Robert Hughes

“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 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

“The services sector expanded again in July, but shortages of labor and materials are continuing to restrain output and put upward pressure on prices.” – Robert Hughes

“Light-vehicle sales fell again in July, falling farther below the recent range. A semiconductor shortage continues to disrupt production causing inventories to plunge and prices to jump.” – Robert Hughes

“Manufacturing demand remains robust, while labor, production, and logistical issues continue to pressure prices.” – Robert Hughes

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

“Manufacturers’ new orders for core capital goods hit another record high in June. The strong showing is a positive sign for the overall outlook.” – Robert Hughes

“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

“Existing-home sales rose slightly in June while record-high prices and changing preferences work to cool the recent pace of activity.” – Robert Hughes