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The National Federation of Independent Business (NFIB) small-business optimism index improved to a level of 104.7 in July. From the survey, small business owners have plans for growth, they are just struggling to find qualified workers to fill open roles.
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The consumer price index increased 0.3% in July, and 1.8% from July of last year. Price increases were driven by higher gas prices and rising rents. Excluding food and energy costs, the index is still up 0.3% month-over-month and an even higher 2.2% year-over-year.
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Lower rates spurred mortgage momentum for the week ending 8/9. New purchase applications increased 2.0% and refinance applications climbed 37.0% for a composite increase of 21.7%.
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For the week ending 8/10, initial jobless claims rose to a level of 220,000. Continuing claims also increased to a level of 1.73 million.
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In July, retail sales jumped 0.7% month-over-month. Internet retailers, department stores, restaurants, and electronic outlets all saw sharp increases. Excluding autos, sales are up 1.0% month-over-month and excluding gas and autos sales are up 0.9% month-over-month.
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In August, the National Association of Home Builders’ (NAHB) housing market sentiment index improved to a level of 66. Current sales conditions jumped to a level of 73 and buyer foot traffic also increased to a level of 50. Sales expectations for the next six months, however, dropped one point to a level of 70.
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Housing starts dropped again in July down 4.0% month-over-month to a seasonally adjusted annual rate of 1.191 million. Building permits climbed 8.4% to a seasonally adjusted annual rate of 1.336 million. While builders acknowledge strong demand for homes, construction costs and lack of buildable lots continue to hamper activity.
Rockland County Homes and Condos 