Stock Market Nerd – Macro – August 10, 2024
Output data:
- Services Purchasing Managers Index (PMI) was 55 for July vs. 56 expected and 55.3 last month.
- The Institute of Supply Management (ISM) Non-Manufacturing PMI for July was 51.4 as expected and compared to 46.1 last month.
- ISM Non-Manufacturing Prices Index for July was 57 vs. 56 expected and 56.3 last month.
- The S&P Global Composite PMI for July was 54.3 vs. 55 expected and 54.8 last month.
- The ISM Non-Manufacturing Employment Index for June was 51.1 vs. 46.4 expected and 46.1 last month.
Employment data:
- Initial Jobless Claims were 233,000 vs. 241,000 expected and 250,000 last report.
All of this data continues to point to modest economic slowing. It bodes very well for a soft landing or a modest recession and avoiding severe recession.
My portfolio hasn’t changed since the last update.
