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The Federal Reserve Bank of New York recently published its latest report titled “U.S. Economy in a Snaphot,” with key quotes found below.

  • Real consumer spending rose fairly solidly in July, although below the robust pace observed in the second quarter.  
  • Business equipment spending rose moderately in the first half of 2018, a slower pace than in 2017.
  • Housing activity indicators remained soft in July.
  • Payroll growth was robust in August, but was revised downward for both June and July.
  • The latest readings of various measures of labor compensation point to increased firming of wage growth.
  • Core PCE inflation continued to run at a level roughly consistent with the FOMC’s longer-run objective.
  •  The broad trade-weighted dollar index increased modestly.