Weekly Initial Claims for Unemployment Benefits Continue to Hover Just Under 400,000
“Weekly initial claims for unemployment benefits fell again in the latest week but remain range-bound. A tight labor market and a record number of open jobs should help drive initial claims lower but rising Covid cases are increasing uncertainty.” – Robert Hughes
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Everyday Price Index Outpaces the CPI in July
“AIER’s Everyday Price Index rose again, led by food and energy. Prices for many goods and services are still distorted by the lingering effects of government shutdowns. As these distortions fade, price pressures are likely to ease.” – Robert Hughes
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Small Business Sentiment Drops on Labor and Materials Shortages, Weakening Economic Outlook
“Small-business confidence declined in July as expectations for the economy weakened, labor difficulties continued, and supply-chain disruptions restrained production.” – Robert Hughes
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The Big Churn: Job Openings and Quits Rise Again in June
“Job openings hit another record high in June with quits rising and layoffs extremely low.” – Robert Hughes
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July Jobs Report Not as Impressive as Headline Suggests
“Payrolls posted a strong gain in July though details were not as strong as the headline suggests. The overall outlook is tilted to the upside, but challenges remain, and risks are growing.” – Robert Hughes
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Weekly Initial Claims for Unemployment Benefits Are Flattening Out
“Weekly initial claims for unemployment benefits fell slightly in the latest week but the trend appears to be flattening. 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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Services-Sector Survey Suggests Strong Growth in July
“The services sector expanded again in July, but shortages of labor and materials are continuing to restrain output and put upward pressure on prices.” – Robert Hughes
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Unit Auto Sales Fell in July as Inventories Plunge and Prices Jump
“Light-vehicle sales fell again in July, falling farther below the recent range. A semiconductor shortage continues to disrupt production causing inventories to plunge and prices to jump.” – Robert Hughes
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Manufacturing-Sector Demand Remains Strong as Labor, Materials, and Logistical Struggles Continue
“Manufacturing demand remains robust, while labor, production, and logistical issues continue to pressure prices.” – Robert Hughes
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Consumer Spending Drives Economic Recovery in the Second Quarter
“The U.S. economy posted another strong quarter of growth, led by consumer spending. The outlook remains favorable but the Delta variant, accelerating consumer price increases from material shortages, labor and logistical issues, and potential changes to monetary and fiscal policies are keeping uncertainty elevated.” – Robert Hughes
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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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