The US Federal Reserve said the US economy grew at a modest pace this fall, lifted by higher consumer spending, and more home sales and construction.
The Fed said on Wednesday in its latest snapshot of the economy that nine of its 12 regional banks reported growth was modest or moderate from early October through mid-last month.
The New York Fed said growth leveled off, while it slowed in Boston and was mixed in Kansas City.
The Fed’s report suggests that healthy consumer spending is offsetting overseas headwinds that have weighed on US manufacturers.
The report, known as the Beige Book, is released eight times a year and consists of anecdotal reports from businesses in each of the 12 districts.
It is to be used for discussion when the central bank next meets on Tuesday next week. Fed officials at that meeting are widely expected to raise interest rates for the first time in nine years.
In a speech on Wednesday, Federal Reserve Chair Janet Yellen signaled that a rate increase is likely, provided that the economy continues to grow at its current pace and hiring stays healthy.
Last month’s jobs report is being released today and economists forecast that it would show that employers added 200,000 jobs, while the unemployment rate remained at 5 percent.
All 12 of the Fed’s districts reported that hiring picked up in the past two months.
However, many said that the job gains were driven by temporary and entry-level positions that were filled by staffing firms.
In most districts, wages rose only for skilled positions that companies were having difficulty filling.
However, the Atlanta Fed said that there were signs that employers are paying more for entry-level, lower-skilled jobs.
Home sales rose in seven of 12 districts, the Beige Book said, while housing construction increased in most Fed districts as well.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
MAJOR CONTRIBUTOR: Revenue from AI servers made up more than 50 percent of Wistron’s total server revenue in the second quarter, the company said Wistron Corp (緯創) on Tuesday reported a 135.6 percent year-on-year surge in revenue for last month, driven by strong demand for artificial intelligence (AI) servers, with the momentum expected to extend into the third quarter. Revenue last month reached NT$209.18 billion (US$7.2 billion), a record high for June, bringing second-quarter revenue to NT$551.29 billion, a 129.47 percent annual increase, the company said. Revenue in the first half of the year totaled NT$897.77 billion, up 87.36 percent from a year earlier and also a record high for the period, it said. The company remains cautiously optimistic about AI server shipments in the third quarter,
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
RSS