There was mixed economic data for the Augusta Leading Economic Index (LEI) in August. As my wife says, “Give me the bad news, then cheer me up.”
Residential building permits fell 8.6 percent in August to 290, the lowest monthly number this year. New data from the Federal Deposit Insurance Corporation reported that there were fewer dollars in local banks on June 30, 2024 than a year earlier. While this may represent consumer optimism and strong retail sales, it does reduce the capacity for future spending. The good news is that inflation continues to fall to 2.1 percent in the south census region.
Good news was found in the labor markets where job openings in Georgia and South Carolina continue their latest renaissance. The rebound is particularly strong in Georgia where job openings have increased for five consecutive months after a six-month decline.
Initial claims for unemployment insurance declined 18.9 percent from their traditional summer peak and the Dow Jones Industrial Index hit record levels.
Overall, the Augusta LEI fell 0.3 percent on a three-month moving average, but remains 0.6 percent higher than a year ago.
