Business Conditions

“Consumer expectations sank again in July, as fears of high inflation persist. Elevated price pressures, the fallout from Russian aggression in Ukraine, and an intensifying Fed tightening cycle increase risks for the economic outlook.” ~ Robert Hughes

“New-home sales fell in June, and inventories continued to surge. Elevated prices and rising mortgage rates are likely to weaken future demand.” ~ Robert Hughes

“Weekly initial claims rose again, extending the recent upward trend. The combination of sustained elevated rates of price increases and softening labor market are becoming a major risk for the economic outlook.” ~ Robert Hughes

“Existing-home sales fell again in June with record-high prices and surging mortgage rates continuing to reduce affordability and push buyers out of the market. The outlook for housing is highly uncertain.” ~ Robert Hughes

“Housing starts and permits fell in June as demand weakened. Plunging homebuilder sentiment suggests a deteriorating outlook for housing.” ~ Robert Hughes

“Industrial output fell in June, led by declines in manufacturing. Production issues, price pressures, and an intensifying Fed tightening cycle remain risks. Caution is warranted.” ~ Robert Hughes

“Consumer sentiment ticked up in early July but remains near record lows and consistent with prior recessions. Inflation is a driver of weakening consumer attitudes and contributing to elevated risks. The outlook is highly uncertain.” ~ Robert Hughes

“Real retail sales fell in June and the recent trend is essentially flat. Threats to the economy are intensifying. Caution is warranted.” ~ Robert Hughes

“Weekly initial claims rose again, pushing the four-week average to a seven-month high. The combination of sustained elevated rates of price increases and softening labor market are becoming a major risk for the economic outlook.” ~ Robert Hughes