ISM Services, Initial Claims, Factory Orders, ECB & BOE
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead and someone else has taken his place.
What will the Fed do on Aug 8th?? Today, the European Central Bank (ECB) and Bank of England (BOE) both raised rates 25bps to 3% and 4.75% respectively.
Initial Claims +14K to 315K. Full Report
Inside the number: The labor market continues to soften with continuing claims rising again to hit a 4 month high +11K to 2.48M.
July ISM Services @ 54.8 vs prior 57 Full Report
Inside the number: The services market continues to weaken with a decline for the 3rd straight month, hitting its lowest since Hurricane Katrina.
Prices paid 74.8 vs prior 73.9 showing that prices are rising. The employment index contradicting initial claims by rising to 54.5% from 52%.
June Factory Orders +1.2% Full Report
Inside the number: Transportation +7.4%; the bulk of the increase on one time orders for ships & boats +119%. Factory Orders ex transportation a tepid +0.1%.
This was the 8th increase in 9 months, YTD +7.6%. However, shipments of core capital goods -0.5% vs prior unchanged, new orders for core capital goods +0.4% vs prior +1.3%.
Core capital goods is showing a slowing, but unfilled orders for factory goods +1.6%, a potential sign that future production could remain strong.
What will the Fed do on Aug 8th?? Today, the European Central Bank (ECB) and Bank of England (BOE) both raised rates 25bps to 3% and 4.75% respectively.
Initial Claims +14K to 315K. Full Report
Inside the number: The labor market continues to soften with continuing claims rising again to hit a 4 month high +11K to 2.48M.
July ISM Services @ 54.8 vs prior 57 Full Report
Inside the number: The services market continues to weaken with a decline for the 3rd straight month, hitting its lowest since Hurricane Katrina.
Prices paid 74.8 vs prior 73.9 showing that prices are rising. The employment index contradicting initial claims by rising to 54.5% from 52%.
June Factory Orders +1.2% Full Report
Inside the number: Transportation +7.4%; the bulk of the increase on one time orders for ships & boats +119%. Factory Orders ex transportation a tepid +0.1%.
This was the 8th increase in 9 months, YTD +7.6%. However, shipments of core capital goods -0.5% vs prior unchanged, new orders for core capital goods +0.4% vs prior +1.3%.
Core capital goods is showing a slowing, but unfilled orders for factory goods +1.6%, a potential sign that future production could remain strong.
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