S&P500 +2.45% (3,351.28); NASDAQ +2.47% (11,010.98); DJIA +3.80% (27,433.48)
This week’s reports:
- July’s Unemployment Rate fell to 10.2% from June’s 11.1%; economists expected the jobless rate to decrease to 10.5%. Non-Farm Payrolls rose by 1.763M versus the expectations of 1.6M increase, from June’s +4.791M payrolls. Labor Force Participation Rate declined to 61.4% from June’s 61.5%.
- July’s Hourly Earnings rose 0.2% from June’s -1.3%. Average Weekly Hours fell to 34.5 from June’s 34.6.
- June’s Consumer Credit rose by $8.95B, its first increase after three months of declines, from May’s -$18.28B. The increase in credit was a result of rising non-revolving debt, as revolving debt (such as credit card debt) declined for a fourth month.
- July’s Markit Manufacturing PMI fell to 50.9 from June’s reading of 51.3, versus the expected increase to 52. Services PMI rose to 50 from June’s 49.6; it was expected to stay unchanged. Composite PMI rose to 50.3 from June’s reading of 50.
- July’s ISM Manufacturing PMI rose to 54.2 from June’s 51.3, versus the expected increase to 53.6. ISM Non-Manufacturing PMI jumped to 58.1 from June’s 57.1; it was expected to decline to 55.
- June’s Factory Orders rose 6.2% from May’s +7.7%.
- June’s Wholesale Inventories fell 1.4% from May’s -2%.
- Initial Jobless Claims for the week ending August 1st fell by 249K to 1.186M, versus the expected decrease to 1.415K. Continuing Jobless Claims for the week ending July 25th dropped by 844K to 16.107M, versus the expectations of 16.72M continuing claims.