August 12, 2013 - There were no economic reports released today to begin the new trading week. The rest of the week's calendar is packed with reports that will show a broad view as to how the U.S. economy is holding up in the second quarter. There will be readings on manufacturing, housing, inflation, retail sales and consumer sentiment. Consumers are feeling a little better when they pull up to the gas pumps this week. The national average price for a regular gallon of gasoline is at $3.54, down from $3.61 a week ago and the lower trend should continue through 2013 and into 2014.

The Energy Information Administration forecasts that that prices will average $3.52 for the rest of this year and $3.37 a gallon in 2014.The back-to-school shopping season is already underway and it could be somewhat disappointing for retailers. The National Retail Federation said that spending for K through 12 students is expected to decline by 12% this season to $26.72 billion and below the 2012 record. There were no economic reports released today to begin the new trading week. Gas prices continue to decline. If you need any assistance or want more information for mortgages, feel free to reach out to me at 808-443-5002.