Unify Financial Advisors Market Week Update
Last week’s economic reports painted a strong economy with tamed inflationary pressures. The second-quarter GDP grew at 2.8%, compared to 1.9% expected. An increase in business inventories and auto sales primarily drove the upside surprise. The personal consumption expenditures price index (PCE), a measure of inflation preferred by the Federal Reserve, shows that PCE inflation fell to 2.5% year-over-year in June.
The Federal Open Market Committee meets this week, and while it is highly unlikely that the Fed will adjust interest rates at this time, the Committee might provide a more concrete indication as to when rates may be lowered. The employment data for July is also out this week. The labor sector has been resilient but shows recent signs of weakening as the Fed tries to harness inflation.
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Here’s to a great week ahead!
Thank you,
David Bennett