Robert Hughes

Private Payrolls Growth Stayed Strong in June

“Payroll gains remained solid in June, though there are mounting signs of easing in the labor market. Sustained price pressures, an intensifying Fed tightening cycle, and ongoing fallout from the Russian invasion of Ukraine are significant risks for the economy.” ~ Robert Hughes

Average Weekly Initial Claims Rise Again

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

Services-Sector Survey Suggests Continued Expansion in June

“Services-sector expansion continued in June despite ongoing labor and materials shortages and intense price pressures. Some notes of caution were also starting to emerge. The outlook remains highly uncertain.” ~ Robert Hughes

Unit Auto Sales Rose in June, but Remain Weak

“Light-vehicle sales rose in June but remain well below pre-pandemic ranges. Assemblies fell in May as component shortages continue to restrain production. Inventory shows signs of stabilization recently, but prices continued to rise.” ~ Robert Hughes

Inflation Fears Continue to Drag Consumer Expectations Lower

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

Durable-goods Orders Remained Strong in May

“Manufacturers’ new orders rose again in May and remain near record highs. Continued strength for business investment is a positive sign for the economic outlook but risks remain elevated.” ~ Robert Hughes