• The service industry picked up in August for the 2nd straight month, reinforcing the view that the economy is not yet in a recession.
  • Last week’s jobless claims hit a 3-month low, underscoring the robustness of the labor market despite the Fed’s rate increases.
  • Comments from multiple Fed officials showed they remain optimistic about the economy while still committed to battling inflation.

  • With rates reaching highs last seen in June, purchase mortgage apps were down slightly for the week and 23% lower than a year ago.
  • For-sale inventory is on the rise but not yet to pre-pandemic levels. August’s total active listings were 7.7% lower than in August 2020.
  • Homeowners are spending a median of $9,000 on bathroom renovations, according to a recent survey. That’s 13% higher than last year.