4702 Outlook

Economic Outlook: August 27, 2021

Aug 27, 2021  | Ep4702

There is a debate on whether rising inflation or the Delta Variant is the bigger drag on the economy. The growth of consumer spending slowed last month to 0.3 percent as restaurants were more popular than automobile dealerships according to the Commerce Department.

Moves in the housing market were tepid. For July, the trend was higher as sales of existing homes increased two percent. The National Association of Realtors reported the median price is approaching the all-time high set in June of $359,900. 

New home sales reversed a three-month losing streak when builders were addressing surging lumber costs and worker shortages. The sector posted a 1 percent gain in July.

Supply chains are still working out the kinks in the flow of products. New orders for manufactured goods fell 0.1 percent last month posting its second loss in 15 months.

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