Annual retail and food service sales in August slowed for the third month in a row. Gasoline stores, electronics and appliances, food and beverage, and apparel fell, but sales at nonstore, personal care, and miscellaneous stores advanced.
Job openings, hire rate, and separation rate in June were nearly unchanged from May, but the hire rate dropped to a low last seen about four years ago.
GDP, the broadest measure of the economy, expanded at a faster pace in the second quarter, driven by an increase in consumer spending and business investment in inventories.
New home sales continue to decline, and available home supply rose to a recent high as buyers struggle with affordability amid elevated prices and high mortgage rates.
Existing home sales volume declined for the fourth month in a row, and the median home sales price increased to a record high in a gradual shift to the buyer's market.
The continued surge in multi-family construction drove the housing data in June, and housing completions surged in double-digits from a year ago in the month.
Retail sales advanced more than 2% at an at an annual pace for the third month in a row in June, but the pace of the increase slowed amid resilient consumer spending.
Nonfarm payroll in June rose at a slower pace, and the increases in April and May were sharply revised down. Labor force participation and employment-to-population ratios held steady for a year.
International goods and trade deficit widened to the highest level since October 2022 on the sustained increase in imports from China, Mexico, and the European Union.
Record home prices and elevated mortgage rates are negatively impacting new home sales and also steadily lengthening the time it takes to sell homes over the last thirteen months.
Housing permits and starts dropped sharply from a year ago in May, as high interest rates weighed on the housing market. However, housing completions slightly edged up.
Total retail and food services sales edged up from the previous month in May, nonstore retail sales jumped 6.8%, and sales for food services and drinking services advanced 3.8% from a year ago, respectively.
The Federal Reserve held its target rate range steady, lifted its long-term inflation outlook, and projected only one rate cut this year and four in 2025.
The U.S. economy added 272,000 net new jobs, surpassing all expectations, but an expanding labor market also attracted more applicants, increasing the jobless rate to 4%.
