It was looking like a quiet week on the economic news/data front, and then BAM! the White House launches a Thursday-night bombardment of new tariff announcements. In addition to new taxes on pharmaceuticals, furniture, home fixtures, and heavy trucks, this review covers some housing data, the Fed’s favorite measure of inflation, and a lot more.
Monday
Oil Stuff (Baker Hughes Rig Count, Gas & Diesel Prices)
Everything oil related remains boring. Both gas prices and diesel prices inched higher this week, while the number of active U.S. oil rigs continued its plodding rebound. Crude oil production has accelerated as a result but remains just a tad below last December’s all-time high.
TSA Checkpoint Travel Numbers
The number of people flying dropped below 2024 levels over the past week, according to TSA data, albeit by just 0.4%. That’s entirely due to an unusually low number of flyers on Tuesday, 9/23, which seems to be the result of a brief United ground stop. Which is to say, nothing to really see here.
Tuesday
Nothing
But check out our Construction Trend Tuesday post (Construction in Recession?) if you missed it.
Wednesday
New Home Sales
Sales of newly built homes surged about 21% in August, according to the Census Bureau, rising to the highest level in nearly four years.
But (and does anything before the but really matter?) I think this estimate is way too high. The Census Bureau publishes margins of error for new home sales, and it’s + or – 21.8% this month. Which is to say, new home sales probably increased for the month, just not by 21%.
Mortgage Applications
Mortgage applications increased slightly after surging last week, with purchase activity up 0.3% and refinance activity up 1.0%. These are still pretty low, though higher than one year ago.
Thursday
New Tariffs on Heavy Trucks, Furniture/Home Fixtures, and Pharmaceuticals
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