More Jobs, disinflation in latest numbers:
– ADP weekly NER pulse 9.50K v 8.25K prior
– Import prices -0.4% in July following downwardly revised -0.3% decrease in June (from 0.3%)
– Export prices -1.3% in July after – 0.7% (from -0.6%) in June.
July housing data mixed, building permits (leading indicator) strengthening as housing starts and completions declined sharply.
Housing starts -12.4% m/m in July to s.a. 1.239m (consensus: 1.360m).
Building permits +5.0% m/m to s.a. 1.443 m (consensus: 1.390 million).
The key takeaway from the report, though, is the broad-based weakness in single-unit starts seen in July, which is a month that featured rising interest rates that increased the cost of financing.