Top-of-mind economic news as we start the week:
— U.S retail sales rose just 0.2% in May (not adjusted for inflation), less than expected and a sign that consumers have less money to spend amid higher prices.
— U.S. housing starts fell 8% in June after a strong May and are also down 8% from a year ago, on higher mortgage rates and construction costs.
— New claims for U.S. unemployment benefits fell for latest week (to 228,000), lowering the 4-week average and indicating U.S. job market remains healthy.
— Germany’s manufacturing activity decelerated to lowest level since May 2020 (to 38 on key index) while order prices also fell steeply.
— Norway’s $1.3 trillion oil fund said it will report on greenhouse gas emissions by the more than 9,000 companies in 70 countries it has invested in.
