September 26 is National Pancake Day and these Blueberry Buttermilk Pancakes courtesy of the Food Network are equal parts light, fluffy and delicious. Yields 4 to 6 servings.

In a large bowl, sift together 2 cups all-purpose flour, 1/4 cup sugar, 1/2 teaspoon baking powder, 1/2 teaspoon baking soda and 1/2 teaspoon salt. In a separate bowl, beat 2 eggs with 2 cups buttermilk and 1/4 cup melted unsalted butter. Combine wet and dry ingredients into a lumpy batter; do not overmix!

Heat some butter in a skillet over medium heat. Spoon 1/3 cup batter into the skillet and sprinkle the top with blueberries. Cook for 2 to 3 minutes on each side. Serve with a dollop of whipped cream and your favorite maple syrup.

Initial Jobless Claims fell by 12,000 in the latest week, with 219,000 people filing for unemployment benefits for the first time. Continuing Claims also declined by 14,000, as 1.829 million people are still receiving benefits after filing their initial claim.

What’s the bottom line? Continuing Claims have now topped 1.8 million for 15 straight weeks, remaining near highs from November 2021. And while Continuing Claims have fallen over the last few weeks, this likely encompasses benefits expiring as well as people finding new jobs, given that the hiring rate (3.5%) is near the lowest level since 2013 not including COVID.

Retail Sales rose 0.1% in August, above the 0.2% decline the market was expecting. Sales in July were also revised higher to 1.1%, which may have been due in part to Amazon Prime Day, where we saw $14.2 billion in sales. The Core reading, which gets plugged into GDP, rose 0.3% while July’s reading was also revised higher by a tenth to 0.4%.

What’s the bottom line? Overall, the sales figures for August show that consumer spending remains resilient even as hiring has shown signs of slowing. Plus, the better-than-expected Core reading may lead to stronger GDP estimates down the line.

After a disappointing July, Housing Starts rose 9.6% from July to August, hitting their fastest pace since April. Starts for single-family homes, which are especially crucial due to buyer demand, were also higher with a whopping 15.8% rise. There was a similar trend in future construction, with Building Permits moving higher from July to August for both single-family and multi-family homes.

What’s the bottom line? New home construction rebounded in August, led by the huge boost in single-family home construction. Building Permits, a sign of future construction, also hit a 5-month high. Again, this increase in permits shows that builders feel more confident about the future thanks to lower interest rates.

Falling mortgage rates have led to an improvement in home builder sentiment. The National Association of Home Builders (NAHB) reported that their Housing Market Index increased two points to 41 in September. However, sentiment remains in contraction territory below the key breakeven threshold of 50.

What’s the bottom line? While builders are still pessimistic, we saw improvement in all three index components (buyer traffic, current and future sales expectations). Of note, the index measuring future expectations jumped 4 points back into expansion territory above 50. NAHB Chair, Carl Harris, explained, “Thanks to lower interest rates, builders now have a positive view for future new home sales for the first time since May 2024.”

Existing Home Sales were weaker than estimates per the National Association of REALTORS® (NAR), as August’s transactions were down 2.5% from July and 4.2% from a year ago. This report measures closings on existing homes in August and likely reflects people shopping for homes in June and July, before rates made their latest leg lower.

What’s the bottom line? While the number of closings declined in August, some of the internals within the report point to the demand that’s out there. Homes remained on the market for an average of 26 days in August, while almost a quarter of homes (24%) sold above list price. Lower mortgage rates are also expected to spur activity in the coming months.

Regarding inventory, there were 1.35 million homes available for sale at the end of August, up 0.7% from July and 22.7% from a year earlier. While this sounds like a big jump, the rise is from very low numbers and inventory remains well below pre-pandemic levels. The pent-up demand for homes combined with ongoing tight supply continues to bode well for housing as an investment and continued home price appreciation over time.

The Fed’s new easing cycle began last week, as they cut their benchmark Federal Funds Rate by 50 basis points, bringing it to a new range of 4.75% to 5%. This decision was not unanimous, however, as Fed Governor Michelle Bowman wanted a less aggressive 25 basis point cut.

The Fed Funds Rate is the interest rate for overnight borrowing for banks and it is not the same as mortgage rates. The Fed began aggressively hiking the Fed Funds Rate in March 2022 to try to slow the economy and curb the runaway inflation that became rampant after the pandemic. More recently, cooling consumer inflation and rising unemployment caused the Fed to acknowledge that “the time has come for policy to adjust.”

What’s the bottom line? The Fed is trying to ease interest rates to keep the economy from entering a recession, and they’re currently forecasting another half percentage cut by the end of this year, and an additional one percentage cut in 2025. However, these forecasts may change, in either direction, as economic data presents itself.

In addition, it’s important to remember that mortgage rates may not directly follow the Fed Funds Rate or move in similar increments. But if the overall interest rate environment is moving lower, that’s typically a good sign for mortgage rates.

The Fed’s 2-day meeting begins Tuesday, with their Monetary Policy Statement and press conference following Wednesday afternoon. The Fed is expected to cut its benchmark Fed Funds Rate, with the question again being whether that cut will be 25 or 50 basis points.

We also have a full week of housing news with NAHB’s home builder confidence for this month being reported on Tuesday. August’s Housing Starts will be released on Wednesday and Existing Home Sales on Thursday.

Tuesday also brings Retail Sales for August while the latest Jobless Claims will be reported as usual on Thursday.

Fall is nearly here, which means soup season is, too! Enjoy this easy Minestrone Soup from the Food Network all season long. Yields 6 servings.

Heat 2 tablespoons of extra-virgin olive oil in a large pot over medium-high heat. Add 1 large onion (diced) and cook until translucent, around 4 minutes. Add 4 cloves garlic (minced) and cook for 30 seconds. Dice and add 2 celery stalks and 1 large carrot and cook until they begin to soften, about 5 minutes. Stir in 1 1/2 cups green beans (trimmed and cut into 1/2-inch pieces), 1 teaspoon dried oregano, 1 teaspoon dried basil, 3/4 teaspoon Kosher salt and freshly ground black pepper to taste and cook for 3 minutes more.

Add 1 28-ounce can diced tomatoes, 1 14-ounce can crushed tomatoes, and 6 cups low-sodium chicken broth. Reduce heat and simmer for 10 minutes. Stir in 1 15-ounce can kidney beans (drained and rinsed) and 1 cup elbow pasta and cook until pasta is tender, about 10 minutes. Season with salt and pepper to taste.

Ladle into bowls and top with grated parmesan cheese and chopped basil. Serve with your favorite crusty bread.

Initial Jobless Claims were little changed in the latest week (+2,000), with 230,000 people filing for unemployment benefits for the first time. Continuing Claims also saw a slight increase of 5,000, as 1.85 million people are still receiving benefits after filing their initial claim.

What’s the bottom line? The measured week for Initial Jobless Claims included Labor Day, and this could have impacted the data as people often put off filing if they’re traveling or busy for the holiday. Continuing Claims measured the week before Labor Day, so it’s likely they were less impacted by the holiday.

Notably, Continuing Claims have now topped 1.8 million since the start of June, remaining near some of the highest levels seen in recent years. The data continues to suggest that people are collecting benefits for longer periods of time as new job opportunities have become harder to find.

CoreLogic’s Home Price Index showed that home prices nationwide were essentially flat in July after strong growth seen from March through June. Prices were also 4.3% higher when compared to July of last year. CoreLogic forecasts that home prices will rise 0.2% in August and 2.2% in the year going forward, though their forecasts tend to be conservative.

What’s the bottom line? While home price gains have been slowing, they are expected to continue. The latest Fannie Mae and Pulsenomics Home Price Expectations Survey of over 100 of the top housing experts in the country showed that respondents’ average expected appreciation over the next five years is 20% cumulatively. To quantify this, if you bought a $500,000 home and we saw 20% appreciation over the next five years, you would gain $100,000 in appreciation alone.

This survey and appreciation data show that housing remains a great investment for wealth creation.

The Producer Price Index (PPI), which measures inflation on the wholesale level, rose 0.2% in August, with the annual reading falling from a downwardly revised 2.1% to 1.7%. Core PPI, which strips out volatile food and energy prices, rose 0.3% for the month and the year-over-year reading ticked higher from 2.3% to 2.4%.

What’s the bottom line? While the hotter than expected monthly readings did cause the Bond market to react negatively when the data was released last Thursday, producer inflation remains tame. August’s 1.7% year-over-year reading is well below the peak of 11.7% seen in 2022 and keeps the Fed on track to begin cutting rates this week.

The latest Consumer Price Index (CPI) showed more progress on headline inflation, as consumer prices rose 2.5% for the 12 months ending in August. This marked a slowing from July’s 2.9% annual gain and the lowest reading since February 2021.

The Core measure, which strips out volatile food and energy prices, increased 0.3% from July, coming in just above estimates. The annual reading held steady at 3.2%.

Shelter and motor vehicle insurance costs were key reasons for the pricing pressure that was seen last month, as together they made up 89% of the inflation in August. Many other major items (such as energy and new/used cars) actually saw prices flat to down in August. This suggests that most of inflation has been quelled except for a few key areas that are keeping it artificially high.

What’s the bottom line? Cooling consumer inflation and rising unemployment have caused the Fed to acknowledge that they need to begin cutting their benchmark Fed Funds Rate, which is the overnight borrowing rate for banks. With the Fed’s next meeting and Monetary Policy decision coming this Wednesday, September 18, the only question that remains is will members vote for a 25 or 50-basis point cut?

Football is back! These Spiced Nuts courtesy of Taste of Home make for a perfect game day snack.

In a bowl, beat 3 large egg whites and 2 teaspoons water until frothy. Add 2 12-ounce cans salted peanuts, 1 cup whole blanched almonds, and 1 cup walnut halves and stir gently to coat. In a separate bowl, combine 1 3/4 cups sugar, 3 tablespoons pumpkin pie spice and 3/4 teaspoon salt. Add spice mixture to nut mixture and stir gently to coat. Fold in 1 cup raisins.

Spread on two greased baking sheets and bake, uncovered, for 20-25 minutes or until lightly browned, stirring every 10 minutes. Cool and store in an airtight container.

ICE (formerly known as Black Knight) reported that national home values rose 0.2% in July after seasonal adjustment, with their index showing that prices are 3.6% higher than a year ago, down from 4.1% in the previous report.

What’s the bottom line? ICE is not alone in their findings, as home price gains continue to be reported in other major indexes like Case-Shiller, CoreLogic and the Federal Housing Finance Agency. These reports show that housing still proves to be a great investment for wealth creation.