan
Federal Open Market Committee
David Jones
Greenspan Fed
Stocks Rise After Fed Signals Growth Despite Oil Surge
The Dow gained 130.01 points to 9,944.67 and the S&P 500 rose 13.82 to 1,079.04 while the Nasdaq climbed 34.06 to 1,808.70 as the Fed raised rates 0.25 point to 1.5 percent and said growth should resume despite oil price pressures and slow job creation. Analysts warned the bounce may not last amid inflation fears, oil dynamics, and political uncertainty. EchoStar fell short of expectations even as May Department Stores posted a second-quarter profit beat. Lord & Taylor and Marshall Field parent May rose to 25.90.
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Standard & Poor
May Department Stores Co
Lord & Taylor and
Marshall Field
May
Grain futures dip on Chicago Board of Trade
Chicago Grain futures declined in early trading as wheat for September delivery slipped to 3.14 a bushel, September corn fell to 2.25, September oats held at 1.33, and September soybeans dropped to 5.71 a bushel, signaling a broad retreat in agricultural commodities.
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Chicago
Chicago Board of Trade
Illinois Direct Hogs Prices Steady Amid Moderate Demand
Eastern Cornbelt carcass prices unavailable early. Illinois Direct Hogs Laws show trading steady with moderate demand and offerings. 1-3 300-400 lbs 46.00-48.00. 400-500 lbs 47.00-49.00. 500-600 lbs 49.00-51.00. over 600 lbs 51.00-53.00. Boars under 300 lbs 35.00-40.00. over 300 lbs 10.00-16.00.
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