Commentaries

July 28, 2017

The FOMC left interest rates unchanged this week, with no surprise announcements. June Durable Goods orders were quite strong, at +6.5% versus +3.5% expectations. Most of the strength was due to aircraft orders. Second quarter U.S. Real GDP growth was +2.6%, as expected. Finally, the Employment Cost Index was up 0.5% for the second quarter, and up 2.4% on an annual basis.
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July 21, 2017

June housing starts (single and multi-family), rose to a 1.215mm annual rate versus 1.170mm expected. The Index of Leading Indicators was up 0.6% for June, better than consensus. Housing Permits were one of the more significant contributors to the increase. Otherwise, it was a fairly slow week on the economic front.
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