Knowledge Is Power

The Commerce Department reported Monday that orders for durable goods for July, which are items meant to last at least three years, rose 9.9%. Excluding transportation equipment, orders fell 0.2%.

According to the Bureau of Labor Statistics, U.S. producer prices for July rose 0.1% from a month earlier. The median forecast in a Bloomberg survey of economists called for a 0.2% gain.

Initial applications for US fell last week by the most in nearly a year, potentially alleviating some concerns that the labor market is cooling too fast following last week’s disappointing jobs report.

Existing-home sales in the US slumped to one of the slowest paces since 2010 in June, as sellers wait for mortgage rates to fall further, and buyers balk at stubbornly high prices.

The first half of 2024 saw GDP remain moderate, buoyed by robust consumer spending and continued business investments in technology and infrastructure. However, concerns over the housing market continued as mortgage rates remained elevated, which dampened buyer enthusiasm.

According to the Commerce Department, U.S. retail sales in June, excluding autos, rose by the most in three months. Retail purchases less motor vehicles rose 0.4% last month after an upwardly-revised 0.1% rise in May.