Business Conditions

“Existing-home sales fell again in July as reduced affordability pushes buyers out of the market. The outlook for housing is highly uncertain.” ~ Robert Hughes

“Weekly initial claims fell, and revised data suggest the recent upward trend may be flattening. Rapid price increases, low consumer confidence, and aggressive Fed tightening remain major risks for the economic outlook.” ~ Robert Hughes

“Real core retail sales rose in July, and the recent trend is modestly higher. However, threats to the economy remain significant. Caution is warranted.” ~ Robert Hughes

“Industrial output rose to a record high in July. However, elevated price pressures, weak consumer sentiment, and an intensifying Fed tightening cycle remain risks. Caution is warranted.” ~ Robert Hughes

“Single-family housing starts and permits fell in July as demand continued to weaken. Plunging homebuilder sentiment suggests an unfavorable outlook for housing.” ~ Robert Hughes

“Consumer sentiment ticked up in early August but hovers near record lows. Inflation expectations eased but remain a driver of weak consumer attitudes. The outlook is highly uncertain.” ~ Robert Hughes

“Weekly initial claims rose again, continuing the recent upward trend. Sustained elevated rates of price increases, low consumer confidence, and aggressive Fed tightening are major risks for the economic outlook.” ~ Robert Hughes

“Payrolls posted a strong gain in July, though other labor market indicators are still questionable. Sustained price pressures, an intensifying Fed tightening cycle, and ongoing fallout from the Russian invasion of Ukraine are significant risks for the economy.” ~ Robert Hughes

“Weekly initial claims rose again, continuing the recent upward trend. Sustained elevated rates of price increases, aggressive Fed tightening, and a softening labor market are major risks for the economic outlook.” ~ Robert Hughes