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“Existing-home sales and inventories fell slightly in August as high prices and shifting housing preferences weigh on activity.” – Robert Hughes
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“Multifamily housing activity has been surging recently while the single-family segment struggles. Uncertainty due to the latest wave of Covid combined with rising home prices and ongoing labor and materials shortages for builders all contribute to a challenging environment for housing.” – Robert Hughes
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“Consumer sentiment remained weak in early September as consumers react to the one-two punch of elevated numbers of new Covid cases and rising prices for many consumer goods. The survey results suggest economic conditions in the second half of 2021 could be disappointing.” – Robert Hughes
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“Retail sales rose in August with core retail sales particularly strong. Resilient consumer spending is a positive for the outlook but Covid is sustaining an elevated level of uncertainty.” – Robert Hughes
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“Weekly initial claims for unemployment benefits rose in the latest week but the trend remains lower. A tight labor market and a record number of open jobs should support the downward trend, but waves of new Covid cases will continue to boost uncertainty for the economic outlook.” – Robert Hughes
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“AIER’s Everyday Price Index posted a slower gain in August but is still up 6.8 percent from a year ago. Prices of many goods and services continue to be distorted by the lingering effects of the pandemic and government shutdowns. As these distortions fade, price pressures are likely to ease.” – Robert Hughes
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“AIER’s Leading Indicators Index posted a sharp decline in August, falling to 58. Five consecutive pullbacks suggest that breadth of growth is likely to narrow in the future. Furthermore, resurging Covid is impacting consumers and threatening the outlook. Caution is warranted.” – Robert Hughes
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“Weekly initial claims for unemployment benefits fell to a new pandemic low. A tight labor market and a record number of open jobs should help drive initial claims lower, but waves of new Covid cases will continue to disrupt economic activity.” – Robert Hughes
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“Job openings hit another record high in July but the weaker-than-expected August jobs report and surging new Covid cases are clouding the economic outlook.” – Robert Hughes
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“Payrolls posted a disappointing gain in August as new Covid cases surge. The outlook is for continued recovery but the threats and headwinds to growth have increased substantially.” – Robert Hughes
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“Light-vehicle sales fell for a fourth consecutive month in August, falling farther below the recent typical range. Component shortages continue to disrupt production causing inventories to plunge and prices to surge.” – Robert Hughes
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“Weekly initial claims for unemployment benefits fell for the fifth time in the last six weeks, hitting the lowest level of the pandemic though continuing claims ticked up. A tight labor market and a record number of open jobs should help drive initial claims lower, but rising Covid cases remain a threat to the outlook.” – Robert Hughes
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