ACC's Economic Outlook for the Week Ended July 16, 2010

MACROECONOMIC STATUS Our running tab of positive indicators slipped to 11 out of 20 this week. As a result, we have moved to a yellow “caution” banner. Retail Sales  ↓ 0.5%; ↑ 4.8% Y/Y Business Inventories  ↑ 0.1%; ↓ 1.5% Y/Y Trade Deficit ↑ $2.0 billion to $42.3 billion Import Prices ↓ 1.3%; ↑ 4.5% Y/Y Consumer Prices ↓ 0.2%; ↑ 1.2% Y/Y Producer Prices ↓ 0.5%; ↑ 2.7% Y/Y Industrial Production ↑ 0.1%; ↑ 8.2% Y/Y Capacity Utilization -flat- at 74.1% Empire State Survey ↓ 15...

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