The Broad Index (also known as the trade-weighted US dollar index, is a measure of the value of the United States dollar relative to other world currencies), fell year on year, (y/y) for the second month in a row. The last time the broad index declined on a y/y basis was July 2014.

The total number of operating rigs in the US the week ending September 5^th was 943, 759 oil and 183 gas. In percentage terms, week on week, oil rigs declined by 0.5%, while gas rigs were down 1.1%. On a month on month basis, oil rigs were off 0.9% and gas rigs were declined by 6.3%.

Existing home inventory in July fell 20,000 units or 1.0% month on month, (m/m) to 1.920 million, (M). On a year on year, (y/y) comparison inventory of existing homes fell 9.0%. Month’s supply was 4.2, down from 4.7 months in July 2016.

The national ABI score for July was 51.9, down 2.3 month on month, (> 50 indicates an increase in billings). The ABI has now been greater than 50 for six months in a row and for nine of the last 12 months.

The pace of U.S. economic growth slowed slightly in July, falling back to -0.01 from 0.16 in June. Three of the four sub-categories that make up the index declined from the prior month, and three made a negative contribution to the overall index.

Total housing starts were reported at a seasonally adjusted (SA), annual rate of 1,155,000 for the month of July, down 4.8% month on month, (m/m). On a three month moving average (3MMA), basis SA total starts came-in at 1,166,000, a negative 1.2% year on year (y/y), growth rate.