ACC's Economic Outlook for the Week Ended July 20, 2012

MACROECONOMIC STATUS Our running tab of positive indicators remained at 13 out of 20 this week. Thus, we continue to post a green banner. Consumer Prices – flat --; up 1.7% Y/Y Retail Sales down 0.5%; up 3.8% Y/Y Business Inventories up 0.3%; up 5.2% Y/Y Housing Starts up 6.9%; up 23.6% Y/Y Building Permits down 3.7%; up 19.3% Y/Y Existing Home Sales down 5.4%; up 4.5% Y/Y Industrial Production up 0.4%; up 4.7% Y/Y Capacity Utilization up 0.2 points to 78.9% Empire State Mfg. Survey up 5.1 points to 7.4 (expanding) Philly Fed Survey up 3.7 points to -12.9...

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