Risk returns with US data and Ukraine (members)

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It was a mixed night for the US economy. Second tier data was very good. The Philly Fed manufacturing gauge surged to 24 points, its highest since 2011 and the regional indexes are pointing to an accelerating ISM (charts from Calculated Risk):

ISMFedPreJuly2014

Also good was weekly unemployment claims which dropped to 302k, the lowest level since mid 2007:

WeeklyClaimsJuly172014
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However, these good readings were offset by material weakness in tier one data. Housing starts for June were weak:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.