It’s a busy week ahead for economic data. The release of the July retail sales number will be high on my list of items to watch as consumer spending will continue to be a very important driver of the economic expansion moving forward. Furthermore, the consumer balance sheet remains strong as the job market is gaining momentum which should provide the consumer with more confidence to spend, however, the surging Delta variant may hinder some spending moving forward. Finally, the housing market will be back in focus during the upcoming week. Lumber prices have fallen, which should be music to the ears of builder’s and help increase new home inventory. However, mortgage rates are expected to rise, which will pressure home affordability.
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