More good data all around

The data released this week was all consistent with a soft landing: Price pressures remained muted last month, while the strength of retail sales and the drop back in initial jobless claims suggested that recession fears were overblown. Admittedly, industrial production and housing starts looked a little weaker, but both were clearly affected by Hurricane Beryl, with the former also dragged down by a bigger hit this year from temporary retooling shutdowns in the auto sector.