US The FOMC decision was the headline event this week, even though its unanimous 25 bps rate hike was widely expected. What was decidedly more interesting were key changes in the language of the committee’s policy statement, as well as the rollout of its 2021 fed funds rate projections. While the FOMC has been steadily [...]
US Housing starts rebounded in August but building permits dropped. Home sales also came in below expectations, as resales of existing homes were unchanged. Despite housing remaining in a soft patch, real GDP is expected to remain solid and grow 3.1% during Q3 and stay close to that pace through the remainder of the year. [...]
US US retail sales data came in a bit light, rising just 0.1%, but data for the prior month were revised higher and the core measure of retail sales remains up at a brisk 7.8% pace over the past 3 months. Keep an eye on clothing and department store sales, which tumbled 1.7% and 1.0%, [...]
US US employers added 201,000 new jobs in August. The prior two months of additions were revised down 50,000, bringing the three-month average to 185,000. Gains in August were broad based, with most industries adding jobs over the month, notably the transportation and warehousing & construction sectors. Manufacturing jobs fell slightly during the month. The [...]
US The second estimate for US GDP revealed a faster pace of economic growth than first estimated, with the annualised growth rate quickening slightly to 4.2% in Q2. The details also offered additional colour on the state of the economy at this late stage of the cycle and, with some exception, those details were broadly [...]
