It is interesting to follow the market each week. I like to see how each economic indicator affects the other. I thought I would add some information about the retail market since The Nordstrom Anniversary Sale starts this Friday (which I always love!). I thought it would be appropriate.
Retail sales are down 0.3% for this week. This is an important measure in consumer demand. Weaknesses could lead to lower interest rates for home mortgages.
Retail sales data is the first indication of weakness or strength in consumer spending released each month. The Bureau of the Census of the US Department of Commerce provides information on how much the consumer spends on the purchase of goods. This data provides the consumption part of the gross domestic product. Retail sales data represents merchandise sold for cash or credit by retailers. Durable goods, such as autos, make up 35% of the figure. The balance consists of non-durables such as gasoline, restaurants, and general merchandise.
Thank you Brandy LeGault, with Ironwood Mortgage for sending these updates every week!
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