Author: Zac Martin, Investment Associate
Week Ending August 1st – BLS-less
The Consumer Confidence Index increased for the July report. Views around the likelihood of a recession declined while families expected financial situation continues to improve since the trough in April.
Job Openings declined to 7,437K from 7,712K while the amount of quits and hires also continued to decline.
Q2 first preliminary reading of real GDP increased at an annual rate of 3%, primarily due to the decrease in imports. Consumer consumption was better than the previous quarter, increasing by 1.4%. While Government consumption remains at a level below the previous quarters in 2024.
FOMC meeting for July left the federal funds rate unchanged, as expected. Currently 84% cut probability for September’s meeting. Additionally, two committee members voted against keeping the rate unchanged as they favored lowering by 0.25%. This is the first dual dissent in 30 years.
Nonfarm payrolls for July increased by 73K, which is below the twelve-month average of 155K. Additionally, the report revised the previous two month’s reports downward, highlighting that no jobs were added for May and June. The unemployment rate ticked slightly higher to 4.2%.
The Week Ahead:
- ISM Services & Manufacturing PMIs (8/5)
HORAN Wealth, LLC is an SEC registered investment advisor. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. HORAN Wealth and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. For further information about HORAN Wealth, LLC, please see our Client Relationship Summary at adviserinfo.sec.gov/firm/summary/333974.