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☆ UBS upgrades this HVAC stock, says it can benefit from AI push
▼ + stars: | 2024-11-19 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

It's time to buy shares of HVAC company Comfort Systems , according to UBS. "We also expect Manufacturing to benefit from reshoring and an increased emphasis on U.S. manufacturing capabilities, with Manufacturing construction spend now 19% of [nonresidential] construction, nearly doubling from 10% in 2019," he added. "Notably, nonresidential construction spending and manufacturing construction spending have increased 89% and 207%, respectively, since the start of 2015," he said. Among the six analysts covering it, three have a strong buy or buy rating, while the other three have a hold rating, per LSEG. FIX YTD mountain FIX, year-to-date Shares rose nearly 1% in the premarket after UBS' upgrade.

Persons: Joshua Chan, Chan Organizations: Comfort Systems, UBS, Manufacturing Locations: 2024E, 2025E

☆ US economic growth came in slightly under expectations but consumer spending remains strong
▼ + stars: | 2024-10-30 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

AdvertisementIn the third quarter, US economic growth fell short of expectations but remained strong. "The increase in real GDP primarily reflected increases in consumer spending, exports, and federal government spending," the news release said. Consumer spending was a particular highlight, with personal consumption expenditures growing at a strong 3.7% annualized rate. AdvertisementThe weaker-than-expected GDP growth doesn't necessarily mean the US is heading toward a recession. Investment in nonresidential equipment had another strong quarter, surging at an annualized rate of 11.1%.

Persons: —, David Kelly, Hurricane Helene, Hurricane Milton, Mark Hamrick Organizations: Federal Reserve, Service, Investment, Fed, Morgan Asset Management, Commerce Department, Hurricane Locations: Hurricane

☆ America's offices are about to see a wave of distress that could result in a billion square feet of fresh housing supply
▼ + stars: | 2024-10-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Advertisement"The banks are going to have to dispose of that real estate," Barkham told Business Insider in an interview. John Vavas, a real estate finance attorney at Polsinelli who works with commercial real estate lenders, has worked on a handful of office-to-residential conversion deals this year. There's around 1.2 billion square feet worth of office space that could be spun into residential space, Yardi said in a separate report. Late payments on commercial real estate loans have climbed to 1.42% in the second quarter, the highest rate in nearly 10 years. Commercial real estate prices, meanwhile, dropped another 9% year-over-year in the first quarter, Fed data shows.

Persons: —, Richard Barkham, Barkham, RentCafe, John Vavas, Yardi, Vavas Organizations: Service, Federal, Silverstein Properties, Washington DC Locations: New York, United States, New York City, Dallas, Chicago, Los Angeles

☆ Takeaways from latest GDP report showing US economy is making history
▼ + stars: | 2024-07-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Separate data on spending shows that American shoppers are still shopping. That measure strengthened in the second quarter, rising to a 2.9% rate compared to 2.6% seen earlier this year. Generally, one risk that comes with an economy that’s expanding robustly is that price pressures can either get stuck or heat up. Businesses are still spending, but less on thisBusinesses invested much more in the second quarter than in the first three months of the year. The measure for that — known as “nonresidential fixed investment” — rose to a 5.2% rate in the second quarter, up from 4.4% in the first quarter.

Persons: That’s, pare, ”, Jamie Cox, ” Scott Helfstein, ” Oren Klachkin Organizations: Washington CNN, Gross, Commerce Department, Federal Reserve, PCE, Harris Financial Group, “, Nationwide

☆ U.S. economy grew at a 2.8% pace in the second quarter, much more than expected
▼ + stars: | 2024-07-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Real gross domestic product , a measure of all the goods and services produced during the April-through-June period, increased at a 2.8% annualized pace adjusted for seasonality and inflation. Economists surveyed by Dow Jones had been looking for growth of 2.1% following a 1.4% increase in the first quarter. Economic activity in the U.S. was considerably stronger than expected during the second quarter, according to an initial estimate Thursday from the Commerce Department. The so-called chain-weighted price index, which takes into account changes in consumer behavior, increased 2.3% for the quarter, below the 2.6% estimate. There also is pressure in the housing market: Sales are declining while home prices continue to climb, putting pressure on first-time homebuyers.

Persons: Dow Jones Organizations: Commerce Department, Stock, Federal Reserve, Fed, Philadelphia Federal Locations: U.S

☆ Gold earring found in burned Iron Age village may reveal ‘moment in time,’ archaeologists say
▼ + stars: | 2024-05-20 | by ( Mindy Weisberger | ) edition.cnn.com time to read: +7 min

The inferno consumed the wooden structure, situated in an Iron Age settlement, killing six animals penned in the stable. The presence of a horse in the stable suggested that these people were wealthier than some of their neighbors, Olesti Vila said. The site provides important insights into the daily lives of Iberian Iron Age populations in the Pyrenees at this pivotal time in history, Arnold said in an email. During the Iron Age, when people lived in wooden homes heated by fires, buildings often accidentally burned. “This is also an indication of some kind of conflict or some kind of violent aggression,” Olesti Vila said.

Persons: Oriol Olesti Vila, Baltarga, Francesc Riart, Olesti Vila, “, weren’t, ”, Bettina Arnold, Arnold, ” Arnold, ” Mindy Weisberger Organizations: CNN, Autonomous University of Barcelona, University of Wisconsin -, Scientific Locations: Iberia, Spain, Tossal, Baltarga, Iron, Hannibal, Roman Republic, University of Wisconsin - Milwaukee, Pyrenees, “, Europe

☆ Georgia elections: GOP lawmakers back broad changes, including one that could benefit third-party presidential contenders
▼ + stars: | 2024-04-01 | by ( Fredreka Schouten | ) edition.cnn.com time to read: +3 min

That could benefit third-party or independent presidential candidates in a state that Joe Biden narrowly carried over Donald Trump in 2020. A super PAC backing independent candidate Robert F. Kennedy Jr. said in February that it had gathered enough signatures in Georgia for Kennedy to make the ballot. Currently, independent or third-party candidates must collect at least 7,500 signatures from registered Georgia voters to qualify for the ballot in the state. A separate provision of the election legislation would broaden what constitutes “probable cause” needed to uphold challenges to voter registrations. Voting rights groups have objected to several provisions in the legislation, including the rules regarding voter challenges.

Persons: Brian Kemp’s, Joe Biden, Donald Trump, Robert F, Kennedy Jr, Kennedy, Nicole Shanahan, Cornel West, Trump, Kemp, Garrison Douglas, John LaHood, CNN’s Aaron Pellish Organizations: CNN — Republican, Georgia Gov, Biden, Georgia, Republicans, Republican, Rep, The Atlanta, Constitution Locations: Georgia, California

☆ These 28 regional and community banks exceed regulators' threshold for high commercial real estate concentration risk: here's what's really at stake.
▼ + stars: | 2024-03-09 | by ( Laila Maidan | ) www.businessinsider.com time to read: +12 min

But where banks' exposure to commercial real estate is concerned, locating that fire may be difficult. Rising interest rates quickly increased the cost of borrowing for investors in commercial real estate, including offices and multifamily homes. It doesn't reveal details such as borrowers' track records, said Mark Hillis, a former chief risk officer for commercial real estate at JPMorgan. There's also varying concentration risk: the largest banks with commercial real estate exposure are more diversified, meaning that any losses won't be as devastating, Baker said. "We think very few banks will run into issues just from their commercial real estate exposure," Reidy said.

Persons: Michael Barr, Jerome Powell, Todd Baker, Mark Hillis, Clifford Rossi, Robert H, Rossi, Baker, There's, Hillis, multifamily, haven't, You'll, Banks, you'll, Rebel Cole, NYCB, Matt Reidy, Reidy, Cole Organizations: Federal Reserve, Business, York Community Bank, SEC, Richman Center for Business, Law, Columbia University, JPMorgan, Smith, Smith School of Business, University of Maryland, Mortgage Banker's Association, Bank, Signature Bank, First, Countrywide Bank, Washington Mutual, Citigroup, multifamily, Florida Atlantic University, Federal, Regulators, TCRE, Equity RCRE, Community Bank, Provident Bank NJ, Merchants Bank of Indiana, Apple Bank for Savings, Oceanfirst Bank, Independent Bank, Lakeland Bank NJ, Ozk, Washington Federal Bank WA, Axos Bank, Sandy Spring Bank, Columbia Bank NJ, Farmers, Merchants Bank of CA, Popular Bank, Pacific Premier Bank, United Bank, Trust, Rockland Trust, Umpqua Bank, ServisFirst Bank, Bell Bank, Stellar Bank, National Bank of, National Bank of Florida FL, New York Community Bank Locations: multifamily, Basel, CRE, California, Rockland, National Bank of Florida

☆ He Cursed at a Police Officer. Now He’s Caught in a Free Speech Fight.
▼ + stars: | 2024-03-03 | by ( Jesse Mckinley | ) www.nytimes.com time to read: +1 min

Tony Rupp didn’t intend to become a fighter for the First Amendment. He was really just out for some pasta. In December 2016, Mr. Rupp, a Buffalo-area lawyer, was leaving Chef’s Restaurant, a popular Italian place in the city’s downtown, when he said he saw a black SUV — its lights off — bearing down on two women crossing the street. The driver came to a halt just short of the women, and then, disaster averted, kept going as Mr. Rupp shouted, “Turn your lights on, asshole!”Little did the lawyer know that the driver was a Buffalo police officer, Todd C. McAlister, who turned into the parking lot, followed Mr. Rupp and told him that he was being detained. After about a half-hour, which Mr. Rupp spent arguing with the police in the parking lot, he was stunned when the police handed him a ticket for violating the city’s noise ordinance, despite the argument occurring on a nonresidential street near a buzzing freeway.

Persons: Tony Rupp didn’t, Rupp, Todd C, McAlister Organizations: Mr Locations: Buffalo

☆ Thursday's GDP report expected to show the U.S. economy at a crossroads
▼ + stars: | 2024-01-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

As the Commerce Department's report hits Thursday morning, Wall Street's attention almost immediately will turn to what the signs are for growth going into 2024. The report likely will "represent a sharp deceleration" from the previous period, Bank of America economist Shruti Mishra said in a client note. "Incoming data continue to point to a resilient, but cooling, U.S. economy, led by consumer spending on the back of a tight labor market, higher than expected holiday spending, and moderately strong balance sheets." In addition, the bank expects a slowdown in inventory restocking to shave close to a full percentage point off the headline number. Looking forward, Bank of America forecasts the first quarter of 2024 to show growth of just 1%.

Persons: Shruti Mishra, BofA Organizations: Street, Commerce, Bank of America, Incoming Locations: U.S

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Amazon, GM, Uber, Carvana, Nike, Palo Alto & more
▼ + stars: | 2023-12-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Wells Fargo downgrades Lululemon to equal weight from overweight Wells said in its downgrade of the stock that it sees less balanced risk/reward. Morgan Stanley downgrades Sea Limited to equal weight from overweight Morgan Stanley downgraded the Singapore-based tech conglomerate until its business outlook is clearer. Morgan Stanley upgrades Insulet to overweight from equal weight Morgan Stanley initiated the insulin pump therapy company and said it sees room for further gains. Wells Fargo reiterates Nike as overweight Wells says Nike is a top defensive pick for 2024. Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said Palo Alto shares have the poten tial to rise further.

Persons: Morgan Stanley, Mizuho, Wells, LULU, Roth, Evercore, Piper Sandler, Piper, NVDA, Goldman Sachs, Goldman, it's bullish, KeyBanc, Worthington Enterprises –, TD Cowen, Coinbase, underperform TD Cowen, Oppenheimer, Uber, Truist, Herc, Palo Organizations: West Bancorp, Bank of America, Union Pacific, US Bancorp, Motors, Mizuho, GM, UAW, UBS, Apple, Deutsche Bank downgrades Anheuser Busch InBev, Deutsche, Deutsche Bank, Airlines, Alaska, " Bank of America, Google, Walmart, Nvidia, AMD, European Partners, Coke, JPMorgan, of America, Magellan, MMP, Arrowhead Pharmaceuticals, Arrowhead Pharma, Worthington Steel, Worthington Industries, Worthington Enterprises, Barclays, Resources, Herc Holdings, United Rentals, Nike, Palo Alto, Palo Locations: China, Singapore, Indonesia

☆ The US economy grew by 5.2% in the third quarter, even faster than previously estimated
▼ + stars: | 2023-11-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year. Wednesday’s latest reading reflects an even faster pace of growth than the blistering 4.9% rate the department initially estimated. Nonresidential fixed investment, or business spending, was revised up to a growth rate of 1.3% in the third quarter from a decline of 0.1%. Fourth-quarter spending likely won’t be as piping hot, however. Fed officials pay close attention to various facets of the US economy when deliberating monetary policy, including growth.

Persons: ”, Gregory Daco, “, Christopher Waller, American Enterprise Institute . Waller, Michelle Bowman Organizations: DC CNN, Gross, Commerce, Consumer, Adobe Analytics, Institute for Supply Management, Employers, Atlanta Fed, Federal, ”, American Enterprise Institute ., Fed Locations: Washington, EY, Salt Lake City

The economy was even hotter in the third quarter than initially believed, according to an update Wednesday from the Bureau of Economic Analysis. Increased investment and government spending drove the higher estimate. in 3Q23, up from initial estimate of +4.9% … personal consumption revised lower while business investment revised higher,” Liz Ann Sonders, chief investment strategist at Charles Schwab, posted on social media. “Ultimately, excess savings accumulated during the pandemic helped boost consumer spending and delay the onset of recession,” BCA Research wrote on Wednesday. “However, the tailwind from excess savings is ebbing.

Persons: ann, Liz Ann Sonders, Charles Schwab, Consumers, Monday’s Organizations: Gross, BEA, “, Federal Reserve Bank, Atlanta’s, Research, San Francisco Fed, BCA, Federal Reserve, Fed Locations: 3Q23, U.S

☆ U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than first indicated
▼ + stars: | 2023-11-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The U.S. economy grew at an even stronger pace then previously indicated in the third quarter, the product of better-than-expected business investment and stronger government spending, the Commerce Department reported Wednesday. Gross domestic product, a measure of all goods and services produced during the three-month period, accelerated at a 5.2% annualized pace, the department's second estimate showed. Primarily, the upward revision came from increases in nonresidential fixed investment, which includes structures, equipment and intellectual property. However, consumer spending saw a downward revision, now rising just 3.6%, compared with 4% in the initial estimate. The personal consumption expenditures price index, a gauge the Federal Reserve follows closely, increased 2.8% for the period, a 0.1 percentage point downward revision.

Persons: Dow Jones Organizations: Commerce Department, Gross, Federal Reserve, CNBC PRO Locations: U.S

☆ A 'once-in-a-generation' factory construction boom won't bow to economic jitters. How investors can play it
▼ + stars: | 2023-11-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

Now, the window is opening on orders for the components that will go into the construction, he added. One of those exchange-traded funds is TCW Transform Supply Chain ETF (SUPP), a play on the reshoring theme. "[Yet] in just [the past] six months, we've added about $300 billion of orders for mega projects," he added. "The United States is experiencing a once-in-a-generation onshoring boom," the company said during its Oct. 27 conference call. Another top holding is Martin Marietta Materials , which produces the aggregates used for construction projects.

Persons: Chris Snyder, Eli Horton, we've, there's, Horton, Snyder, Eaton, Craig Arnold, Arnold, Martin Marietta, Hortons, we're, Michael Bloom, Nick Wells Organizations: UBS, Federal Reserve, hasn't, Steel, Trane Technologies, Waste Management, Martin, Martin Marietta Materials Locations: U.S, United States

☆ Caterpillar is upgraded on strong quarterly results — and a misguided sell-off
▼ + stars: | 2023-10-31 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

It's true the operating margin is expected to contract a bit from Tuesday's results. Latin America sales fell 31% due to lower sales volume that was only partially offset by higher prices. Higher prices also aided profitability, despite the dual headwinds of lower volumes and an unfavorable product mix. The adjusted operating profit margin for the fourth quarter is expected to be lower versus the third quarter result. All told, we believe the operating margin consensus on Wall Street needs an upward revision.

Persons: we've, James Umpleby, Umpleby, nonresidential, I've, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Caterpillar, Revenue, CAT, U.S, North, Energy, SG, Dealers, Guidance Management, CNBC, Peterson Locations: North America, America, Europe, Africa, Asia, China, San Leandro , California

☆ The US economy grew at a robust 4.9% rate in the third quarter
▼ + stars: | 2023-10-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Gross domestic product, a measure of all goods and services produced in the economy, grew at an annualized 4.9% rate in the third quarter, the Commerce Department reported Thursday. Robust consumer spending fueled growth in the third quarter, a sign of the economy’s surprising resilience in the face of tougher borrowing costs and persistently high inflation. Spending grew from July through September by an annualized rate of 4%, its strongest pace since the fourth quarter of 2021. Residential fixed investment, which reflects conditions in the housing market, advanced at a 3.9% annualized rate in the third quarter, Thursday’s GDP report showed. That’s down from a peak of 5.6% in early 2022, but well above the Fed’s inflation goal.

Persons: splurged, Taylor Swift, Barbie, outlays, ”, Jeffrey Roach, Jerome Powell, Powell, ” Powell Organizations: DC CNN, Gross, Commerce Department, LPL, Federal Reserve, Economic, of New Locations: Washington, of New York, United States

☆ The US economy is growing at the fastest pace in 2 years
▼ + stars: | 2023-10-26 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

Real GDP rose 4.9% at an annualized rate in the third quarter. That greatly surpasses the roughly 2% seen in both the first and second quarter of this year. AdvertisementAdvertisementThe US economy saw much higher GDP growth in the third quarter than the first two quarters of the year. The advance estimate suggests much stronger growth than the roughly 2% rates seen in the first and second quarters of the year. Meanwhile, real fixed investments slowed from 5.2% in the second quarter to 0.8% in the third quarter.

Persons: —, Larry Adam, Raymond James Organizations: Service, Board

Quarterly earnings reports for our industrial stocks begin this week amid an uncertain operating environment. HON YTD mountain Honeywell (HON) year-to-date performance Honeywell and Linde are the first two of the group to report — on Thursday before the bell. This was positive to see and it's reasonable to expect a clean quarter led by aerospace, Honeywell's largest business. Linde has beat and raised for 18 consecutive quarters, and history is likely to repeat itself when the industrial gas company reports. EMR YTD mountain Emerson Electric (EMR) year-to-date performance Emerson Electric is the last of our industrial names to report, on Nov. 7 before the opening bell.

Persons: we're, Stanley Black, Decker, —, CNBC's Jim Cramer, it's, Jim, You've, Vimal Kapur, Linde, Jack Umpleby, Emerson, Jim Cramer's, Jim Cramer, Wang Chun Organizations: Caterpillar, Honeywell International, Emerson Electric, Linde, LIN, DuPont De Nemours, Honeywell, LSEG, Aerospace, Electric, GE, Club, U.S, Management, CAT, Act, DuPont, Electronics, Emerson, National Instruments, SWK, CNBC, Future, Getty Locations: North America, China, Lianyungang, East China's Jiangsu

☆ US GDP revised down in every first quarter from 2020 to 2022
▼ + stars: | 2023-09-28 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

This was most prevalent in first-quarter GDP data, before the government resolved the problem in 2018. GDP in the first quarter of 2020 was revised down to show it contracting at a 5.3% annualized rate, instead of the previously reported 4.6% pace. In the first quarter of 2021, GDP increased at a 5.2% rate rather than the previously published 6.3% pace, with consumer spending revised lower. In 2022, GDP contracted at a 2.0% rate in the first quarter, revised down from the previously reported 1.6% pace. The gap was less than 0.1% of GDP in 2022, revised from −0.6%.

Persons: Dave Wasshausen, Lucia Mutikani, Andrea Ricci Organizations: Analysis, BEA, Gross, Federal Reserve, Thomson

Envisioned two decades ago to add vibrancy and draw people to a place of devastation and mourning, the Perelman Performing Arts Center is finally arriving at a very different ground zero. Still, organizers believe the arts space, also called “PAC NYC,” has an important role to play in one of the most sensitive, historic spaces in the United States. “The performing arts center is kind of an amenity for a luxury neighborhood that they built,” said Todd Fine, who runs a advocacy business for historical preservation in lower Manhattan. Early on, the arts center was to house three established groups — two theaters and a visual arts museum — plus a new museum celebrating freedom. Then he came to see it as a step forward for the trade center and on a personal level, an embrace of living life fully.

Persons: It's, ”, Khady Kamara, “, Bill Rauch, Joshua Ramus, Mike Bloomberg, Ronald Perelman, “ There’s, ” Bloomberg, Laurence Fishburne, Jenna Bush Hager, Barbara Pierce Bush, ” Rauch, Kamara, Todd Fine, Rauch, Perelman, Craig Peterson, James Giaccone, Joseph Giaccone, ” Giaccone Organizations: Trade, Perelman Performing Arts Center, “ PAC, Performing Arts Center, Pentagon, Manhattan Cultural Council, Tuesday's Locations: United States, Pennsylvania, Afghanistan, Manhattan

☆ What higher-for-longer interest rates could mean for tech stocks
▼ + stars: | 2023-08-31 | by ( Krystal Hur | American Airlines Flight Attendants Vote To Authorize A Strike | ) edition.cnn.com time to read: +5 min

CNN —After roaring higher for most of this year, the rally in tech stocks sputtered in August as investors grew increasingly worried about how long the Federal Reserve will keep interest rates high. Strong economic data in recent months has investors betting that the Fed will keep interest rates higher for longer. Higher yields also mean companies will need to pay more interest on their debt in the future, eating into future cash flows. Sustained, lofty yields could particularly pose a problem for tech stocks, which often trade at a premium because of the promise of rapid growth. Any sell-off in tech could reverberate across the broader market, since those stocks are largely responsible for propelling this year’s rally.

Persons: Ivana Delevska, Spear, Bryan Mena, CNN’s Gregory Wallace, Julie Hedrick, “ We’re, Read Organizations: CNN Business, Bell, CNN, Federal Reserve, Treasury, Nvidia, Devices, Marvell Technology, Gross, Commerce, American Airlines, Association of Professional, Airline

☆ Two killed in Russian missile attack on Kyiv - officials
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

The enemy launched a massive, combined attack using drones and missiles," Serhiy Popko, the head of the city's military administration said on Telegram. [1/4]Rescuers work at a site of buildings damaged in the night by Russian drone and missiles strike, amid Russia's attack on Ukraine, in Kyiv region, Ukraine August 30, 2023. Russia then launched missiles from Tu-95 strategic aircrafts. General Valeriy Zaluzhnyi, commander-in-chief of Ukraine's armed forces, said that Ukrainian air defences shot down all 28 Russian missiles and 15 out of 16 drones launched overnight. read moreKyiv authorities said several buildings were damaged by debris while officials in Kyiv region reported that 6 private houses were damaged by missile fragments and several people were injured.

Persons: Vitali Klitschko, Serhiy Popko, Popko, Valeriy Zaluzhnyi, Pavel Polityuk, Jacqueline Wong, Michael Perry Organizations: Press, State Emergency Service of, REUTERS, Thomson Locations: Russian, Ukraine, Kyiv region, State Emergency Service of Ukraine, Handout, Kyiv, Russia, Ukrainian

☆ The US economy grew more slowly in the second quarter than previously estimated
▼ + stars: | 2023-08-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —The US economy grew more slowly in the second quarter than previously estimated — a good sign for the Federal Reserve, which is attempting to cool demand to bring down price increases. Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 2.1% in the second quarter, according to the Commerce Department’s second estimate, released Wednesday morning. The second estimate factored in greater consumer spending, government outlays and exports, compared with the initial estimate. Economic growth in the second quarter was mostly broad based, but there were some signs of weakened demand for goods purchases and imports. Consumer spending, which accounts for about 70% of economic output, was revised slightly higher in the second estimate.

Persons: ”, Bill Adams, Barbie, Taylor Swift, Jerome Powell, ” Powell, Biden, Lydia Boussour, “ Organizations: DC CNN, Federal Reserve, Gross, Commerce, Consumer, Comerica Bank, The Commerce Department, Kansas City, Atlanta Fed, Fed Locations: Washington, United States, Wells Fargo, EY

☆ How more than a trillion dollars in U.S. government infrastructure spending can boost these 3 industrial stocks
▼ + stars: | 2023-08-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

The U.S. government is deploying trillions of dollars of stimulus money into infrastructure investments, boosting the prospects for a number of industrials in the Club portfolio. Club names Honeywell (HON) and Emerson Electric (EMR) might also grab some of the IRA's funding for green energy. Gains were linked to a boost in demand for construction equipment because of the "once in a generation" Infrastructure bill. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. The White House's infrastructure plan estimates to set aside approximately $35 billion for Texas projects.

Persons: Joe Biden, Emerson, Morgan Stanley, Economist Ellen Zentner, Zentner, Larry Fink, Jim Umpleby, Jim Cramer, Josh Pokrzywinski, Jim Cramer's, Jim, Brandon Bell Organizations: Club, Infrastructure Investment, Jobs, Act, Caterpillar, Honeywell, Emerson Electric, Morgan Stanley Chief, Economist, CNBC, CAT, Inflation, Bank of America, National, Software, Control, Getty Locations: U.S, North America, Houston , Texas, Texas

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