Robert Willis

News Editor at Argus Media

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Articles

Moody’s drops US debt outlook to negative

Nov 10, 2023 | argusmedia.com | Robert Willis

Moody's Investors Service late Friday lowered the outlook on US government debt ratings to negative, citing rising risk to the US' fiscal strength as Congress faces a possible government shutdown in a week. Moody's asserted the US' long-term issuer and senior unsecured ratings at Aaa, the highest rating on its scale, reflecting minimal credit risk. Changing the outlook to negative from stable can be a precursor to a ratings downgrade, which would raise borrowing costs.
US job growth slowed in October on strikes

Nov 3, 2023 | argusmedia.com | Robert Willis

US job gains slowed in October, partly reflecting strikes at major automaker plants and among motion picture screenwriters, leading to a higher unemployment rate. The US generated 150,000 jobs in October, below the monthly average of 258,000 over the prior 12 months, the Labor Department reported today. The unemployment rate rose to 3.9pc from 3.8pc. Job gains for the prior two months were revised lower by 101,000 jobs.
US light vehicle sales edge down in October

Nov 2, 2023 | argusmedia.com | Robert Willis

US light vehicle sales fell in October from the prior month, reflecting little impact from a strike by the United Auto Workers (UAW) that targeted the Big 3 automakers. Sales fell to a 15.5mn seasonally adjusted annual unit pace in October from a 15.7mn rate in September, according to the Bureau of Economic Analysis. That compared with a 14.7mn unit rate in October last year. Sales for the year peaked at a 16.1mn unit rate in June.
US economy grows nearly 5pc in 3Q

Oct 26, 2023 | argusmedia.com | Robert Willis

The US economy grew at a stronger-than-expected 4.9pc annual rate in the third quarter, the fastest pace since late 2021, as consumers boosted spending into the summer. Economic growth accelerated from a 2.1pc pace in the second quarter, according to the advance estimate from the Bureau of Economic Analysis. Consumer spending rose at a 4pc rate in the third quarter, up from 0.8pc growth in the second quarter. Spending on goods was up 4.8pc and spending on services rose by 3.6pc.
US inflation steadies in September, energy falls

Oct 12, 2023 | argusmedia.com | Robert Willis

US consumer prices rose by an annual 3.7pc in September for a second month even as core inflation slowed to its lowest in two years. The gain in September was slightly above most forecasts. So called core inflation, which strips out the more volatile food and energy prices, rose at a 4.1pc pace, slowing from a 4.3pc rate in the period through August, the Bureau of Labor Statistics said today.
US job growth surges in September, jobless rate steady

Oct 6, 2023 | argusmedia.com | Robert Willis

US job growth accelerated in September at the fastest rate since the first month of 2023, a sign the US Federal Reserve will likely have to keep interest rates higher for longer to rein in inflation. The US added 336,000 nonfarm jobs in September, about double what was expected by analysts, and the unemployment rate was unchanged at 3.8pc, the Labor Department said today. Job gains for the prior two months were revised higher by a combined 119,000 jobs.
US Fed holds rates, signals final hike ahead

Sep 20, 2023 | argusmedia.com | Robert Willis

The US Federal Reserve kept its target interest rate unchanged today, as expected, and signaled that most policymakers expect one more rate hike may be required this year to tame inflation. The Fed's Federal Open Market Committee (FOMC) held the federal funds target rate unchanged at 5.25-5.5pc, the highest in 22 years.
US housing starts fell to 3-year low in August

Sep 19, 2023 | argusmedia.com | Aaron May |Robert Willis

Housing starts fell by a monthly 11.3pc in August to the lowest level since June 2020, with multi-family starts off by more than a quarter amid a resurgence in borrowing costs and lack of home supply, a sign that demand for some construction materials such as polyvinyl chloride (PVC) may soften.
Gasoline accelerates US inflation in August

Sep 13, 2023 | argusmedia.com | Robert Willis

US consumer prices accelerated to a 3.7pc annual rate in August, led by a surge in monthly gasoline prices, even as slowing core inflation is likely to keep Federal Reserve policymakers on track to hold their key policy rate unchanged at next week's meeting. Last month's gain in the consumer price index (CPI), which tracks prices of goods and services, was more than most forecasts and compared with a 3.2pc annual rate in July, according to the Bureau of Labor Statistics.
US sales of light vehicles down in August

Sep 5, 2023 | argusmedia.com | Robert Willis

US sales of light vehicles fell to a seasonally adjusted 15mn/yr rate in August, easing from an early summer uptick amid signs the economy is slowing and persistently high lending rates. Sales of light vehicles — light trucks and cars — fell from a 15.7mn/yr rate in July, the second-highest so far this year and down from a 2023 high of a 16mn/yr unit rate in April, the Bureau of Economic Analysis reported today. Sales were down from a rate of 13.2mn/yr in August 2022.