ECONOMIC CALENDAR:Wednesday: Existing Home Sales, EIA Petroleum Status Report Thursday: Jobless Claims Friday: PMI Manufacturing Index Flash, New Home Sales
Quote of the Week
“Many of life’s failures are people who did not realize how close they were to success when they gave up.” – Thomas A. Edison
- Jobless claims fall more than expected. After three weeks of increases, the number of Americans filing new claims for unemployment benefits fell. Summer jobs data tends to be volatile, but the drop is a sign of health for the labor market.
- Inflation rises in June. The cost of consumer goods rose for a fifth straight month in June, driven upward by rising gasoline and other costs. This increase supports the Federal Reserve’s plan to raise interest rates this year.
- Housing starts rebound in June. Groundbreaking on new homes increased by 9.8% last month and new permits rose, boosting expectations of a housing market resurgence this year.
- Retail sales decline. U.S. retail sales unexpectedly slipped last month as Americans cut back on major purchases like autos and home goods. Though the decline could be seasonal, it raises worries that the economy might be lagging.