Simplicity Financial Planning

10/12/2026

Weekly Market Commentary - October 12, 2026

🔎 Week in Review 📝

The economic data last week continued to point to a resilient U.S. economy, although the latest readings showed some moderation in service-sector activity alongside continued price pressures.

Monday’s Services Purchasing Managers’ Index (PMI) came in at 58.8 in September, slightly above both the 58.7 forecast and the prior reading. The Institute for Supply Management (ISM) Non-Manufacturing PMI was somewhat softer, declining to 54.9 from 55.4 and coming in below the 55.1 forecast. Despite the slowdown in activity, the ISM Non-Manufacturing Prices Index increased to 74.0 from 72.6, exceeding expectations of 73.3. Taken together, the data showed continued expansion across the service economy, but with price pressures remaining elevated and potentially complicating the broader inflation outlook.

Wednesday’s crude oil inventory report showed inventories declining by 3.186 million barrels, a significant contrast to expectations for a 1.9-million-barrel increase and the prior week’s 922,000-barrel build. Treasury markets were also in focus, with the 10-year note auction clearing at 5.300%, up sharply from 4.834% at the previous auction. The higher auction yield reflected a notable move upward from the prior offering and kept longer-term interest rates in focus.

Thursday’s labor-market data remained relatively steady, with initial jobless claims coming in at 197,000, below the 200,000 forecast and slightly below the prior week’s 199,000 reading. Longer-term Treasury yields were also higher at auction, with the 30-year bond clearing at 5.618%, up from 5.308% previously.

Overall, the week’s data continued to show resilience across services and the labor market, while elevated service-sector pricing and higher Treasury auction yields remained important areas to monitor as investors evaluate the direction of inflation and broader economic conditions.

🔬 Week Ahead 🔬

The week of October 12 will be highlighted by several important economic releases focused on inflation, consumer spending, labor market conditions, and housing activity. Inflation will likely remain the primary area of focus, with both Consumer Price Index (CPI) and Producer Price Index (PPI) providing investors with an updated look at whether price pressures are continuing to build heading further into the fourth quarter.

Wednesday’s CPI report is expected to show headline inflation rising 0.6% month over month and 3.6% year over year in September, up from 0.4% and 3.4% previously. Core CPI is expected to increase a more moderate 0.2%. The combination of headline and core inflation should help investors assess whether price pressures are becoming more widespread or remain concentrated in more volatile categories. Thursday’s PPI report will provide an additional look at inflationary pressures at the producer level.

Attention will also turn toward the health of the consumer and broader economy. Thursday’s retail sales report should provide insight into whether consumer spending remains resilient, while initial jobless claims will offer another timely measure of labor market conditions. The Philadelphia Fed Manufacturing Index will provide an update on manufacturing activity, while Tuesday’s existing home sales report should help investors gauge the strength of housing demand.

Crude oil inventory data will provide another look at energy market conditions, while Fed Governor Warsh is scheduled to speak Thursday. Investors will likely monitor the remarks for additional perspective on monetary policy and the economic outlook. Overall, the week should provide a broader read on whether economic conditions remain resilient while inflation continues to influence the outlook for interest rates.

Week in Review The economic data last week continued to point to a resilient U.S. economy, although the latest readings showed some moderation in service-sector activity alongside continued price pressures. Monday’s Services Purchasing Managers’ Index (PMI) came in at 58.8 in September, slightly...

10/05/2026

October 5, 2026 Weekly Market Commentary

🔎 Week in Review 📝

Inflation came in below expectations and Q2 U.S. gross domestic product (GDP) growth exceeded forecasts, while labor data pointed to slower hiring. Together, the releases showed continued economic expansion alongside moderating labor demand and inflation above the Federal Reserve’s target.

Inflation: Softer Than Expected but Still Above Target

Personal consumption expenditures (PCE) data, the Federal Reserve’s preferred inflation gauge, came in softer than expected for August. Headline PCE rose 0.3% month over month versus an expected 0.4%, and 3.4% year over year versus an expected 3.7%. Core PCE, which excludes more volatile food and energy costs, increased 0.2% month over month versus an expected 0.3%, and 3.0% year over year versus an expected 3.3%. The data reflect price increases in other nondurable goods, gas and energy goods, and food services, which were the largest increases. The updated figures reflect the Bureau of Economic Analysis’ revisions to how it calculates the index, including changes to price measurements for legal services, software, and portfolio management.

Despite the softer readings, the figures continue to show that inflation remains above the Fed’s 2% target. The Fed raised rates by 0.25 percentage points in September to a range of 3.75%-4.00%, with markets predicting a 78% chance that the Fed remains on hold at the next October meeting.

Economic Activity: Growth and Manufacturing Remain Firm

Second-quarter real GDP grew at a 2.2% annualized rate versus an expected 1.5%, supported by consumer spending, business investment, and exports, while higher imports were a headwind. Separately, the Institute for Supply Management® (ISM) Manufacturing Purchasing Managers’ Index® (PMI) eased to 54.5 versus an expected 54.8, but remained above the expansion threshold of 50. New orders, production, employment, and supplier deliveries remained in expansion territory, while the prices component jumped as a result of tightening supply amid respondents’ concerns of higher costs due to tariffs and the war in Iran.

Labor Market: Hiring Slows as Layoffs Remain Limited

September non-farm payrolls surprised sharply to the downside with 29,000 jobs added versus an expected 89,000, down from 133,000 in August. Unemployment edged up to 4.2% versus an expected 4.1%. Job Openings and Labor Turnover Survey (JOLTS) openings declined to 7.079 million from 7.335 million and were below the 7.230 million estimate. Initial jobless claims were 197,000 versus an expected 201,000, and continuing claims were down to 1.701 million versus an expected 1.730 million. The figures point to slower hiring while layoffs remained contained, consistent with a “low hire, low fire” environment.

🔬 The Week Ahead 🔬

The coming week will provide updates on service-sector activity and the Federal Reserve’s policy discussions.

Services Activity: Monitoring the Pass-Through of Higher Prices

Markets will look to the ISM Services PMI for evidence that service-sector activity remains in expansion. The report will provide additional context on how higher prices are feeding into the service sector.

Federal Reserve: Assessing the Path for Further Rate Hikes

The Federal Open Market Committee (FOMC) minutes will provide details on how policymakers assessed inflation, employment, and the potential path of rate hikes through year-end. Markets will focus on commentary about further rate hikes as recent cooler inflation and employment data shape expectations.

Week in Review Inflation came in below expectations and Q2 U.S. gross domestic product (GDP) growth exceeded forecasts, while labor data pointed to slower hiring. Together, the releases showed continued economic expansion alongside moderating labor demand and inflation above the Federal Reserve’s ...

09/28/2026

September 28, 2026

Weekly Market Commentary

🔎 Week in Review 📝

Business sentiment surged to multiyear highs while labor market data continued to improve. However, several hard economic indicators have yet to fully confirm the growing optimism, creating an increasingly important question for investors heading into the fourth quarter.

Business Sentiment: Optimism Builds, but Confirmation Is Needed

Preliminary S&P Global Purchasing Managers’ Index (PMI) data offered an unexpectedly strong view of business conditions. Manufacturing PMI rose to 57.0 from 53.9, marking a third consecutive upside surprise and its highest reading in more than four years. Services PMI strengthened to 58.7 from 56.5, reaching a multiyear high. Together, the reports suggest momentum may be broadening across the economy rather than remaining concentrated in one sector.

The strength in services is particularly important given the sector’s outsized contribution to economic activity. However, investors will likely temper their optimism because the reports are preliminary and subject to revision. Final readings will help determine whether September marked a genuine acceleration or an unusually strong initial sample.

Consumer data provided a useful counterweight. The University of Michigan’s Consumer Sentiment and Expectations indexes exceeded forecasts but declined from August, suggesting households remain more cautious than businesses. The divergence does not invalidate the PMI strength, but it indicates the improvement in confidence is not yet uniform across the economy.

Hard Data: Optimism Has Yet to Fully Translate

Housing and capital spending data painted a more measured picture. August’s building permits exceeded expectations (1.403 million versus 1.394 million) but declined from the prior month (1.433 million). The August reading was also broadly consistent with May, suggesting the sharp June decline and July rebound may have reflected monthly noise rather than a clear change in direction.

Core durable goods orders rose by just 0.3% versus the 0.6% expected, signaling that businesses have not yet translated stronger sentiment into equally strong capital spending. The timing of the reports may partly explain the disconnect. Still, markets will want to see hard activity strengthen before concluding that the recent PMI acceleration represents a durable change in momentum.

Labor Market: Claims Point to Greater Stability

Jobless claims remained constructive. Continuing claims fell to 1.730 million, below the 1.780 million forecast, marking a third consecutive better-than-expected reading and extending a broader decline from the summer’s higher levels.

Initial claims also fell below 200,000, while the four-week average declined to 202,250 from approximately 224,000 in June. Weekly fluctuations remain common, but the broader trend suggests layoffs are becoming less frequent and the labor market remains more stable than recent growth concerns might imply.

Week in Review Business sentiment surged to multiyear highs while labor market data continued to improve. However, several hard economic indicators have yet to fully confirm the growing optimism, creating an increasingly important question for investors heading into the fourth quarter. Business Se

09/25/2026

🎓 If college is on the horizon for your family, this conversation is worth a watch! We cover both sides of the college journey: College Admissions + Financially Planning for College. Hope this conversation helps families feel a little more prepared and confident!

09/25/2026

One of the most common conversations I have starts with:

"I changed jobs a few months ago and I'm not sure if I handled everything correctly."

It's rarely a catastrophic mistake. Usually it's a handful of small things:

• A forgotten 401(k)
• An old beneficiary designation
• A missed HSA opportunity
• Insurance coverage that isn't quite what they thought it was
• Benefit elections that were made in a hurry during onboarding

Job changes can be great for your career and your income. But they also come with a lot of financial decisions, and most people are focused on learning a new role, not reviewing retirement plans, insurance options, or tax implications.

If you've recently started a new job, this is an area where a financial planner can add real value. We regularly help clients review benefit elections, evaluate retirement plan options, coordinate insurance coverage, update beneficiaries, and make sure the financial pieces of the transition don't get overlooked.

Sometimes a one-hour review can provide years of confidence. Have you changed jobs in the last year? What's something you wish you'd known before making the transition?

09/21/2026

Weekly Market Commentary September 21, 2026

🔎 Week in Review 📝

Economic data last week continued to show a resilient U.S. economy, although the primary focus was the Federal Reserve's September policy meeting and the inflation outlook. Treasury yields remained elevated throughout the week, with the 10-year Treasury finishing near 5.0% and the 30-year ending around 5.34%, as investors digested the Federal Reserve's 25-basis-point rate increase and updated economic projections.

Wednesday's retail sales report showed consumer spending remained strong despite higher borrowing costs and rising prices. Retail and food services sales increased 1.2% in August after declining 0.5% in July. Sales excluding autos rose 1.4%, suggesting household spending continues to support broader economic growth.

The Federal Reserve subsequently raised the federal funds target range by 25 basis points to 3.75% to 4.00%. Updated economic projections showed policymakers now expect stronger economic growth and somewhat higher inflation than previously anticipated. The median projection for the federal funds rate at year-end also increased, suggesting officials remain focused on returning inflation toward their long-term objective despite continued resilience in the broader economy.

Other economic data were more mixed. Housing starts declined 2.6% in August to a 1.275 million annualized pace, while building permits fell 2.7%, indicating that elevated financing costs continue to weigh on housing activity. Industrial production was unchanged during the month as softer manufacturing output was offset by stronger utility production. Consumer sentiment also weakened in September, with the preliminary University of Michigan Consumer Sentiment Index falling to 47.8 from 51.7 in August. Year-ahead inflation expectations increased to 4.6%, reflecting continued concerns about higher energy prices and broader inflation pressures.

🔬 Week Ahead 🔬

The economic calendar will be lighter this week following the Federal Reserve meeting, but several reports should provide additional insight into the health of the consumer, housing market, and broader business activity. Markets will continue evaluating whether economic growth remains strong enough to support the Federal Reserve's increasingly firm stance on inflation.

The first major release of the week will be September's preliminary Purchasing Managers' Indexes on Wednesday. The August manufacturing index stood at 53.9, while the services index was 56.5, both indicating continued expansion. Investors will be watching these surveys closely for evidence that higher energy prices and tighter financial conditions are beginning to affect business activity.

Attention will then turn to Thursday's labor market and housing data. Initial jobless claims have remained near historically low levels, highlighting continued labor market strength. August new home sales will also be released Thursday morning and should provide another gauge of housing demand amid elevated mortgage rates and Treasury yields.

Friday's August durable goods orders report will offer additional insight into manufacturing activity and business investment. Investors will also receive the final September reading of the University of Michigan consumer sentiment survey after the preliminary report showed weaker confidence and rising inflation expectations. Together, these releases should provide additional insight into the balance between economic growth and inflation and help shape expectations for the path of interest rates moving forward.

Week in Review Economic data last week continued to show a resilient U.S. economy, although the primary focus was the Federal Reserve's September policy meeting and the inflation outlook. Treasury yields remained elevated throughout the week, with the 10-year Treasury finishing near 5.0% and the 30

09/14/2026

Weekly Market Commentary September 14, 2026

🔬 Week in Review 📝

The economic data last week continued to show a U.S. economy that remains resilient, but with inflation pressures moving back into focus ahead of the September Federal Open Market Committee (FOMC) meeting. Treasury yields moved sharply higher over the week, with the 10-year finishing around 4.97%, up from roughly 4.78% the prior Friday, while the 30-year ended near 5.38%, reaching its highest level in nearly two decades.

Despite the rise in yields, demand at both long-duration Treasury auctions was strong. Wednesday’s $39 billion 10-year note auction cleared at 4.834%, the highest auction yield since 2007, but generated a strong 2.71 bid-to-cover ratio. The bid-to-cover ratio measures the amount investors bid relative to the amount of Treasury debt offered, with a higher ratio generally indicating stronger demand. Indirect bidders took roughly 79% of the issue and primary dealers were left with only about 4%, further indicating healthy underlying demand. Thursday’s $22 billion 30-year bond auction was similarly strong, clearing at 5.308% with a bid-to-cover ratio around 2.6. Dealers absorbed just 2.2% of the issue, another indication that investors were willing to add duration at these higher yield levels.

On the economic front, Thursday’s Producer Price Index (PPI) report showed producer prices rising 0.4% month-over-month and 5.4% year-over-year in August. Goods prices rose 1.1%, while services increased just 0.1%, showing that much of the latest inflation pressure is concentrated in goods and energy-related categories. Existing-home sales fell 2.0% to a 3.98 million annualized pace, the lowest level in 14 months, while inventory increased to 1.62 million homes. Housing therefore remains one of the clearer areas where elevated borrowing costs continue to weigh on activity.

Wednesday’s crude-oil inventory report showed commercial crude inventories falling only about 391,000 barrels to 424.1 million, while U.S. production reached a record 13.9 million barrels per day. Gasoline and distillate inventories both increased. Friday’s Consumer Price Index (CPI) report was the most important release of the week. Headline CPI rose 0.4% in August and 3.4% year-over-year, while core CPI increased 0.3% for the month and 2.4% from a year earlier. Gasoline prices rose 3.9%, showing the growing impact of the recent energy-price increase, while the firmer core monthly reading suggested that inflation pressures were not limited entirely to energy.

Week Ahead 🔎

The first major release this week will be August retail sales on Wednesday morning, just hours before the Fed decision. Retail sales fell 0.6% in July, their first decline in nine months, so August’s report will be important in determining whether consumer spending has rebounded or whether higher prices and softer confidence are beginning to restrain demand.

The primary focus, however, will be the September FOMC meeting on Tuesday and Wednesday, with the policy decision being released Wednesday afternoon. This meeting is particularly highly anticipated because the Fed appears to be approaching an important shift in policy. At the July meeting, the Committee held the federal funds target at 3.50%-3.75%, but the decision was already unusually divided, with three members voting for a 25-basis-point hike. Since then, the Fed has received a strong August employment report, higher-than-expected PPI, a firmer monthly CPI reading, and another sharp increase in energy prices. Markets have consequently moved from viewing a September hike as a close call to pricing roughly an 85% probability of a 25-basis-point increase.

The meeting is also important because September includes an updated Summary of Economic Projections and dot plot. Investors will therefore be looking beyond the immediate rate decision to see how policymakers have changed their forecasts for inflation, growth, unemployment, and the appropriate path for interest rates. The central question is whether the Fed views the recent inflation pressure, particularly from energy, as temporary, or whether the combination of persistent inflation and a still-resilient labor market warrants a broader return to tighter monetary policy. With inflation still materially above the Fed’s 2% objective and three policymakers already favoring a hike at the previous meeting, Wednesday’s decision and updated projections should provide the clearest indication yet of how the Fed intends to navigate the remainder of the year.

Week in Review The economic data last week continued to show a U.S. economy that remains resilient, but with inflation pressures moving back into focus ahead of the September Federal Open Market Committee (FOMC) meeting. Treasury yields moved sharply higher over the week, with the 10-year finishing

08/31/2026

Weekly Market Commentary August 31, 2026

🔎 The Week in Review 📝

This week’s economic data continued to point to an economy that is still expanding, but with inflation remaining above the Federal Reserve’s target and the labor market showing few signs of material deterioration.

July Personal Consumption Expenditures (PCE) inflation, the Fed’s preferred inflation measure, rose 0.2% month-over-month and held at 3.7% year-over-year, slightly above consensus expectations. Core PCE, which excludes food and energy, also rose 0.2% for the month and remained at 3.3% year-over-year, reinforcing that underlying price pressures remain elevated. The report showed that personal income increased 0.4%, while personal spending increased 0.2%, with services spending offsetting a decline in goods spending.

Labor market data showed resiliency. Initial jobless claims fell to 203,000, below the 208,000 consensus estimate, while continuing claims declined to 1.778 million. The data suggest layoffs remain contained, though claims provide a better read on job losses than hiring momentum.

The second estimate of second-quarter gross domestic product (GDP) was unchanged at a 1.5% annualized rate, down from 2.1% in the first quarter. Growth was supported by consumer spending, exports, and investment, while lower government spending and higher imports weighed on the headline figure.

Trade and monetary policy developments also drew investor attention. The U.S.-Canada trade dispute escalated after the U.S. imposed 50% tariffs on $20 billion worth of Canadian goods, prompting Canada to announce retaliatory tariffs that would match the U.S. measures dollar for dollar.

At Jackson Hole, Fed Chair Kevin Warsh reiterated that inflation remains above the Fed’s 2% objective and argued for a “quieter” Fed with less routine forward guidance. Taken together, the week’s data and policy developments left investors weighing resilient labor conditions and still-positive growth against persistent inflation and a less predictable policy backdrop.

🔬 The Week Ahead 🔬

Next week’s economic calendar will give investors a more complete read on whether the current mix of resilient activity and elevated inflation is beginning to shift.

Labor market data will be the primary focus. The Job Openings and Labor Turnover Survey (JOLTS) report is scheduled for Tuesday and will provide an update on job openings, hiring, and quits, while Friday’s employment report will include nonfarm payrolls, the unemployment rate, labor force participation, and wage growth. Given the recent disconnect between low layoffs and softer hiring, investors will be focused not only on the headline payroll number, but also on revisions and wage trends.

Business activity data will also be important. The ISM Manufacturing Purchasing Managers' Index (PMI) is expected early in the week, followed by the ISM Services PMI later in the week. The services reading may carry particular weight because services continue to represent the larger share of U.S. economic activity and have been a key source of consumer spending strength. Investors will also watch the employment and prices components of both reports for signs of either cooling demand or renewed inflation pressure.

With the next Federal Open Market Committee (FOMC) meeting scheduled for September 15–16, incoming labor, inflation, and activity data will remain central to market expectations for the path of interest rates.

The Week in Review This week’s economic data continued to point to an economy that is still expanding, but with inflation remaining above the Federal Reserve’s target and the labor market showing few signs of material deterioration. July Personal Consumption Expenditures (PCE) inflation, the Fed...

08/24/2026

Weekly Market Commentary August 24, 2026

🔍 Week in Review 📝

The week's economic data suggested the economy continues to grow at a moderate pace, while labor market conditions remained resilient and Federal Reserve policymakers maintained a cautious stance on inflation. Market attention centered on the release of the July Federal Open Market Committee (FOMC) meeting minutes, crude oil inventories, jobless claims, and business activity surveys.

On Wednesday, the Federal Open Market Committee released the minutes from its July meeting, where policymakers left rates unchanged at 3.50%–3.75%. The minutes showed officials generally viewed inflation as moving in the right direction but remained cautious about easing policy prematurely. The discussion reinforced the Fed's data-dependent approach ahead of the September meeting.

Also on Wednesday, the U.S. Energy Information Administration released its weekly crude oil inventory report. Crude oil inventories increased by 4.4 million barrels, significantly above expectations for a 0.2-million-barrel increase. The larger than expected build suggested near-term oil supplies were more ample than anticipated, helping ease some concerns about energy-driven inflation despite crude oil prices remaining elevated.

On Thursday, initial jobless claims fell to 206,000 from the prior week's revised 212,000 reading. The decline suggested layoffs remain limited despite evidence of moderating economic growth. Continuing claims rose to 1.799 million, indicating hiring conditions may be becoming more selective, though overall labor market conditions remain stable.

The week concluded with the release of the August Flash Purchasing Managers' Indexes (PMI). The Services PMI increased to 56.8 from 54.6, marking its highest reading since December 2024, while the Manufacturing PMI slipped to 53.2 from 53.9, a five-month low. The strength in the services sector more than offset slower manufacturing activity, lifting the Composite PMI to 56.0 from 54.5, its highest level since April 2022. The report suggested economic activity accelerated during August despite the headwinds from elevated interest rates and restrictive financial conditions.

Overall, the week's data reinforced the view that the economy is gradually cooling but remains on solid footing. Inflation pressures continue to moderate, labor market conditions remain healthy, and business activity continues to expand, supporting expectations that the Federal Reserve will closely monitor incoming data before making any further policy adjustments.

Week in Review The week's economic data suggested the economy continues to grow at a moderate pace, while labor market conditions remained resilient and Federal Reserve policymakers maintained a cautious stance on inflation. Market attention centered on the release of the July Federal Open Market C

08/10/2026

Weekly Market Commentary August 10, 2026

🔎Week in Review 📝

The week of August 3 was highlighted by a mixed set of economic releases that reinforced two key themes: business activity remained in expansion territory, while labor market indicators softened.

Economic growth data remained constructive throughout July. Manufacturing Purchasing Managers’ Index (PMI) held at 53.9, while ISM Manufacturing PMI rose to 55.6 from 53.3 in June and exceeded expectations. Services activity also remained healthy, with the Services PMI increasing to 54.6 and the ISM Non-Manufacturing PMI registering 54.1. Collectively, these readings indicate continued expansion across both manufacturing and service sectors and suggest economic activity remained resilient despite a slowing labor backdrop.

Inflation pressures also remained elevated. The ISM Manufacturing Prices Index registered 71.1, while the ISM Non-Manufacturing Prices Index increased to 70.3 from 67.7. These readings indicate businesses continue to report meaningful input cost pressures, particularly within the services sector, suggesting inflation remains an area of focus for policymakers.

Labor market data represented the week's primary source of weakness. Job openings declined to 7.36 million, ADP employment growth totaled 44,000, and July Nonfarm Payrolls unexpectedly fell by 23,000 versus expectations for an 85,000 increase. Average hourly earnings increased by just 0.1% month-over-month, while the unemployment rate improved modestly to 4.1%. Initial jobless claims were little changed at 199,000. Taken together, the data points to a gradually cooling labor market, even as broader economic activity remains constructive.

Overall, the week's releases suggest the economy continues to expand, though employment trends and inflation pressures remain key areas for investors and policymakers to monitor.

Week Ahead ⏩

The upcoming week will provide investors with important updates on inflation, consumer activity, and housing conditions, all of which could influence expectations for future Federal Reserve policy decisions. Inflation data will be the primary focus, as both Consumer Price Index (CPI) and Producer Price Index (PPI) reports are scheduled for release.

Consensus expectations call for headline CPI to increase 0.1% month-over-month in July, while annual inflation is projected to ease slightly to 3.4% from 3.5%. Core CPI is expected to rise 0.2%, and PPI is also forecast to increase 0.2%, providing additional insight into underlying pricing pressures across the economy.

Beyond inflation, investors will be monitoring several indicators tied to consumer and housing market health. Retail sales are expected to increase 0.1% in July, while core retail sales are projected to rise 0.2%, helping gauge whether consumer spending remains resilient following the weaker-than-expected July employment report. Existing home sales are expected to register 4.05 million units, offering another perspective on housing market activity amid elevated borrowing costs.

Additional releases include weekly initial jobless claims, crude oil inventory data, and Treasury auctions for both 10-Year Notes and 30-Year Bonds. Overall, this week's reports should help determine whether inflation continues to moderate, consumer demand remains supportive of growth, and economic activity retains its recent momentum.

Week in Review The week of August 3 was highlighted by a mixed set of economic releases that reinforced two key themes: business activity remained in expansion territory, while labor market indicators softened. Economic growth data remained constructive throughout July. Manufacturing Purchasing Ma