The most recent Wells Fargo commentary regarding the economy is now available. Some of the highlights include:
Housing Market Recovery Remains Intact
· Existing home sales and new home sales posted sizable increases in July as inventories of existing homes continued to trend downward.
· Jobless claims edged higher this week with the four-week moving average rising to a 368,000 pace. The continued rise in claims continues to reflect the sluggish pace of labor market improvement that will likely remain through the year end.
· Durable goods orders posted another sizable increase in July, rising 4.2 percent. The bulk of the gains in new orders came from transportation orders.