This Week's State Of The Economy - What Is Ahead? - 27 August 2021

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Aug 30, 2021

This Week's State Of The Economy - What Is Ahead? - 27 August 2021

This week takes us almost halfway thru the Aug/Sept timeframe that can be especially hot here in Texas.  It also brings us to the precipice of that most exciting time of the year…football season.  To mark the occasion, this week’s Commentary includes a special seasonal addition that will carry forward through early December…a SPORTS section.  Yes you read that correctly.  Your favorite weekly economics summary will also bring you a special college football feature each week for the next couple of months, which is appropriate given what a big business it has evolved into.  No betting lines are offered, so keep your money in your pocket.

 

In other economic news, output continues to ramp up across the U.S., even as the resurgence in COVID cases is leading to some pullback in consumer engagement. The need to rebuild inventories should keep production rising, even if consumer spending moderates a bit further. Housing is already beginning to move into better balance, with rising inventories of existing homes beginning to moderate soaring home prices. Inventories of new homes have also increased, although most of the gain is in developed lots and homes under construction.




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U.S. data released this week indicates the economic expansion remains alive even as inflation continues to slow. The year-ago rates of headline and core PCE inflation were the lowest since March 2021 and April 2021, respectively.

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I can understand how the opportunity to participate in lots of scintillating economic policy discussions could make fishing look exciting in comparison.

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