The Federal Reserve Bank of New York this month began publishing the Business Leaders Survey covering service firms in New York, northern New Jersey, and southwestern Connecticut. The new survey makes sense for a region of the U.S. that is more closely connected to finance, tourism, and media than it is to manufacturing.
3 Reasons Not to Fear the Taper
Ever since Ben Bernanke mentioned tapering, investors have been worried about the implications on their portfolios.
When you look at the chart above, there is no question that the stock market has been a beneficiary of Bernanke's massive expansion of the Fed balance sheet. When QE1 and QE2 ended, the stock market violently reacted to the downside. Now just the mention of tapering has many participants shaking in their boots. Should you be worried?
US Service Sector Soars in July
“Don't call it a comeback / I've been here for years.” – LL Cool J
The U.S. service sector expanded in July at its fastest pace in five months. The Institute for Supply Management (ISM) reported that its service index rose to 56 last month, exceeding economists' expectations for 53 and a significant improvement over June's 52.2. A reading above 50 indicates the sector is expanding.