Consumer spending slowed in August as extended unemployment benefits ran out for millions of Americans. Despite being lower than expected, retail sales still increased 0.6%.
The Fed left policy rates unchanged at this week’s meeting and signaled near-zero rates will last through 2023 to aid the economy on its rebound from Covid19 shutdowns.
The labor market recovered has slowed. Nearly 30 million people remain on unemployment benefits. Simply family home construction increased 4.1% for the month. Overall, housing starts fell more than expected in August, as multiple-family homes construction dropped.
Purchase mortgage applications last week were higher than a year ago, though down 1% from the previous week.
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