Consumer credit growth slows markedly in June

on , from marketwatch.com

Consumer borrowing rose at the slowest pace in almost four years in June, suggesting the torrid pace of consumer spending in the second quarter may not last. Total consumer credit increased $12.3 billion in June to a seasonally adjusted $3.6 trillion, posting an annual growth rate of 4.1%, the Federal Reserve reported Friday. That’s the slowest monthly growth rate since July 2012, The increase was also below economist estimates for a $15.5 billion gain in consumer credit in June. Economists are watching the consumer closely as they expect spending to drive growth over the second half of 2016, helped by rising wages and ... (Read the full story)

Eiffel Tower evacuated, cordoned off by police – reports

on , from rt.com

The iconic Eiffel Tower in Paris has been evacuated, according to reports on social media. Visitors have been posting pictures online of police cordoning off the entrance area. Witnesses say that police and military forces are “all over” the place. However, no panic was reported and the cause of the evacuation remains unknown. (Read the full story)

Jobs Report Brings Much-Needed Good News

on , from bloomberg.com

The global economy desperately needed some good news. That's what it got in the latest U.S. jobs report. Ahead of today's release of the U.S. employment report for July, the mood was decidedly gloomy, with economic activity slowing in most other advanced countries, the U.K. facing a real and present danger of an economic recession and the risk of financial instability looming. Last week's disappointing report on U.S. gross domestic product, which showed a decline in business investment threatening to drag down still-buoyant consumer spending, added to the concerns. The U.S. job market's performance should help dispel some of those ... (Read the full story)

Gold Prices Rejected At July Highs After Stellar NFP

on , from dailyfx.com

Commodities often play an opposite role to the US Dollar, give that is the base currency from which they’re priced. An oversimplified example is when Gold high $1,920/oz in September 2011 and Oil was ~$114/bbl was near the US Dollar’s nadir. Friday’s Non-Farm Payroll Print +255k, which exceeded all forecasts by Bloomberg economists. Now, we will look to next week to see if commodity weakness is beginning again, or if the first week of August was a simple one-step back after two steps forward over the past few months. Where are gold and crude oil prices heading in the second quarter? See our forecasts here! As of mid-day ... (Read the full story)

Billionaire Richard Branson's definition of success has nothing to do with money

on , from cnbc.com

Richard Branson earned his first million at the ripe age of 23. Today, the Virgin Group founder and chairman is worth an estimated $5.1 billion. But when it comes to defining success, the business magnate says wealth has nothing to do with it. "Too many people measure how successful they are by how much money they make or the people that they associate with," Branson wrote on LinkedIn. "In my opinion, true success should be measured by how happy you are." "It's a common misconception that money is every entrepreneur's metric for success," he continued. "It's not, and nor should it be." ... (Read the full story)

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