Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Homebuyers retreated in August, unenthused by the meager supply of homes for sale and by accelerating prices.
Signed contracts to buy existing homes fell 2.4 percent for the month to the second lowest level of the year, according to a monthly index from the National Association of Realtors (NAR). July's reading was revised down as well. These so-called pending home sales are now down 0.2 percent compared to August of 2015.
"Contract activity slackened throughout the country in August except for in the Northeast, where higher inventory totals are giving home shoppers greater options and better success signing a contract," said Lawrence Yun, NAR's chief economist. "In most other areas, an increased number of prospective buyers appear to be either wavering at the steeper home prices pushed up by inventory shortages or disheartened by the competition for the miniscule number of affordable listings."
New home construction has not picked up much this year, with single family housing starts falling 6 percent in August compared to July, according to the U.S. Census. Yun warned that without bigger gains in home construction, the current housing recovery could stall. The supply of homes for sale has declined on an annual basis for 15 straight months, and homes are selling at a far quicker pace compared to a year ago.
The stark lack of supply continues to push home price gains. A monthly reading of home prices nationally in July by S&P CoreLogic Case-Shiller showed a 5.1 percent annual gain, up from 5.0 percent in June. Prices also posted monthly gains.
"The S&P CoreLogic Case-Shiller National Index is within 0.6 percent of the record high set in July 2006. Seven of the 20 cities have already set new record highs," noted David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. "Eight of the cities are seeing prices up 6 percent or more in the last year. Given that the overall inflation is a bit below 2 percent, the pace is probably not sustainable over the long term."
Regionally, pending home sales in the Northeast rose 1.3 August monthly and are 5.9 percent above a year ago. In the Midwest, sales decreased 0.9 percent monthly and 1.7 percent annually. In the South, they declined 3.2 percent monthly and are now 1.5 percent lower than last August, and in the West sales fell 5.3 percent monthly and are 0.6 percent lower than a year ago.