Are investors headed towards ports of safety?
As expected, the first few days of what some call the “June swoon” were chock full of the usual bout of start of the month data. In aggregate, it pointed to the deceleration of the global economy, poor employment numbers, and once again questions on whether the Fed would raise rates this summer, or have to wait until sometime in the back half of the year.
Because of the Memorial Day holiday, we didn’t publish a Monday Morning Kickoff last week, and given the plethora of data last week, we’ve got quite a bit to cover. Let’s get started…
In this week’s Monday Morning Kickoff:
- With the four horsemen of the global economy (US, Eurozone, China and Japan) setting the tone of the global economy, it comes as little surprise that JPMorgan’s Global Manufacturing PMI fell to a reading of 50.0 in May from 50.1 in April. The report showed output, orders and exports all fell month over month. Here are the specifics from Markit Economics findings . . . Read more
- Much like the manufacturing economy, the Services sector also slowed in aggregate month over month in May.. . . Read more
- No matter how you slice it, Friday’s May Employment Report was a huge miss relative to expectations. It’s important to dig below the headlines, and that is certainly true with Friday’s jobs report and the wide headline miss of just 38,000 jobs created in May vs. the 162,000 expected.. . . Read more
- Compared to last week, the slate of economic data to hit this week is far more tame, but given the eye on what the Fed will or won’t do next week when it comes to interest rates, we dig into the details of the reports that will likely fill in the final pieces of the puzzle. . . . Read more
