Personal income increased 1.0% over the past quarter compared to a 0.9% growth in the first quarter.
Chain/retail store sales dropped 1.8% compared to the week earlier, however year-over-year sales growth increased at an annual rate of 3.3%.
New housing starts increased 11% in August compared to July. Although a welcome sign, housing starts are at historical lows.
The FOMC met this week, but didn't change much of their outlook. The fed funds rate will remain low for an "extended period of time." Inflation is below the target level, and with high unemployment, there is few to no inflationary pressures.
Mortgage applications remain low and weak despite record low rates. Refinancing had a small run, but has been declining over the past three weeks.
Initial claims for unemployment benefits increased last week. Although this may cause concern over a double dip, most economists believe it is just a sign of the continuously weak labor market.
Conference Board Leading Indicators was up 0.3% in August, reaffirming the slow growth that we will see in the near future.
Durable goods orders fell 1.3%, led by a drop in transportation. Inventories increased 0.4%, the 8th consecutive increase.
New home sales disappointed. Although higher vs. July, sales were below expectations and remain historically low.
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