It was not exactly a great day for the U.S. economy.
Let’s break it down on Tuesday.
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) for July came in at 49, up from 46.3 in June and matched the consensus estimate. The problem? This was the eighth month of contraction out of nine.
The Institute for Supply Management’s (ISM) PMI came in at a lower-than-expected 46.4, up slightly from 46 in June.
Manufacturing employment worsened, new orders climbed, and prices jumped.
Construction spending rose 0.5 percent, down from the upwardly revised 1.1 percent in May.
The Bureau of Labor Statistics (BLS) released the JOLTS data, showing that job openings fell to 9.582 million in June, down from 9.616 million in May and below economists’ expectations of 9.61 million.
Job quits also tumbled from 4.067 million to 3.772 million.
And yet, the Federal Reserve Bank of Atlanta’s GDPNow model estimates third-quarter growth to be 3.5 percent.
Time will tell.
Remember, this is the third quarter is the period that economists anticipate a sharp slowdown.
We shall see.
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