- Durable goods orders drop in August. The latest data shows that orders for long-lasting manufactured goods dropped by 2% last month. However, exclusive of the volatile transportation category, durable goods orders remained flat, indicating that the drop might be temporary.
- Consumer sentiment falls to lowest level since October 2014. A survey of how Americans feel about the economy found that consumers lost confidence in September amid worries about China and the global economy. Since consumer spending makes up a large part of economic activity, a drop in confidence could affect growth this quarter.
- Weekly jobless claims rise slightly. The number of Americans filing new claims for unemployment benefits rose slightly by 3,000 claims last week, though the underlying trend still shows the economy adding jobs.
- Existing home sales drop in August. After previous months of gains, existing home sales dropped sharply last month, falling 4.8%. However, monthly data can be volatile and sales are still up 6.2% from one year ago.
Quote of the Week:
“Without labor nothing prospers.” – Sophocles