KEY DATA: Housing Market Index: 55 (up 2 points)
IN A NUTSHELL: "Builders may not be irrationally exuberant but the rise in confidence is an indication that the housing market is getting better."
KEY DATA: IP: +0.4%; Manufacturing: +1%; PPI: +0.1%; Goods less Food and Energy: +0.2%
IN A NUTSHELL: "With manufacturers ramping up production, it is clear the economy is accelerating, but it is doing so without any major inflation pressures."
INDICATOR: July Retail Sales
KEY DATA: Total Sales: 0.0%; Excluding Vehicles: +0.1%
IN A NUTSHELL: "The consumer has taken a holiday from shopping."
INDICATOR: June Job Openings and Labor Turnover Survey
KEY DATA: Openings: +94,000; Hires: +92,000; Quits: +48,000; Layoffs: -32,000
IN A NUTSHELL: "Businesses are hiring and people are quitting, two clear signs that the labor market is firming."
INDICATOR: Second Quarter Productivity and Costs
KEY DATA: Productivity: +2.5%; Output: +5.2%; Real Hourly Compensation: +0.1%; Unit Labor Costs: 0.6%
IN A NUTSHELL: "Productivity rebounded, keeping business costs low as wage gains remain largely under control."
INDICATOR: Supply Managers' Non-Manufacturing Index
KEY DATA: ISM: +2.7 points; Orders: up 3.7 points: Employment: +1.6 points
IN A NUTSHELL: "The services sector is bouncing back rapidly and since that is the largest part of the economy, it looks as if strong growth is just about here."
INDICATOR: Second Quarter Employment Cost Index and Weekly Jobless Claims
KEY DATA: ECI (Private, Year-over-Year)): +2.0%; Wages: +1.8%; Benefits: +2.5%/Claims: 302,000 (up 23,000)
IN A NUTSHELL: "Wage and benefits pressures are barely starting to accelerate even as the labor market continues to strengthen."
Indicator: July 29, 30 '14 FOMC Meeting
In a Nutshell: "...a range of labor market indicators suggests that there remains significant underutilization of labor resources."
Rate Decision: Fed funds rate maintained at a range between 0% and 0.25%