Author: Zac Martin, Investment Associate
Week Ending August 15th – Alaskan Summer
The Consumer Price Index for July remained unchanged, which was below analyst expectations. However, Core CPI, CPI ex. Food and Energy, reaccelerated to 3.1% from 2.9%. Energy prices continue to be the primary driver for cooling inflation, while services like medical care, transportation, and shelter have accelerated since March’s report.
The Producer Price Index for July reported higher values than analysts were expecting, accelerating to 3.3% from 2.4% in June. The 0.9% increase was primarily due to a 2.0% change in wholesaler pricing increasing from -0.3% in June’s report. Additionally, this component tends to be lumpy and volatile.
US retail sales for July reported in line with the consensus estimate, decelerating to 0.5% from 0.9%. Some additional insight around the consumer from the Survey of Consumers by Michigan University found that the buying conditions for consumer durables declined to its lowest level all year. With respondents highlighting high prices as a headwind to larger purchases.
The Week Ahead:
- NAHB Housing Market Index, Building permits & Housing Starts (8/19)
- FOMC Meeting Minutes (8/20)
- Leading Economic Indicators (8/21)
- 2025 Jackson Hole Economic Policy Symposium (8/22)
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