Gary Siegel

The U.S. services sector dropped in August as the non-manufacturing business activity composite index was 51.4 in the month, compared to 55.5 in July, on a seasonally adjusted basis, the Institute for Supply Management reported Tuesday.

New York City business activity "eased in August after a seven month high in July," although the current business conditions index dropped to 47.5 in August from 60.7 in July, the Institute for Supply Management-New York's Report on Business index, released Friday, indicated.

U.S. inflationary pressures were down in August, as the U.S. future inflation gauge declined to 112.6 from an upwardly revised 113.0 reading in July, first reported as 112.6, according to data released Friday morning by the Economic Cycle Research Institute.

The overall economy grew for the eighty-seventh straight time, while the manufacturing sector contracted after five months of expansion, the Institute for Supply Management reported Thursday.

About 4,816,100 online job postings appeared on leading internet job boards in August, an increase of 1,900 from July, the Conference Board reported Wednesday.

Pending home sales increased 1.3% to an index reading of 111.3 in July, after a revised 0.8% decline to 109.9 in June, according to a report released Wednesday by the National Association of Realtors.

The Chicago Purchasing Managers' Business Barometer fell to 51.5 in August from 55.8 in July, "led by a large setback in Order Backlogs and a deceleration in New Orders," the National Association of Purchasing Management-Chicago said Wednesday.

The Midwest Economy Index fell to negative 0.14 in July from negative 0.04 in June, the Federal Reserve Bank of Chicago said Wednesday.

Private-sector employment increased by 177,000 in August, on a seasonally adjusted basis, ADP estimated Wednesday.

Texas service sector activity "continued to reflect expansion but at a slower pace in August than in July," according to business executives responding to the Federal Reserve Bank of Dallas' Texas Service Sector Outlook Survey, as the revenue index fell to 6.5 from 10.3.

The consumer confidence index increased to 101.1 in August from a revised 96.7 last month, The Conference Board reported Tuesday.

Using Congressional Budget Office estimates for gross domestic product suggests that for the next decade the natural rate of interest, also known as r-star, will be around 1%, according to a Federal Reserve Bank of San Francisco research adviser.

Texas factory activity, as measured by the production index, "activity increased in August," according to the monthly Texas Manufacturing Outlook Survey conducted by the Federal Reserve Bank of Dallas, released Monday.

The University of Michigan's final August consumer sentiment index reading was 89.8, compared to the preliminary August 90.4 and the final July 90.0, according to market sources.

Economic indicators show the case for raising the federal funds target rate has "strengthened" recently, but there is no preset course for hikes, Federal Reserve Board Chair Janet Yellen said Friday.

Service sector activity "moderated in August," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Manufacturing activity in the central Atlantic region "declined in August," according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, although the manufacturing index reversed to negative 10 in August from positive 10 in July.

The region's non-manufacturing sector "continued to expand at a steady pace" in August, although the general business conditions index declined to 24.8 from 28.8 in July, this month's Federal Reserve Bank of Philadelphia Report on Business, released Tuesday, indicates.

The Chicago Fed National Activity Index for July climbed to 0.27 from a downwardly revised 0.05 in June, first reported as 0.16, while the three-month moving average (CFNAI-MA3) narrowed to negative 0.10 from a revised negative 0.19 in June, first reported as negative 0.12 the Federal Reserve Bank of Chicago reported Monday.

The time has come for the Federal Open Market Committee to resume raising rates, Federal Reserve Bank of San Francisco President John Williams said Thursday.