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%
INDICATOR: May Case-Shiller Home Prices and July Paychex Small Business Hiring
KEY DATA: Case Shiller (Monthly): -0.3%; Annual: +9.3%/Paychex: up 0.3%
IN A NUTSHELL: "Small businesses are hiring but the improving labor market conditions are not translating into booming home sales or prices."
KEY DATA: Sales: down 8.1%; Jobless Claims: 284,000 (down 19,000)
IN A NUTSHELL: "The labor market may be getting better but wage gains are not and until that happens, families will not be buying new homes at any great pace."
INDICATOR: June Retail Sales and Import Prices
KEY DATA: Retail Sales: +0.2%; Excluding Vehicles: +0.4%/Import Prices: +0.1%; Excluding Fuel: -0.1%
IN A NUTSHELL: "Consumer exuberance remains restrained and that raises questions about how strong the economy can or will grow."
INDICATOR: May Job Openings and Labor Turnover Survey
KEY DATA: Openings: +171,000; Hiring: -52,000; Quits: +60,000
IN A NUTSHELL: "Rising openings and increasing labor turnover is another sign that the labor market is improving rapidly."
INDICATOR: June Supply Managers' Manufacturing Index and May Construction
KEY DATA: ISM (Manufacturing): down 0.1 point; Orders: up 2 points: Employment: flat/ Construction: up 0.1%
IN A NUTSHELL: "Manufacturing activity remains solid and the sharp rise in demand points to improvement going forward."
INDICATOR: May Industrial Production and June Empire State Index
KEY DATA: IP: +0.6%; Manufacturing: +0.6%/Empire State: +0.2 point; Orders: +8 points
IN A NUTSHELL: "With manufacturing accelerating, there is every good reason to believe that the economy is beginning to hit its stride."