Robert Hughes

Services-Sector Activity Picks Up in July

“Services-sector expansion continued in July. Ongoing labor and materials shortages and intense price pressures are still concerns, as are emerging signs of softening demand and a weakening economy.” ~ Robert Hughes

July Manufacturing-Sector Survey Points to Slowing

“The latest manufacturing survey suggests continued expansion but easing price pressures and uncertainty about the future. Persistently elevated price increases and an intensifying Fed policy tightening cycle remain risks to the outlook.” ~ Robert Hughes

Consumer Sentiment Remained Near Record Lows in Late July

“Consumer sentiment ticked up in 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

Rising Prices Boost Durable-goods Orders in June

“Manufacturers’ new orders rose again in June, but much of it is from price increases. Rising prices, Fed policy tightening, and global turmoil are sustaining elevated risks.” ~ Robert Hughes

Weekly Initial Claims Continue to Trend Higher

“Weekly initial claims fell, but the trend remains upward. Sustained elevated rates of price increases, Fed tightening, and a softening labor market are major risks for the economic outlook.” ~ Robert Hughes

U.S. Posts Second Consecutive Drop in Real GDP

“Real GDP fell for a second consecutive quarter, but real private domestic demand has performed better, and core PCE price increases decelerated. Fed tightening, the war in Ukraine, and upcoming elections remain risks to the outlook.” ~ Robert Hughes

Consumer Confidence Continued to Weaken in July

“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

Initial Claims