Source: Federal Reserve Bank Philadelphia The expansion of the manufacturing output weakened to a seven-month low in July. The majority of the firms reporting either no change or decreases in their activity in the survey. The diffusion index fell to 21.9 in July, versus June’s 30.7 and July 2020’s 24.1. This is the lowest since December 2020’s 11.1%.Majority or 51% of the … [Read more...] about Manufacturing Output Growth Drops to Seven-Month Low
Forex News
American Unemployment Claims Fall to 16-Month Low
Source: US Labor Department US jobless claims fell to the lowest level since the COVID-19 pandemic first hit in March 2020. DXY is up 0.13%, Gold is down 0.18%. Seasonally adjusted claimed for the week ending July 10 fell 26,000 to 360,000. This is the lowest level since it stood at 256,000 on March 14, 2020.The previous week’s level was hiked by 13,000 to 386,000 from … [Read more...] about American Unemployment Claims Fall to 16-Month Low
China’s Economic Expansion Slows to 7.9% as Conditions Normalize
Source: WSJ China’s economy continued to rebound in the second quarter of the year, albeit at a slower rate than the three months prior. Economists expect a downtrend in the coming months. China’s economy grew by 7.9% in the second quarter, meeting economists’ expectations. This is slower than the 18.3% in the first quarter.Both retail sales and fixed-asset investments … [Read more...] about China’s Economic Expansion Slows to 7.9% as Conditions Normalize
PPI Jumps by 1.0% in June to Add Further Fuel on US Inflation Concerns
Source: Bureau of Labor Statistics US Producer Price Index ticked higher by 1.0% in June, or up 7.3% in the past 12 months, the largest yearly increase in about 10 years. SPY is up +0.072%, DXY is down -0.37% The June increase in PPI was higher than May and April’s 0.8% and 0.6% jump, respectively adding further concerns on consumer prices. June’s PPI advance was … [Read more...] about PPI Jumps by 1.0% in June to Add Further Fuel on US Inflation Concerns
Inflation to Remain Elevated in Coming Months, Fed Chair Powell Says
Source: Federal Reserve Inflation is likely to remain elevated in the short term and hover above the 2% target due to base effects from the impact of the COVID-19 pandemic in 2020, according to Federal Reserve Chair Jerome Powell. Inflation has increased notably and will likely remain elevated and exceed 2% in the coming months before moderating.The Fed will aim inflation … [Read more...] about Inflation to Remain Elevated in Coming Months, Fed Chair Powell Says
