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Investors had to sift through quite a bit of economic data last week. Minutes from the last Federal Reserve meeting revealed members were divided on when to end the bond buying program used to help stimulate the economy.
Small business optimism fell by nearly one point to a 93.5 reading in June reversing two months of gains as businesses expect sales to decline. Consumer credit rose by nearly $20B in May, the biggest increase in a year. Showing signs of a confident consumer. In the week ahead we expect earnings reports from American Express, Coca-Cola and Verizon. As well as several reports on the economy.
We’ll gain insight on the economy with the Fed’s Beige Book, which looks at economic trends from the Fed’s twelve districts such as Atlanta, Chicago and Dallas. The last report showed moderate growth, driven by hiring and rising home sales and prices.
Speaking of housing, we’ll check on the recovery with the June Housing Starts Report. In May new construction rose 6.8%, less than expected, while building permits, a gauge of future building activity declined 3.1 percent.
We’ll get a read on inflation with the June Consumer Price Index Report, which tracks price changes for food, clothing and energy. In may consumer prices were relatively flat overall, despite an increase in energy prices.