Robert Hughes

July Jobs Report Not as Impressive as Headline Suggests

“Payrolls posted a strong gain in July though details were not as strong as the headline suggests. The overall outlook is tilted to the upside, but challenges remain, and risks are growing.” – Robert Hughes

Weekly Initial Claims for Unemployment Benefits Are Flattening Out

“Weekly initial claims for unemployment benefits fell slightly in the latest week but the trend appears to be flattening. A tight labor market and a record number of open jobs should continue to drive initial claims lower, but the Delta variant is increasing uncertainty.” – Robert Hughes

Consumer Spending Drives Economic Recovery in the Second Quarter

“The U.S. economy posted another strong quarter of growth, led by consumer spending. The outlook remains favorable but the Delta variant, accelerating consumer price increases from material shortages, labor and logistical issues, and potential changes to monetary and fiscal policies are keeping uncertainty elevated.” – Robert Hughes

Consumer Confidence Remained Strong in July

“Consumer attitudes remained at favorable levels in July as easing government restrictions continue to boost economic activity and job prospects.” – Robert Hughes

New Single-Family Home Sales Fell Again in June

“New-home sales fell again in June and supply conditions eased a bit. Rising prices, and somewhat higher mortgage rates should continue weighing on activity.” – Robert Hughes