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  • Orders for capital goods increased in August, suggesting businesses remained keen to invest in equipment despite higher interest rates.
  • Consumer confidence rose for a second straight month in September, supported by a resilient labor market and falling gasoline prices.
  • The 10-year Treasury yield topped 4% this week for the first time in more than a decade, signaling that rates may not have peaked yet.

  • Home prices in July were still higher than they were a year ago but cooled significantly from June gains, according to the Case-Shiller Index.
  • Sales of new homes unexpectedly rose almost 29% in August, the fastest pace of sales since March and a break from the recent downturn.
  • Pending home sales fell for the third straight month in August, weighed down by soaring mortgage rates and high home prices.


  • The service industry picked up in August for the 2nd straight month, reinforcing the view that the economy is not yet in a recession.
  • Last week’s jobless claims hit a 3-month low, underscoring the robustness of the labor market despite the Fed’s rate increases.
  • Comments from multiple Fed officials showed they remain optimistic about the economy while still committed to battling inflation.

  • With rates reaching highs last seen in June, purchase mortgage apps were down slightly for the week and 23% lower than a year ago.
  • For-sale inventory is on the rise but not yet to pre-pandemic levels. August’s total active listings were 7.7% lower than in August 2020.
  • Homeowners are spending a median of $9,000 on bathroom renovations, according to a recent survey. That’s 13% higher than last year.

 


  • Consumer confidence rebounded more than expected in August after 3 straight monthly declines, a positive sign for consumer spending.
  • Last week’s jobless claims fell to their lowest level since June, signaling labor market resilience amid a slowing economy.
  • Fed comments from Jackson Hole last week have led markets to expect a larger policy rate hike in September.
 

  • Purchase mortgage applications dropped 2% for the week and were 23% lower year over year. Refi apps also fell.
  • Despite talk of falling home prices, June’s prices were 18% higher than in June 2021, according to Case-Shiller.
  • The NAR reports FSBOs made up only 7% of home sales in 2021—the lowest share since 1981—even in the red-hot market.


  • New orders for durable goods increased in July, but the pace slowed from the prior month, suggesting a moderate rebound in business spending.
  • The economy shrank at a slightly slower pace in the 2nd qtr than initially reported, as inflation and higher interest rates weighed on spending.
  • Jobless claims fell for the 2nd week in a row, suggesting that employers are holding on to workers despite growing economic uncertainty.

 

  • New home sales fell for the 2nd straight month in July, reaching a 6-1/2 year low. Sales were down 12.6% from June and 29.6% from a year ago.
  • Pending home sales dropped 19.9% in July year over year and have fallen 8 of the past 9 months, as limited supply at lower price points slows sales.
  • Demand from first-time homebuyers appears to be increasing, though  overall purchase mortgage applications fell 1% last week.

 


  • Last month’s Fed meeting minutes showed officials agreed on the need to eventually dial back the pace of policy interest rate hikes.
  • Consumer sentiment rose to a 3-month high in early August, indicating stronger expectations about the economy and personal finances.
  • Retail sales for July were flat compared with an anticipated 0.1% gain. Falling fuel prices helped drive retail spending.

  • Builder sentiment for the single-family homes market fell into negative territory in August, as builders and buyers struggle with higher costs.
  • Housing starts fell in July to the lowest level since early 2021. Construction of both single- and multi-family homes dropped by 10%.
  • Existing home sales fell nearly 6% in July compared with June and were down almost 20% year over year, hampered by tight supply.


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