Economic Conditions Still Moving on Up
- The Job Openings and Labor Turnover Survey (JOLTS) continued to show an improving labor market. Hiring increased during the month, while the hiring and job opening rate held steady.
- Headline retail sales also advanced during the month. Although the headline was strong, much of the improvement occurred in components that are not included in real GDP. Auto sales continue to show solid readings.
- Business inventories surged in June, which will help boost the already-reported second quarter real GDP reading. This means inventories likely will be a drag on economic growth in the coming quarters, all things equal.
Click here to read the full Wells Fargo Weekly Economic & Financial Commentary for August 14, 2015.Tags: economy