Robert Hughes

August Services-Sector Activity Expands, Price Pressures Ease

“Services-sector expansion continued in August. Labor and materials shortages also continued, but there were some positive signs. However, signs of softening demand and concern about a weakening economy were also noted.” ~ Robert Hughes

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Unit Auto Sales Remained Weak in August

“Light-vehicle sales were little changed in August but remained well below pre-pandemic ranges. Inventory hit a new low, and prices continued to rise.” ~ Robert Hughes

Auto Sales Stage Partial Rebound Following A Two-Month Plunge

Unemployment Rate Jumps and Job Gains Slow in August

“Payrolls posted modest gains in August, and unemployment rates rose. Mixed signs for the labor market, sustained price pressures, and an intensifying Fed tightening cycle remain risks to the outlook.” ~ Robert Hughes

Consumer Confidence Improved in August, but Risks Remain

“Consumer expectations improved in August, and inflation expectations eased slightly. An intensifying Fed tightening cycle, elevated price pressures, and the fallout from Russian aggression in Ukraine remain risks for the economic outlook.” ~ Robert Hughes

Weekly Initial Claims Post Small Drop

“Weekly initial claims fell, suggesting the recent upward trend may be flattening. Rapid price increases, low consumer confidence, and aggressive Fed tightening remain major risks for the economic outlook.” ~ Robert Hughes

Real Durable-goods Orders Fell in July

“Real manufacturers’ new orders trend growth remains weak. Rising prices, Fed policy tightening, and global turmoil sustain elevated risks.” ~ Robert Hughes

New Single-Family Home Sales Continue to Plunge

“New-home sales fell again in July, and inventories continued to surge. Elevated prices and mortgage rates reduce affordability and are likely to weaken future demand.” ~ Robert Hughes