Stuart Hoffman, Senior Economic Advisor, PNC Financial Services Group
“Industrial production rose 0.6% in July, close to our above-consensus forecast. This is another clear indication, with the strong increase of 528,000 payroll jobs in July, that the US economy is not in recession, despite two consecutive quarters of slight declines in real gross domestic product. Indeed, real GDP growth got off to a good start in the current quarter. »
Amanda Agati, Chief Investment Officer, PNC Financial Services Group
“In July, equity markets delivered their best monthly return in nearly two years, with the S&P 500 up 9.2%. However, year-to-date returns remain firmly in negative territory. Given that the market has seen three more rallies of 5% or more this year only to quickly run out of steam and set new lows for 2022, investors are wondering if the most recent rally is just another false start. Based on the indicators we are watching, we believe the likelihood of continued positive market momentum has increased.
Kevin Willardsen, associate professor of economics at Wright State University
“I’m a little bearish. I think the number of jobs is an upward sign. I think people put a little too much emphasis on the unemployment rate. These yield curve inversions, as they become more and more frequent, are starting to worry me. I also think there is a decline in people’s disposable income. I think you’re going to start to see consumer spending shrink.
Kara Hitchens, Miami Valley AAA Public Affairs Manager
“I would say road trips are still the most used mode of transportation this summer…Despite the high gas prices, people are still determined to get going.”
Matt Sheridan, lecturer in finance at The Ohio State University
“For companies, the question is whether they can pass on the price increase to consumers? For most of the year, we’ve seen companies large and small raise prices and get away with it.
Lawrence Yun, chief economist at the National Association of Realtors
“Has consumer price inflation peaked? More importantly, has the mortgage rate peaked? The slight deceleration in the latest reading suggests so, especially given the sustained decline in oil prices. Consumer price inflation rose to 8.5% in July from 9.1% the previous month. This level is still high and uncomfortable, but may indicate the beginning of a steady retreat.
Rea S. Hederman Jr. vice president of policy at the Buckeye Institute
“You can say inflation is moderating, but if you look at the amount of food going up, that’s not comforting to someone who has to feed a family of four or five.”
Michael Shields, researcher at Policy Matters Ohio
“Companies have really taken advantage of this time when people are enduring and expecting higher prices not only to cover their costs but also to increase their profits. Inflation would be about half of what it is today. today if it weren’t true.
Michael Hart, Head of Management Consulting Services at Schneider Downs
“I think big business expects things to soften. I think the Fed is going to do whatever it needs to do to bring inflation down.
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