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Economic Commentary

New home sales tumble, but core inflation slowly retreating

August 29, 2022
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Last week’s economic data indicated further slowing in the housing market and overall economic growth. New home sales are now well below the long-run average and pending home sales suggest the trend will continue going forward, while consumer spending slowed in large part due to falling energy prices. Additionally, the S&P flash PMIs both fell, with services now well into contraction territory.


What we learned last week: (pg. 1)

  • New home sales tumble
  • Core inflation slowly retreating

What we’re watching this week: (pg. 2)

  • ISM manufacturing activity forecasted to slow modestly
  • Consumer confidence could edge higher
  • Solid employment gains may continue

View this week's economic review & outlook