Business Conditions

“New-home sales ticked up in May as prices and mortgage rates continue to surge. Elevated prices and rising mortgage rates are likely to weaken future demand.” ~ Robert Hughes

“Consumer sentiment plunged to a record low in June and is consistent with prior recessions. Inflation is a driver of weakening consumer attitudes and contributing to elevated risks. The outlook is highly uncertain.” ~ Robert Hughes

“Weekly initial claims fell but the four-week average continues on a modest upward trend. The Russian invasion of Ukraine, sustained elevated price increases, and an intensifying Fed tightening cycle remain risks to the outlook.” ~ Robert Hughes

“Existing-home sales fell again in May 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

“Industrial output rose in May, but manufacturing output fell. Details were mixed and may point to spreading softening in the economy. Caution is warranted.” ~ Robert Hughes

“Housing starts and permits fell in May. Surging mortgage rates, record home prices, and falling consumer attitudes are major headwinds for demand. The outlook for housing is deteriorating rapidly.” ~ Robert Hughes

“Weekly initial claims fell but the four-week average continues on a modest upward trend. The Russian invasion of Ukraine, periodic lockdowns in China, sustained elevated price increases, and an intensifying Fed tightening cycle remain risks to the outlook.” ~ Robert Hughes

“Nominal and real retail sales fell in May but remain above trend. However, threats to the economy are intensifying. Caution is warranted.” ~ Robert Hughes

“Consumer sentiment plunged to a record low in early June and is consistent with prior recessions. Inflation is a driver of weakening consumer attitudes and contributing to elevated risks. The outlook is highly uncertain.” ~ Robert Hughes