Commentaries

August 24, 2018

U.S. Single-Family New Home Sales came in at a 627,000 annualized rate versus consensus of 649,000. Durable Goods Orders for July were down 1.7%; however, Core Capital Goods orders were up 1.4%. The PMI Composite Flash Index came in at 55.0 for August, with a reading of the same for both Manufacturing and Services.
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August 17, 2018

U.S. Retail Sales were up 0.5% for July 2018, with the strength fairly well diversified. Non-Farm Productivity was up 2.9% on an annualized basis for the second quarter of 2018, with Unit Labor Costs down 0.9%. Industrial Production was up 0.1% for July, with the Capacity Utilization rate at 78.1%. Housing starts came in at 1.168mm units (single and multi-family) for July, well below the 1.271mm unit consensus. On the bright side, permits were up 1.5% for the month. Finally, the Index of Leading Economic Indicators was up nicely, at 0.6% for July.
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