Robert Hughes

Struggles Continue for Single-Family Housing

“Single-family housing activity showed further signs of cooling in July. The combination of shifting housing preferences and rising single-family home prices appear to be dampening demand while labor difficulties and materials shortages restrain supply.” – Robert Hughes

Manufacturing Output Posts a Solid Gain in July

“Industrial output rose in July as output jumped in the volatile motor vehicle industry. Ongoing difficulties with labor, logistics, and materials shortages should ease in the coming months and quarters, but the recent surge in new Covid cases does represent a risk to the outlook for industrial output.” – Robert Hughes

Total and Core Retail Sales Fell in July

“Retail sales fell in July and the trend over the last three months is noticeably weaker. Continued recovery in the labor market and gains in wages are needed to support retail sales growth.” – Robert Hughes

AIER Leading Indicators Index Suggests Continued Growth as Risks Grow

“AIER’s Leading Indicators Index posted a fourth consecutive small decline in July, falling to 75. While the pullbacks suggest that breadth of growth could narrow in the future, the July result remains at a level consistent with continued economic expansion in coming months, but the threats to future growth may be growing.” – Robert Hughes

Everyday Price Index Outpaces the CPI in July

“AIER’s Everyday Price Index rose again, led by food and energy. Prices for many goods and services are still distorted by the lingering effects of government shutdowns. As these distortions fade, price pressures are likely to ease.” – Robert Hughes