Consumer Confidence Remained Strong in July
“Consumer attitudes remained at favorable levels in July as easing government restrictions continue to boost economic activity and job prospects.” – Robert Hughes
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Durable-Goods Orders Rose in June as Core Capital-Goods Hit a Record High
“Manufacturers’ new orders for core capital goods hit another record high in June. The strong showing is a positive sign for the overall outlook.” – Robert Hughes
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New Single-Family Home Sales Fell Again in June
“New-home sales fell again in June and supply conditions eased a bit. Rising prices, and somewhat higher mortgage rates should continue weighing on activity.” – Robert Hughes
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Existing-Home Sales Rise as Prices Hit a Record
“Existing-home sales rose slightly in June while record-high prices and changing preferences work to cool the recent pace of activity.” – Robert Hughes
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Weekly Initial Claims for Unemployment Benefits May Be Plateauing Again
“Weekly initial claims for unemployment benefits jumped in the latest week and may suggest a temporary plateau. A tight labor market and a record number of open jobs should continue to drive initial claims lower, but the Delta variant is increasing uncertainty.” – Robert Hughes
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Housing Starts Rise but Permits Fall as Pandemic Pressures Continue to Unwind
“Home construction activity showed further signs of cooling in June. The combination of a reopening economy that may be reversing pandemic-related housing preferences and rising single-family home prices appear to be dampening demand while labor difficulties restrain supply.” – Robert Hughes
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Core Retail Sales Posts a Sharp Gain in June
“Retail sales rose in June with broad gains among the categories. Solid consumer fundamentals suggest a positive economic outlook, though upward pressure on prices is a growing risk for consumer sentiment and consumer spending.” – Robert Hughes
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Industrial Output Rose in June but Details Were Mixed; Capacity Utilization Remains Low
“Industrial output rose in June but the details among industries and market segments were mixed. However, substantial excess capacity still exists. While reopening the economy is boosting demand, supply constraints are pressuring prices. However, a runaway inflationary spiral remains unlikely.” – Robert Hughes
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Weekly Initial Claims for Unemployment Benefits Fell but Remain Elevated
“Weekly initial claims for unemployment benefits fell in the latest week but the trends have slowed, and the levels remain elevated. A tight labor market and a record number of open jobs should continue to drive initial claims lower.” – Robert Hughes
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AIER Leading Indicators Index Suggests Continuing Economic Expansion
“AIER’s Leading Indicators Index remained solidly above neutral in June, suggesting continued economic growth. However, labor issues, materials shortages, and logistical problems are restraining the recovery in output and putting upward pressure on prices. While the outlook remains positive, the emergence of the Delta variant increases uncertainty.” – Robert Hughes
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Everyday Prices Continued to Surge in June
“AIER’s Everyday Price Index posted a seventh straight monthly increase, reflecting a wide range of lingering fallout from government lockdowns. As these issues are worked out, price pressures are likely to ease.” – Robert Hughes
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Consumer Credit Rose in May
“Consumer credit jumped in May as easing government restrictions boosted economic activity.” – Robert Hughes
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