The recovery is gaining strength, albeit slowly. Housing finally is rising out of its recession rut and is on a modest uptrend. The consumer sector may not be retreating as feared. However, manufacturing data have been unclear—this sector may or may not be flattening in the near term. But overall, the economy is doing somewhat better—although that fiscal cliff is still looming.
Housing permits were up in July. Reports on existing and on new homes will indicate if homebuilder optimism is justified. Manufacturing reports have been mixed and the July durables report may add clarity. Notably, the mid-week release of Fed FOMC minutes could lift or dampen belief in a Fed move at its September FOMC meeting.
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