10-Year Treasury Yield
U.S. Treasury yields were higher on Monday as investors awaited key economic data due this week and digested the latest inflation insights. The yield on the 10-year Treasury was up by nearly 10 basis points at 4.441%. The 2-year Treasury yield was last more than 6 basis points higher at 4.781%. Yields and prices move in opposite directions and one basis point equals 0.01%.
PMI Manufacturing Final
nnn
Construction Spending
Construction spending posts bigger-than-expected drop in May 2024. Construction spending missed analyst estimates in May. Construction spending dipped in May as U.S. companies and the government scaled back projects across the nation in the face of continued high interest rates. Spending on construction projects fell 0.1% in May to $2.1 trillion, the Commerce Department reported Monday. The figure fell short of expectations on Wall Street. Economists were expecting.
ISM Manufacturing Index
Manufacturers mired in a slump, ISM finds, and aren’t adding much to the U.S. economy. ISM manufacturing index falls for third month in a row. A key barometer of U.S. factories fell in June for the third month in a row, signaling that an ongoing slump in the industrial side of the economy shows no sign of ending. The index slipped to 48.5% in June from 48.7% in in the prior month. Numbers below 50% signal that the manufacturing sector is shrinking.
MBA Purchase Applications
mmm
FOMC Minutes 5 for 13/Dec/2023
Fed officials at last meeting saw price pressures in decline, minutes show. Federal Reserve officials at their last meeting acknowledged the U.S. economy appeared to be slowing and that "price pressures were diminishing," but still counseled a wait-and-see approach before committing to interest rate cuts, according to minutes of the June 11-12 session. The minutes, which were released on Wednesday, noted in particular a weak May reading in the consumer price index as one among "a number of developments in the product and labor markets" that supported a view that inflation was falling.
Jobless Claims
Jobless claims — aka layoffs — rise to 238,000 and stay near one-year high. The numbers: The number of Americans who applied for unemployment benefits last week rose slightly and stayed near a one-year high, largely because of big increases in New York, New Jersey and California. New claims rose by 4,000 from 234,000 in the prior week, the government said Wednesday.
JOLTS
mmm
ADP Employment Report
Private payrolls grew by just 150,000 in June, less than expected. Private companies added 150,000 jobs in June, below the upwardly revised 157,000 in May and the Dow Jones consensus estimate for 160,000. U.S. economy generated 150,000 new private-sector jobs in June: ADP.ADP says 150,000 private-sector jobs created in June, smallest gain in five months. U.S. labor market may be cooling off again. The numbers: U.S. businesses add a modest 150,000 new jobs in June, paycheck company ADP said, to mark the smallest increase in five months, possibly another sign the labor market is cooling. Economists polled by the Wall Street Journal had forecast a gain of 160,000.
PMI Composite Final
Looking at business trends across the combined manufacturing and service sectors, the S&P Global USComposite PMI Output Index* posted 54.8 in June, up from 54.5 in May and signaling the fastest increase in business activity since April 2022. Services activity rose more quickly than manufacturing production.
New orders expand at fastest pace for a year. The seasonally adjusted S&P Global US Services PMI® Business Activity Index increased for the second consecutive month in June, posting 55.3 following a reading of 54.8 in May. Activity in the sector has now risen in each of the past 17 months, with the latest expansion the most pronounced since April 2022.
Nonfarm Payroll
U.S. economy added 206,000 jobs in June, unemployment rate rises to 4.1%. Nonfarm payrolls increased by 206,000 for the month, better than the 200,000 Dow Jones forecast though less than the downwardly revised gain of 218,000 in May. The unemployment rate unexpectedly climbed to 4.1%, tied for the highest level since October 2021. Average hourly earnings increased 0.3% for the month and 3.9% from a year ago, both in line with estimates.
Unemploymnet Rate
The unemployment rate unexpectedly climbed to 4.1%, tied for the highest level since October 2021 and providing a conflicting sign for Federal Reserve officials weighing their next move on monetary policy. The forecast had been for the jobless rate to hold steady at 4%. The increase in the unemployment rate came as the labor force participation rate, which indicates the level of working-age people who are employed or actively searching for a job, rose to 62.6%, up 0.1 percentage point. The so-called prime age rate, which focuses on those between ages 25 and 54, rose to 83.7%, its highest in more than 22 years.
ISM Service
mmm
Factory Orders
mmm
Mortgage Rates
mmm
|
