• New orders for durable goods increased in July, but the pace slowed from the prior month, suggesting a moderate rebound in business spending.
  • The economy shrank at a slightly slower pace in the 2nd qtr than initially reported, as inflation and higher interest rates weighed on spending.
  • Jobless claims fell for the 2nd week in a row, suggesting that employers are holding on to workers despite growing economic uncertainty.

  • New home sales fell for the 2nd straight month in July, reaching a 6-1/2 year low. Sales were down 12.6% from June and 29.6% from a year ago.
  • Pending home sales dropped 19.9% in July year over year and have fallen 8 of the past 9 months, as limited supply at lower price points slows sales.
  • Demand from first-time homebuyers appears to be increasing, though  overall purchase mortgage applications fell 1% last week.