Key Economic Reports This Week

Economists anticipate that the consumer price index (CPI) rose by 3% in July compared to the same month last year, maintaining the same growth rate observed in June. This steady inflation rate reflects ongoing economic challenges, with previous months showing slight fluctuations: 3.5% in March, 3.4% in April, and 3.3% in May, according to data from FactSet. In a surprising turn, retail sales remained flat in June, defying expectations of a decline and highlighting consumer resilience despite economic uncertainties. Analysts predict a modest increase of 0.3% in retail sales for July compared to June. The monthly changes in retail sales have varied, with March showing a 0.5% increase, April a decrease of 0.2%, and May rebounding with a 0.3% rise, as reported by FactSet. Additionally, the Commerce Department is set to release data indicating that construction activity for new condominiums and single-family homes accelerated in July. This uptick in building permits suggests a positive trend in the housing market, with groundbreakings reported at 1,299,000 in March and increasing to 1,377,000 in April. Overall, these economic indicators reflect a complex landscape where inflation remains steady, consumer spending shows resilience, and the housing market appears to be gaining momentum, suggesting cautious optimism for the economy moving forward.