ECONOMIC CALENDAR:Monday: Markets closed for Independence Day Holiday Tuesday: Factory Orders Wednesday: International Trade, ISM Non-Manufacturing Index, FOMC Minutes Thursday: ADP Employment Report, Jobless Claims, EIA Petroleum Status Report Friday: Employment Situation
- Motor vehicle sales stay strong. Americans continued to buy cars and trucks in June despite the market volatility. Purchases of big-ticket items are a good sign for consumer spending last quarter.
- Jobless claims increase. Weekly claims for new unemployment benefits rose by 10,000 last week. Though claims remain at historically low levels, the increase could indicate slowing growth in the labor market.
- Construction spending falls. Spending on construction projects fell by 0.8% in May, dropping for the second-straight month. The fall was led by a significant cutback in spending on public construction projects.
- Consumer confidence rises. A June reading of how Americans feel about the U.S. economy increased, indicating consumers aren’t letting economic uncertainty get to them.
Quote Of The Week
“The secret of getting ahead is getting started.” – Mark Twain