The week ended on a low note as the employment report showed job growth of a paltry 54,000 versus expectations a week ago of 180,000 new jobs and 241,000 new jobs in the prior month.
Housing prices continued to erode, the national purchasing managers' reports for manufacturers showed a major decline, and auto sales laid an egg as high prices and short supply drove customers away. At least initial unemployment claims went down and the purchasing managers' survey of services looked better than expected. Both the June monthly and the pre-Memorial Day week of data showed that the consumer has still not given up the ghost.
Read Full Article »