Terrific Trend

The economic data released today were terrific. Two house price indices showed decelerating price appreciation which helps affordability. Consumer confidence is now as high as it was in 10/07 just before the Great Recession and manufacturing activity from MD through SC is at a 3.5 year high. Durable goods orders were revised up for June and jumped 22.6% in July, albeit due to spectacularly large one-off aircraft orders at Boeing.