The July US Manufacturing Purchasing Managers' Index conducted by Markit came in at 55.3, down from the 55.4 final June figure. Markit's Manufacturing PMI is a diffusion index: A reading above 50 indicates expansion in the sector; below 50 indicates contraction.
The last couple of years have been remarkable ones for yields. The 10-year note hit its historic closing low of 1.37% in July of 2016 and then rose 158 BPs to its interim high of 2.96% as of the July 31 close.
Personal Income (excluding Transfer Receipts) in June rose 0.44% and is up 5.0% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, Real Personal Income (excluding Transfer Receipts) MoM was at 0.34%. The real number is up 2.7% year-over-year. Extensive revisions and updates were made.
We make every effort to understand the way that investors go to extremes over what we call the “well-known fact” in the stock market. A “well-known fact” is a body of economic information which is known to virtually everyone in the marketplace and has been acted on by anyone with capital.
With today's release of the May S&P/Case-Shiller Home Price Index, we learned that seasonally adjusted home prices for the benchmark 20-city index were up 0.21% month over month. The seasonally adjusted national index year-over-year change has hovered between 4.2% and 6.7% for the last two-plus years. Today's S&P/Case-Shiller National Home Price Index (nominal) reached another new high.
The latest Chicago Purchasing Manager's Index, or the Chicago Business Barometer, rose in July to a six-month high of 65.5 from 64.1 in June, which was above the Investing.com forecast of 61.9. Values above 50.0 indicate expanding manufacturing activity.
The domestic economy is functioning as well as any period since 2007, however we expect economic growth to slow next year. Measured by GDP, we expect the economy grew by a solid 4.0% in the second quarter and is growing at a rate of 2.7% with most sectors performing well.
It's time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). The price of Regular and Premium were both down a penny from last week. According to GasBuddy.com, Hawaii has the highest average price for Regular at $3.70 and San Francisco, CA is the most expensive city, averaging $3.74. South Carolina has the cheapest at $2.53. The WTIC end of day spot price closed at 67.20, a 2.6% decrease from this time last week.
Infrastructure is not a glamorous topic — it isn’t satirized on late-night TV, nor is it trending on social media. But the need for increased infrastructure investment is real across the globe. Given expected demographic trends, disruption by new technology and insufficient spending in the past, we at Invesco Real Estate believe infrastructure-related companies could be poised for decades of growth.
The price of bitcoin surged above $8,000 on Tuesday for the first time since May after the Group of 20 (G20) meeting in Argentina concluded last weekend with little urgency to take regulatory action on cryptocurrencies. In a communiqué, finance ministers and central bank governors expressed confidence that the technology underlying alt-coins “can deliver significant benefits to the financial system and the broader economy.”