The Monday Mix: July 17 – 23, 2023

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.