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Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index

Summary:
Still down and out: NYC condo price index: Good report here for June, and may revised higher as well. However, no home is built without a permit, so new home sales end up at the same place as permits, and total permits aren’t looking so good. And note the level is still well below all prior cycles, and the charts are not population adjusted: Total permits- single and multi family: Single family permits doing a bit better than multi family: Better than expected but still drifting lower: And note this comment: Buying plans for autos are soft, down nearly 2 percentage points to 10.8 percent in a reading that will bring down estimates for July vehicle sales. Buying plans for homes and appliances are steady. Better than expected.

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Still down and out:
Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index

Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index

NYC condo price index:

Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index

Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index

Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index
Good report here for June, and may revised higher as well. However, no home is built without a permit, so new home sales end up at the same place as permits, and total permits aren’t looking so good. And note the level is still well below all prior cycles, and the charts are not population adjusted:

Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index

Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index
Total permits- single and multi family:

Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index
Single family permits doing a bit better than multi family:

Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index
Better than expected but still drifting lower:

Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index
And note this comment:

Buying plans for autos are soft, down nearly 2 percentage points to 10.8 percent in a reading that will bring down estimates for July vehicle sales. Buying plans for homes and appliances are steady.

Better than expected. However manufacturing remains depressed, and the lack of spending is spreading to other sectors:

Redbook retail sales, Home price index, PMI services, New home sales, Consumer confidence, Richmond manufacturing index

WARREN MOSLER
Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, in the US Virgin Islands, where he owns and operates Valance Co., Inc.

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