In this unofficial last week of the summer, key economic data will be released that will be closely watched by investors and Federal reserve members. ADP Private Payrolls will be released on Wednesday morning and the Jobs Report on Friday for the August data. The numbers will be especially watched by Fed Chair Powell ahead of the September 21-22 FOMC meeting. Fed Chair Powell kinda smoothed taper fears last week but has always said that any policy change will be due to incoming economic data.
High prices continue to be an obstacle for potential buyers across the nation and put a dent in the housing sector in July. The NAR reports that Pending Home Sales, signed contracts but not yet closed, fell 1.8% from June and below the gain of 0.5% expected. The NAR reported that prices were up 18% annually in July. "The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand from would-be buyers. That said, inventory is slowly increasing and home shoppers should begin to see more options in the coming months," said spokesperson Lawrence Yun.
The recent spike in gas prices has come to an end in recent weeks despite an increase in demand and a decline in supply. One factor in the halt of prices has been the drop in oil prices going from $74 in early August to the current $68, up from $61 on August 23 for West Texas Intermediate. The national average price for a regular gallon of gasoline is $3.15, unchanged from a month ago and up from $2.23 a year ago. As the fall ushers in, prices should begin to decline a bit given historical lower demand after the summer driving months.