Consumer confidence retreated a bit in August. However, it remained strong overall, offsetting a weakening in the outlook on economic conditions.

Second quarter economic growth was revised down to 2% from 2.1%, in line with expectation. The economy grew at a 3.1% rate in the January-March quarter.

New home sales sank more than expected in July. Builders continue to face challenges, including land and labor shortages and higher material costs. Pending home sales were also down slightly in July. However, this result came after 2 months of sales gains and is likely due to lack of inventory.