Author: Zac Martin, Investment Associate
Week Ending July 5th – Happy 4th
- ISM Manufacturing PMI continues to decline, decreasing by 0.2% to 48.5%. This contraction was led by a new negative trend in employment, production, Imports and New Export Orders. (Chart)
- ISM Services PMI contracted for the second time in the last three months, decreasing by 5% to 48.8%. The services PMI has not reported back-to-back months in contraction since April & May 2020. (Chart)
- The Employment Situation for June saw an increase of unemployment to 4.1% up from May’s rate of 4.0%. Meanwhile, nonfarm payrolls increased by 206k, which was led by a 70k increase in Government jobs and a 49k increase in healthcare jobs. (Chart)
- FOMC Minutes for June’s meeting, the economic outlook shifted slightly with the Fed seeing more upside risk to inflation pressures and skewing the forecast for economic activity to the downside. The Fed sees prolonged tightness in financial markets and deteriorating household finances.
The week ahead:
NFIB Small Business Index (7/9)
Consumer Price Index (7/11)
Producer Price Index (7/12)
Earnings: JPM, WFC, C, BK, FAST (7/12) – Start of Earnings Season
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