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US consumer confidence falls in August to lowest in 6 years

WASHINGTON (AP) — U.S. consumer confidence fell for second straight month in August to the lowest reading in more than six years as a resurgence of virus cases in many parts of the country heightened pessimism about the economy. The Conference Board, a New York-based research organization, reported Tuesday that its Consumer Confidence Index declined to a reading of 84.8 in August, the lowest level since May 2014. The August drop, which followed a July decline to 91.7 put the index 36% below its high point for the year, a reading of 132.6 in February before the coronavirus began to seriously impact the United States.

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July sales of new homes surge 13.9%, far more than thought

SILVER SPRING, Md. (AP) — Sales of new homes jumped again in July, rising 13.9% as the housing market continues to gain traction following a spring downturn caused by pandemic-related lockdowns. The Commerce Department reported Tuesday that July’s gain propelled sales of new homes to a seasonally-adjusted annual rate of 901,000, the most since 2006. That’s a far bigger number than analysts had expected and follows big increases in May and June. The recent sales gains followed a steep dropoff in March and April as much of the country stayed home due to government restrictions intended to slow the spread of coronavirus.

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S&P CoreLogic Case-Shiller: US home prices rise 3.5% in June

WASHINGTON (AP) — U.S. home prices rose at a slightly slower pace in June, but the U.S. housing market continued to show resilience in the face of the coronvavirus pandemic. The S&P CoreLogic Case-Shiller 20-city home price index rose 3.5% in June from a year earlier, down from May’s 3.6% increase and slightly below economist’s expectations. Phoenix led the way with a 9% increase followed by Seattle (up 6.5%) and Tampa (up 5.9%).

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American Airlines plans 19,000 furloughs, layoffs in October

DALLAS (AP) — American Airlines says it will furlough or lay off 19,000 employees in October as it struggles with a sharp downturn in travel because of the pandemic. Flight attendants will bear the heaviest cuts, with 8,100 losing their jobs. The numbers announced Tuesday are in addition to 23,500 employees who accepted buyouts, retired early or took long-term leaves of absence. U.S. air travel has recovered slightly since April but remains down 70% from a year ago, and carriers say they need fewer workers. In March, passenger airlines got $25 billion from the government to save jobs for six months, but that money and a ban on furloughs both expire Oct. 1.

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AP-NORC poll: Many in US shoring up finances amid downturn

WASHINGTON (AP) — A new poll from The Associated Press-NORC Center for Public Affairs Research finds 45% of Americans say they are setting aside more money than usual during the coronavirus pandemic. Twenty-six percent are paying down debt faster than before the virus struck. The findings shed light on a persistent riddle of a global pandemic in which a weakened economy has somehow spared most U.S. families from the worst of the financial toll. Just 37% call the national economy good, down from 67% in January. But at the same time, 63% describe their personal financial situation as good, largely in line with what it was before the pandemic began.

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Iowa farmers unsure what’s next after winds flatten corn

WOODWARD, Iowa (AP) — Before an unusual wind storm this month, Iowa corn farmers were expecting a near-record crop. About a month before corn would be fully mature and ready for harvest, a derecho blew in from the west with hurricane-force winds that cut a swath through the middle of Iowa. The Aug. 10 storm flattened corn fields and damaged grain bins, farm buildings and homes. Millions of acres of Iowa corn are damaged to some degree.

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Bank profits slump 70% as virus rakes businesses, households

NEW YORK (AP) — The FDIC says the U.S. banking industry’s second quarter profits fell by 70% from a year ago. The falloff came as low interest rates and the economic turmoil of the COVID-19 pandemic weighed heavily on big and small banks alike. Total bank profits across the 5,066 insured institutions were $18.8 billion, compared with profits of $62.5 billion in the same period a year ago. This was the second consecutive quarter of steep profit declines for the industry, as many banks took set aside billions to cover potentially bad loans back in April.

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Nordstrom’s 2Q sales down 53% hurt by pandemic fallout

NEW YORK (AP) — Nordstrom Inc. has reported a larger-than-expected loss and a 53% drop in sales for the fiscal second quarter as the pandemic forced the upscale chain to temporarily close stores. The Seattle-based retailer’s business was also hurt by the shift of its anniversary sales from the fiscal second quarter to the third quarter. Like many department stores and other non-essential retailers, Nordstrom was forced to temporarily close its stores and furlough workers when the pandemic was declared in mid March. Nordstrom’s stores have now reopened but stores were temporarily closed during half of the fiscal second quarter.

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The S&P 500 index rose 12.34, or 0.4%, to 3,443.62. The Dow Jones Industrial Average fell 60.02, or 0.2%, to 28,248.44, and the Nasdaq composite rose 86.75, or 0.8%, to 11,466.47. The Russell 2000 index of smaller-company stocks ended up 2.74 points, or 0.2%, at 1,571.21.