U.S. Economy

• The economy grew at annualized pace of 3.7% during the second quarter MarketWatch
• Seasonally adjusted new home sales in July increased by 5.4% from the previous month CNBC
• Both income and spending were up in July U.S. News & World Report

Around the World

• Inflation once again disappears in Japan Bloomberg
• China cut its key interest rate for the fifth time since November The New York Times

Markets

• After a steep drop on Monday the U.S. Dow Jones Industrial Average recovered late in the week to end down modestly Reuters
• “The Cruel Psychology of the 1,000-Point Drop” The Wall Street Journal
• After dipping below $40 a barrel, oil prices surged to end the week Reuters