Gary Siegel

Labor market and inflation moved closer to the Federal Open Market Committee targets in the past few months, and if the progress speeds up, it may mean removing policy accommodation earlier than expected, according to the minutes from the most recent FOMC meeting, which were released Wednesday.

Subdued wage growth is a better indicator of labor market slack than low inflation, but neither works well to gauge future inflation, according to Federal Reserve Bank of Cleveland researchers.

Builders' confidence in the market for new single-family homes grew as the National Association of Home Builders' housing market index climbed to 55 in August from 53 in July.

The University of Michigan's preliminary August consumer sentiment index reading was 79.2, compared to the final July 81.8, and the preliminary July 81.3, according to market sources.

The Empire State Manufacturing Survey showed conditions "continued to improve for New York manufacturers, but the improvement was less widespread than in the previous month," the Federal Reserve Bank of New York reported Friday as the general business conditions index dropped to 14.69 in August from 25.60 in July.

Business inventories rose 0.4% to $1.743 trillion in June, while sales increased 0.3% to $1.347 trillion, the Commerce Department reported Wednesday.

The European Central Bank announced its Governing Council held interest rates at its latest monetary policy meeting Thursday.

Newly issued Treasury securities held in stripped form decreased about $122.691 billion in July to a total of $213.974 billion, the Bureau of the Public Debt reported Wednesday.

The U.S. services sector expanded at a faster pace in July as the non-manufacturing business activity composite index was 58.7 in the month, compared to 56.0 in June, on a seasonally adjusted basis, the Institute for Supply Management reported Tuesday.

New orders for manufactured goods gained 1.1% in June, after dropping a revised 0.6% in May, originally reported as a 0.5% decrease, the Commerce Department reported Tuesday.

The Treasury Department said Monday it estimates it will borrow $192 billion in the third quarter of 2014, assuming a $150 billion cash balance on September 30, 2014.

The Conference Board's Employment Trends Index (ETI) gained to 120.31 in July from an upwardly revised 119.92 in June, and is up 6.6% from a year ago, the group announced Monday.

New York City business activity grew at a faster pace in July, as the current business conditions index climbed to 68.1 from 60.5 in June, the Institute for Supply Management-New York's Report on Business index, released Monday, indicated.

U.S. inflationary pressures were higher in July, as the U.S. future inflation gauge climbed to 106.9 from the unrevised June 105.5 reading, according to data released Friday morning by the Economic Cycle Research Institute.

According to the ISM's monthly report on business, the ISM index gained to 57.1 in July from 55.3 in June.

Construction spending fell 1.8% in June, the Commerce Department said, but remains 5.5% above the June 2013 level.

The University of Michigan's final July consumer sentiment index reading was 81.8, compared to the preliminary July 81.3, and the final June 82.5, according to market sources.

Federal Reserve Bank of Philadelphia President Charles Plosser said he objected to the Federal Open Market Committee statement because the projections for liftoff on the fed funds rate remains time dependent which is "inappropriate" and limits the panel's flexibility.

The Chicago Purchasing Managers' Business Barometer plunged to 52.6 in July from 62.6 in June, the National Association of Purchasing Management-Chicago said Thursday.

The seasonally adjusted Milwaukee Report on Business gained to 63.9 in July from 60.6 in June, the Institute for Supply Management-Milwaukee reported Thursday.