U.S. Review
Housing Market Still Showing Strength
- June existing home sales increased 9.6 percent from a year ago. Other housing market metrics have also pointed to expansion. Median existing home prices are up 6.5 percent from a year ago and new home sales are 18.1 percent higher year over year despite a sizable decline in June.
- Jobless claims hit a low not seen since 1973, though some of the decline could be attributed to a seasonal adjustment issue.
- The factory sector still looks relatively weak, with the Kansas City Fed’s manufacturing index remaining in negative territory, while revisions to the industrial production numbers point to more slack and higher risks.
Global Review
Is Bank of England Tightening Drawing Nearer?
- Recent data have shown that economic growth in the United Kingdom is holding up fairly well and that wages have accelerated. It appears that some members of the Monetary Policy Committee are beginning to think the process of monetary tightening in the United Kingdom needs to get under way in the coming months.
- Despite all the noise associated with the Greek crisis, recent data show that economic activity in the Eurozone continues to expand, if only at a modest pace.
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