Japan said today that its Gross Domestic Product (GDP) expanded much less than expected and has now slipped to third place behind China to become the world's 3rd largest economy. Economists said today that China could overtake the U.S. by 2027 to become the world's largest economy.
The New York State Manufacturing report for August was released today coming in at 7.1 and was slightly below the 7.5 that was expected. The employment measure within the report was positive rising to 14.3 from 7.9, while the new orders gauge decreased to 2.7 for the first decline since June 2009.
Mortgage Bonds rose on the news, keeping home loan rates at record lows. Stock markets are trading lower after falling the end of last week after the Fed said that economic growth is slowing.
China's holdings of US government debt dropped to the lowest level in at least a year, according to a report released today by the Treasury today. The holdings fell to $843.7 billion, down from $915.8 billion a year ago.
The National Association of Home Builders (NAHB) reported that it's Housing Market Index for June came in at 13, below the 14 expected and down from May's reading of 14.