Orders for big-ticket items slipped last month as manufacturers continued to navigate a supply chain crunch that has resulted in higher materials costs and longer delivery times.

The economy grew at a robust 6.6% annual rate last quarter, slightly faster than previously estimated, pointing to a sustained consumer-led rebound from the pandemic recession.

Initial unemployment claims were little changed over the past week, hovering around pandemic-era lows and showing further signs of job market healing.


Existing home sales rose for the second straight month and were barely higher than in July 2020. The median price of an existing home sold was $359,900, up 18% from last year.

New home sales crept up in July, rising 1% over last year. Builders have struggled to take advantage of demand, hampered by soaring lumber prices and building materials shortages.

Mortgage applications increased last week, with purchase applications posting their largest rise since early July. Refinance applications were also up slightly for the week.