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Wednesday, August 24, 2011

Wells Fargo's Weekly Economic Financial Commentary - August 19, 2011

- The leading economic indicators rose 0.5 percent in July, but gains in the stock price, money supply, and interest rate spread components added a total of 1.1 percentage points, indicating the other seven components subtracted a combined 0.6 percent.

- The Federal Reserve’s Empire State survey was negative for the third consecutive month in July, while the 33.9-point drop in the Philadelphia Fed survey was the largest since October 2008 and sent the index firmly into recession territory.

- Sales of existing homes fell 3.5 percent in July, and mortgage applications for home purchases declined despite the recent drop in mortgage rates.

. Housing starts in July declined 1.5 percent month-over-month to a 604,000-unit annual pace.

- The Consumer Price Index rose 0.5 percent in August, while the core CPI rose 0.2 percent and is up 1.8 percent year-over-year.

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