Business Conditions

“Job openings soared to a new record in April, suggesting a tightening labor market.” – Robert Hughes

“Payrolls posted a solid gain in May as the labor market recovery continues. However, there’s a long way to go and other fallout from the lockdowns including shortages and rising price pressures are tempering the favorable outlook.” – Robert Hughes

“The services sector expanded again in May, but shortages of labor and materials, a result of production constraints and logistical issues, are restraining capacity.” – Robert Hughes

“Light-vehicle sales eased back to the middle of the recent range in May. A semiconductor shortage is disrupting production and likely distorting sales, inventories, and prices.” – Robert Hughes

“Rising economic activity is driving a strengthening labor market and pushing unemployment benefit claims lower.” – Robert Hughes

“The Institute for Supply Management survey of manufacturers suggests continued labor, production, and logistical issues as well as continued upward pressure on materials costs.” – Robert Hughes

“Manufacturers’ new orders for core capital goods hit another record high in April. The strong showing is a positive sign for the overall outlook.” – Robert Hughes

“Initial claims for unemployment benefits continue to trend significantly lower, reflecting a strengthening labor market and rising economic activity.” – Robert Hughes

“New-home sales fell in April and supply conditions eased slightly. Historically low inventory, rising prices, and somewhat higher mortgage rates appear to be weighing on activity.” – Robert Hughes

“Existing-home sales fell in April as limited supply, rising prices and mortgage rates, and changing preferences work to cool the recent pace of activity.” – Robert Hughes