The housing market is still gaining strength even in the face of recent home loan rate increases. Housing starts were up 5.9% annualized from June to July. Building permits, rose 2.7%,better than anticipated. National Association of Home Builders Housing Market Index rose in August to its best level in almost 8 years.
July Retail Sales were up for the 4th month in a row. In the labor market, Weekly Initial Jobless Claims dropped to 320,000, the lowest since October 2007.
Inflation (both wholesale and consumer) has stayed moderate.