Brace yourself.
Posted on 07/01/2024 8:56:16 AM PDT by Kaiser8408a
It's hard. What is? US hard economic data!
With 'hard' data collapsing in the last month, 'soft' survey data from ISM and S&P Global this morning was 'mixed' as usual:
S&P Global US Manufacturing PMI rose from 51.3 in May to 51.6 for the final June print (down very modestly from the 51.7 flash print).
ISM US Manufacturing PMI dropped from 48.7 to 48.5 in June (well below the 49.1 expected)
Source: Bloomberg
Need more confusion...
S&P Global noted that higher supplier charges were signaled in June. Alongside rising labor costs, this resulted in a further marked increase in input prices. But, ISM saw Prices Paid plunge from 57.0 to 52.1, well below the 55.8 expected...
Source: Bloomberg
New orders rebounded in June but employment dropped back into contraction. On the bright side, Orders/Inventories (typically a leading indicator), ticked up in June...
Source: Bloomberg
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:
“Factories have been hit over the past two years by demand switching post-pandemic from goods to services, while at the same time household and business spending power has been diminished by higher prices and concerns over higher-for-longer interest rates. These headwinds persisted into June, accompanied by heightened uncertainty about the economic outlook as the presidential election draws closer."
Finally, despite the uptick, Williamson admits the truth under the surface of the survey:
"Business confidence has consequently fallen to the lowest for 19 months, suggesting the manufacturing sector is bracing itself for further tough times in the coming months.”
However, we are sure business owners everywhere were reassured by the commander-in-chief's commanding performance in the debate last week. /sarc
(Excerpt) Read more at confoundedinterest.net ...
Brace yourself.
I think we need some more regulations to help businesses out. They need more hurdles.
The crash is starting to hit even Austin, TX. Construction slowdown coming. I have my sources (fluently bilingual here).
But it was pretty good from 10am-4pm!
If President Trump prevails, he will have a very hard road ahead on several fronts; if the Crooked Mental Midget Biden manages to steal another election, he will just declare that things are fine and "put a lid on it".
Business person: These regulations are killing me.
Democrats: Too bad. Here are even more regulations.
And that’s one reason (of many) why many American businesses are relocating overseas.
🙁
I am so...... dunno
PMI? ISM?
Institute of Supply Management (ISM)
Purchasing Managers Index (PMI)
Actually, it's more like:
Business person: These regulations are killing me.
Democrats: Here is a regulation gagging you from complaining about regulations.
Regulators’ motto: We’re not happy until you’re not happy.
“These headwinds persisted into June”
Ah, those headwinds.
These are the top ten metro housing markets in the country for building Permits year to date for 2024:
Dallas/Ft Worth 25M
Houston 23M
NYC 22M
Phoenix 17M
Atlanta 14M
Austin 10M
Tampa 8M
Charlotte 8M
WA DC 8m
LA 7M
Austin is only down 4% in comparison to 2023.
Dallas, Houston, Tampa, Atlanta, DC and NYC are all UP in permits in comparison to 2023.
NYC is up 61%. I suspect that is a lot of office space getting converted to apartments.
Yeah, Private Mortgage Insurance was all that came to mind.
Completely....EXPECTED!
Gold/silver should be going through the roof. But they are not. What gives?
More good news.
“Gold/silver should be going through the roof. But they are not. What gives?”
Gold and Silver should be flat at best.
Bitcoin has taken their place.
Easier to transport.
I knew a guy who had a pallet of silver delivered to his house back in the 1980s. I was like, what are you going to do with that? You could have bought ONE bar of gold.
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