Afternoon Note
The major equity indices at first sported reversals from session lows. However, the Dow Jones Industrial Average and the S&P 500 struggled to remain in the green. Ultimately, the NASDAQ continued to trend higher as the other two indices returned to the red. This morning, the Bureau of Labor Statistics released its quarterly report on wages, the Employment Cost Index, for Q2-2015. Sequentially, the index rose by a mere 0.2%. On a year-over-year basis, wages actually increased by 2.0%, significantly lower than the 2.6% gain observed in Q1-2015. We also had a few other economic releases this morning.
The University of Michigan released its final reading on consumer sentiment for the month of July. During the month, the index fell to 93.1 from a mid-month reading of 93.3, and a final June reading of 96.1. Consumers are less confident about the future as the expectations component index decreased significantly to 84.1 from 87.8 in June.
For the month of July, the Chicago Fed District released some positive news. The industry saw its business barometer index jump to 54.7 in the month, from a reading of 49.4 in June. This is huge news as the Chicago District has seen contractions in 4 out of 5 of the past few months. Expansion is due to gains in new orders and production. However, backlog, supplier deliveries, and employment remained down for the month. Still, prices paid rose to 54.5 during the month, the highest reading since December 2014. Ultimately, the report is a good sign for the broad US economy.
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3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
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