Top-of-mind economic headlines as we start the week;
— Sales of existing U.S. homes fell 5.9% in July (from June) and the median sale price dropped 2.4% from the all-time high hit in June.
— U.S. new housing starts fell 9.6% in July (from June), a much larger-than-expected decline and the third monthly drop in a row.
— U.S. retail sales were flat in July, as high inflation and rising interest rates took a toll on consumer spending.
— Eurozone inflation hit 8.9% in July (up from 2.5% a year earlier), with nearly half of that due to higher energy prices, which are expected to climb higher this fall and winter.
— The U.S. government will spend nearly $370 billion on climate-related investments; part of Inflation Reduction Act signed into law by President Biden.
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