Chart of the Week
The Consumer Price Index reports showed monthly changes of 0.0% for July and 0.1% for August. This week the consensus of economists expects a 0.2% for September. The headline number, quoted as an annual change, will still be in the high single digits since we know the prior 11 months of data. Still, should we see a steady report of lower monthly changes, then headline inflation will be much lower by next spring. Indeed, if we see 0.3% monthly changes, the headline inflation data will be 4.2%. While this is a far above the Federal Reserve’s target, it is a move in the right direction.
What We’re Reading
Expectations (Five Short Stories) – Morgan Housel
There’s More Upside than Downside for Long-term Investors – Sam Ro
House Prices: 7 Years in Purgatory – Calculated Risk
What Does an Office Mean? Two Architects Discuss – Bloomberg
Podcast of the Week
Non-Traditional Endowment Investing – Invest Like the Best
The Past Week
Manufacturing grew last month at home and abroad. Services also showed expansion in the U.S. while it fell in the rest of the world. The jobs reported outperformed expectations by adding 263,000 new workers, though it was the lowest pace of job creation this year. The unemployment rate fell to 3.5%.
The Week Ahead
It seems the monthly inflation data surpassed the jobs report as the most anticipated economic report. We will see that this Thursday along with the retail sales report on Friday.
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