The US posted job losses for the seventh-straight month, the losses were fewer than expected by coming in at -51,000 versus the estimate of -75,000, while previous months were modestly revised upward. However, the unemployment rate was a bit worse than expected by coming in at 5.7%, the highest level since 2004, versus the expectation of 5.6%. Details from CNNMoney....
The ISM Manufacturing Index fell from 50.2 in June to 50.0 in July, a little ahead of the forecast of 49.0. New orders weakened but employment improved. Exports, which have provided support, slowed in July but remain in positive territory. Prices paid fell from 91.5 to 88.5 and remain at extremely high levels, but commodity prices have eased off highs recently and crude prices have fallen.
Construction spending fell 0.4% in June, versus the forecast of a 0.3% decline but June was revised higher. Residential construction continues to decline.
