U.S. economic data mixed this week - Wells Fargo

Wells Fargo Research Team shares its review of this week's economic data from the U.S., with key quotes found below:

"Retail sales provided the most positive piece of economic news in the United States this week. Sales topped expectations in July and, coupled with upward revisions to prior months, suggest a stronger pace of consumer spending than originally believed."

"Housing starts in July were a disappointment, however, as both starts and permits fell on the month. Starts have fallen in five out of seven months this year."

"Industrial production growth also came in below consensus in July, with much of the weakness concentrated in motor vehicles & parts."

"For the past several years, the world’s major central banks have broadly embraced very accommodative monetary policy. More recently, policy has started to go in different directions."

"In this week’s Global Review, we break down the latest figures on inflation for the United Kingdom and Canada and the second quarter GDP number for Japan, and we consider what these numbers mean in the context of monetary policy for these different corners of the global economy."