Positives 1)The BLS said 4.8mm jobs were added back in June, well above the estimate of 3.23mm and the two prior months were revised up by a total of 90k. The biggest factor in the upside surprise was the almost 2.1mm jobs in leisure and hospitality that were brought back after an increase of 1.4mm in May and which followed a decline of 7.57 in April and drop …
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According to the BLS, 4.8mm jobs were added back in June, well above the estimate of 3.23mm and the two prior months were revised up by a total of 90k. The biggest factor in the upside surprise was the almost 2.1mm jobs in leisure and hospitality that were brought back after an increase of 1.4mm in May and which followed a decline of 7.57 in April and drop in 743k …
The ISM June manufacturing index recovered to 52.6 from 43.1 in May and that is better than the estimate of 49.8. New orders drove the bus here as it spiked by 24.6 pts m/o/m to 56.4. Backlogs rose by 7.1 pts but is still below 50 at 45.3. Inventories were little changed and supplier deliveries fell, reflecting less stress in the supply chain. Export orders rose 8.1 …
ADP said 2.37mm jobs were added back to the US economy in June after a revised 3.06mm boost in May (from the initial belief that 2.37mm jobs were lost. So BLS was right). This follows a job loss of 19.4 mm in April and 302k in March. The job gains came across all business sizes as the economy began its reopening process. Early to be let back on the job, construction …
With the churn in the stock market now reaching 5 weeks, Investors Intelligence said some of the extreme bullishness cooled a bit. Bulls fell to 54.5 from 57.3 and which was the highest since January 22nd. Bears broke a 13 week losing streak, rising by 1.4 pts to 19.8. The spread of 34.7 is still wide but off the 38.9 seen last week and also was last seen in January. …
As more things reopen (offsetting those that are now closing up again or never opened to begin with), the economic data does begin to matter. More fully though in coming months. The June Chicago manufacturing index rose only modestly from May to 36.6 from 32.3. The estimate was 45. There was also a special question: “What are your personnel plans for the rest of …
Sorry to get somewhat political here but I wanted to comment on the civil liberties argument that some are giving for not wanting to wear a mask. The fallacy with the argument is that one's civil liberties end when they threaten the health and safety of another individual. I can't drive on the other side of the road or go thru stop signs whenever I want arguing it's …
Pending home sales in May bounced strongly from the April weakness with a 44.3% m/o/m gain after the 22% drop in the month prior and 21% decline in March. For perspective though, the index level of 99.6 compares with 111.4 in February and 108.9 in January but of course getting close to what was lost. The NAR said “More listings are continuously appearing as the …
We know the Fed was beginning to buy corporate bonds but now that it has been released exactly what they've bought so far, one can only ask "why?" Monetary policy has now reached a new low in the US as Apple, Walmart, Berkshire Hathaway Energy, CVS, McDonald's, AT&T, Coca-Cola, Comcast, the US bonds of foreign car makers like Daimler and Toyota to name a few have …
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Positives 1)Reflecting the reopenings, spending rebounded in May by 8.2% m/o/m after the drop of 12.6% in April and 6.6% fall in March. With the revisions it was about as expected. The goods side led the rebound with a 14% gain after two months of 12% declines. Services bounced more modestly by 5.4% as that will take more time to recover. Personal income fell 4.2% …
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Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor.
