ECONOMIC CALENDAR:Monday: Empire State Mfg. Survey, Housing Market Index, Treasury International Capital Tuesday: Housing Starts Wednesday: Consumer Price Index, EIA Petroleum Status Report, FOMC Minutes Thursday: Jobless Claims, Philadelphia Fed Business Outlook Survey, Existing Home Sales Friday: PMI Manufacturing Index Flash
- Consumer sentiment flags in August. Though American consumers don’t seem to be concerned about inflation or current economic conditions, the latest survey indicates some concerns about their future finances. Dips in consumer sentiment could translate into lower spending this quarter.
- Nationwide home rental prices are sky high. The cost of renting a home has risen to record highs. A study found that renters can now expect to pay about 30% of their income in rent, as compared to the 15% buyers pay toward a mortgage. Hopefully, unaffordable rents will contribute to housing market activity.
- Weekly jobless claims rise again. The number of Americans filing new claims for unemployment benefits rose unexpectedly last week. Though claims have risen for three straight weeks, they are still below the 300,000 mark and still support a strengthening job market.
- Business inventories rise. U.S. businesses increased their stockpiles of goods by the most in two years, indicating that they expect demand to increase in the coming months. Analysts hope that a stronger job market will boost consumer spending.
Quote of the Week:“One day, you’ll be just a memory for some people. Do your best to be a good one.”– Unknown