Durable goods orders were up by 2.9 percent in April, down 0.7 percent in May and down 1.2 percent in June. Corporate profits are being reported as consistently strong, month after month. What these data points tell me is that volatile monthly data should not drive policy actions. While monthly data may be mixed, the trend data are consistently positive.
Private job growth has been less than hoped for but positive nonetheless. Private payrolls increased 630,000 since January 1. In the first half of the year, private labor income increased in all components: hours worked, employment and wages. Hours worked have risen more rapidly than employment, which is typical for the early stages of an economic recovery.