In a really surprising week, analysts saw retail sales jump far above the consensus while Consumer Price Index failed to reach it.
When examining July 2021’s economic reports, enormous job growth rippled across the economy as unemployment benefits abruptly ended.
Investors focus on targeted MBS buying as Fed nears goals. However, Fed Chair Powell did not provide an updated timeline for policy changes. As a result, mortgage rates ended the week slightly higher.
While significant economic news came out this week, retail sales dropped. In spite of this, the travel and entertainment industries saw a major a boom.
In June 2021, the United States saw attractive mortgage rates alongside continually looming inflation. As a matter of fact, annual inflation rose to its highest level in June since August 2008.
As inflation moderates, investors focus on new consumer price index (CPI) findings. During a light week, they looked towards the CPI inflation report for guidance.
The monthly employment report brought stronger than anticipated data as the U.S. achieved breakthrough job gains and strong ISM data.
This week, GDP fell short for a roughly neutral takeaway while inflation reached a new milestone. Overall, analysts saw an abundance of news.
The service sector witnesses fantastic expansion while mortgage rates go down. Weekly economic news came out favorable for mortgage markets.