Business Conditions

“A tight labor market and a record number of open jobs should continue to drive initial claims lower.” – Robert Hughes

“Consumer attitudes improved again in June as easing government restrictions continue to boost economic activity and job prospects.” – Robert Hughes

“New-home sales fell again in May and supply conditions eased a bit. Rising prices, and somewhat higher mortgage rates should continue weighing on activity.” – Robert Hughes

“Existing-home sales fell in May as rising prices and changing preferences work to cool the recent pace of activity.” – Robert Hughes

“Despite the slight uptick in weekly initial claims, rising economic activity is driving a strengthening labor market and supporting a positive economic outlook.” – Robert Hughes

“Home construction activity showed additional signs of cooling in May. The combination of a reopening economy that may be reversing pandemic-related housing preferences and rising single-family prices appear to be impacting activity.” – Robert Hughes

“Industrial output rose in May and is closing in on pre-pandemic levels. However, substantial excess capacity still exists. While reopening the economy is boosting demand, incomes, and confidence, rising prices are a concern. However, a runaway inflationary spiral remains unlikely.” – Robert Hughes

“Retail sales fell in May with noticeable weakness among discretionary spending. However, solid consumer fundamentals suggest a positive economic outlook, despite some recent upward pressure on prices.” – Robert Hughes

“Consumer sentiment recovered some of the May decline in early June, driven by improving expectations for the economy, jobs, and income. However, fears of rising prices are also weighing on consumer attitudes.” – Robert Hughes