Economic Update - July 2008Tying it Together |
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July 2008Highlights from this month's issue:
- Earlier hopes of an improvement in economic activity during the second half of 2008 are fading fast
- Fed Chairman Ben Bernanke said that he expects the economy will grow “appreciably below its trend rate” for the remainder of this year and that there were “significant downside risks to the outlook”
- Consumers are seeing a bit of relief now that gas prices are edging downward and tax rebate checks of $100 billion have been received. Confidence edged up slightly in July
- Employment continues to deteriorate. Unadjusted employment is off from its year-ago level – the first time this has happened since 2003
- The housing depression, and the impact that it’s having on consumers’ balance sheets, remains a serious issue for consumers
- The situation is tenuous in manufacturing. Industrial production has dipped slightly, to date. Numerous companies are reporting sharp price increases in their raw materials purchases
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Economic Update - July 2008
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