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August 2016 Economic Overview

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Fed grew more confident as near-term risks diminished and held rates steady, but opened the door for a rate rise later in the year, perhaps as late as December. Hiring bounced from 10,000 in May to over 287,000 in June.

American producer prices rose 0.5% month-on-month in June, the biggest gain in a year, and above expectations. Rising costs for energy and services, and the fading effect of the strong dollar, were the main causes. Now energy prices are falling like stones with little prospect of strength. In another sign of the economy’s strength, unemployment benefit claims held steady at a seasonally adjusted 254,000, rather than increasing as expected.

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