See what Wells Fargo has to say about current economic times. Highlights include:
- Growth Remains Slow but Steady
- The economy expanded at a 1.5 percent pace in the second quarter, supported by personal consumption, business investment and residential construction. Government spending and net exports subtracted from growth.
- New home sales were beginning to slow as sales contracted 8.4 percent in June to a 350,000 unit annualized pace but sales remain up 18.9 percent compared with levels of the year earlier period.
- Durable goods came in stronger than expected in June, rising 1.6 percent on news of stronger defense spending.