ECONOMIC CALENDAR:Monday: Motor Vehicle Sales, Personal Income and Outlays, PMI Manufacturing Index, ISM Mfg. Index, Construction Spending Tuesday: Factory Orders Wednesday: ADP Employment Report, International Trade, ISM Non-Mfg. Index, EIA Petroleum Status Report Thursday: Jobless Claims Friday: Employment Situation
Quote of the Week
“Adversity has the effect of eliciting talents which in prosperous circumstances would have lain dormant.” – Horace
- Consumer sentiment drops in July. Two measures of how American consumers feel about their economic prospects dropped in July, partly because of concerns about economic growth as well as worries about Greece and China.
- Big cities drive rental prices high. U.S. home rental prices rose much faster than incomes in June. Unsurprisingly, major cities like San Jose, San Francisco, and Denver experienced double-digit year-over-year increases as demand pushed rental prices higher.
- Weekly jobless claims rise slightly. Though weekly claims for new unemployment benefits edged higher last week, the four-week average dipped lower, indicating that the labor market continues to improve.
- Oil prices drop as producers keep pumping. Crude oil experienced its biggest monthly drop since 2008 on signs that Middle East producers were continuing to pump at record levels despite concerns about a supply glut.