Business Conditions

Initial claims for unemployment benefits rose in the latest week and unemployment remains very high, suggesting complete economic recovery may be a long way off.

Housing starts and permits rose in July. The outlook is supported by easing lockdown restrictions, low mortgage rates, and rebounding builder confidence but demand remains uncertain.

Distortions to economic activity are becoming more differentiated as lockdowns are partially eased and consumers adjust to current conditions.

Policy uncertainty is smothering the recovery in consumer sentiment, putting the economic rebound at risk.

A manufacturing rebound continued in July, but activity remains well below pre-lockdown levels. Heightened uncertainty about COVID-19 and future government policies threaten the recovery.

Retail sales rose to a new high in July, recovering from the policy-induced economic coma but rising uncertainty is a significant risk to future growth.

Initial claims for unemployment benefits fell in the latest week but unemployment remains very high, suggesting complete economic recovery may be a long way off.

Small-business confidence fell in July as rising COVID-19 cases, political turmoil, and persistent consumer apprehension smother hopes for a rapid rebound.

Nine million private U.S. jobs have been recovered over the last three months, less than half the 21 million lost during government shutdowns; the outlook remains extremely uncertain.

The ISM Manufacturing survey showed another gain in July as orders and production expanded but the survey suggests labor dynamics remain weak.