Economy

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The US Labor Department July jobs report on Fridayas expected showed 165,000 NFP jobs added. In June the US added 193,000 NFP jobs . Unemployment stayed at 3.7% just off the lowest since December 1969. Private payrolls added 148,000 new jobs.

The US manufacturing sector has been weakening. On Wednesday the regional Chicago ISM Manufacturing PMI contracted to the worse level in 4 and a half years to 44.4 in July. It had been expected to be back over 50. Production indicator fell 22% on the month to hit a 10-year low.

Real gross domestic product (GDP) increased 2.1% in the second quarter of 2019, “advance” estimates by the Bureau of Economic Analysis. Core PCE +1.8% vs +2.0% expected. Cconsumption was stronger but drop in business investment and weak housing hinder.

German manufacturing PMI fell to it's lowest point in 7 years as the global trade war and Brexit drama weighed. Job creation slowed to its weakest since April 2015 with reduction in backlogs and lower confidence towards future output. /p>

French manufacturing output fell back into contraction in July, overall France saw modest growth driven by the service sector with an expansion in business activity for the fourth month in a row.

Australia saw stronger than expected full time jobs growth in April but part time jobs fell, with Unemployment at 5.2% and Trend unemployment remaining steady at 5.2%. Participation remains near highest since Dec of 2010.

The US Labor Department June jobs report Friday added  224,000 NFP jobs much higher than expected 158,000 after adding just 71,000 NFP jobs last month. Unemployment rose to 3.7% just off the lowest since December 1969 as the Participation rate rose to 62.9% 

Global manufacturing saw production fall for the first time since October 2012, new orders fell at the fastest pace for almost seven years. Business optimism slumped to a series-record low. Declines were registered in the euro area, China and Japan. Increases in the US and India.

Germany manufacturing PMI came in like most European PMIs, soft as the global trade war and Brexit drama weighed. 45.0 was a 4-month high, but still the manufacturing sector contracted for a sixth month in a row. Growth in consumer goods was the brightspot.

The UK manufacturing sector in June fell again after a much larger downturn than expected in May. We are seeing balancing after the March spike to 55.1 boosted by stock purchases ahead of Brexit hitting a G-7 record. UK exports were also at their lowest in almost 5 years.

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