ISM Manufacturing Index Sinks Below Expectations
The ISM manufacturing index hit the lowest point since August 2016 in July, dropping to 51.2 vs. 52 expected. Factory activity has now seen four straight months of downturn and is nearing contraction.
Mild Increase in Initial Jobless Claims, Gold Prices Drop
The number of Americans filing applications for unemployment benefits increased last week from 206,000 to 215,000. With projections of 212,000, the increase was somewhat in line with market expectations, and analysts consider the trend to be consistent with tightening labor market conditions.
Gold Prices Dip as Q2 GDP Exceeds Expectations
US GDP growth came in higher than expected with 2.1% growth vs. 1.8% expected. Growth is still down from the 3.1% growth seen in Q1, although that was partially attributed to a backlog of stockpiled inventory. On the other hand, personal consumption saw a major uptick in Q2 compared to Q1.
Initial Jobless Claims Hit Three-Month Low, Gold Prices Face Selling Pressure
The number of Americans applying for unemployment benefits last week hit the lowest level in three months, indicating ongoing strength in the US labor market which boasts the lowest unemployment rate in nearly 50 years.
Durable Goods Orders See First Gain in Three Months, Gold Prices Tick Downward
Orders for long-lasting durable goods such as vehicles and computers saw the first gain in June in three months, accompanied by an uptick in business investment. However, spending and investment in businesses is still far below the figures seen this time last year.
Further Weakness in Housing Sector as US New Home Sales Miss The Mark
US home sales have disappointed again this week, with sub-expectations existing home sales data released on Tuesday closely followed by a miss in new home sales on Wednesday. Year-over-year, single-family home sales rose 7% in June, and overall new home sales rose 4.5% vs.
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