U.S. Review
Economic Conditions Still Moving on Up
- The Job Openings and Labor Turnover Survey (JOLTS) continued to show an improving labor market. Hiring increased during the month, while the hiring and job opening rate held steady.
- Headline retail sales also advanced during the month. Although the headline was strong, much of the improvement occurred in components that are not included in real GDP. Auto sales continue to show solid readings.
- Business inventories surged in June, which will help boost the already-reported second quarter real GDP reading. This means inventories likely will be a drag on economic growth in the coming quarters, all things equal.
Global Review
Global Economy Trying to Find a Floor
- It has been almost all about China this week as the Chinese government sent shockwaves to the market by reversing its commitment to strengthen the yuan and decided on several small adjustments to the currency.
- In Mexico, the central bank just revised its forecast for the Mexican economy to grow between 1.7 percent and 2.5 percent this year.
- Growth in the Eurozone disappointed in the second quarter, posting a rate of 0.3 percent, quarter on quarter, not annualized, compared to a 0.4 percent rate in the first quarter.
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