A Soft Patch of Economic Data
• Retail sales data for June pointed toward a downshift in consumer spending for the month, rising just 0.4 percent. Automobile sales continue to support much of the gains in overall sales.
• Consumer prices edged higher in June, rising 0.5 percent higher as gasoline prices climbed 6.3 percent for the month. Excluding food and energy, inflation remained modest, rising just 0.2 percent.
• Housing starts fell 9.9 percent in June with new building permits also declining, underscoring the modest pace of the housing market recovery.
Read the full report: Economic Research
Wells Fargo