1)US job openings rose slightly to 8.1 million in May despite the impact of higher interest rates intended to cool the labor market. Vacancies rose from a revised 7.9 million in April, the first reading below 8 million since February 2021, the Labor Department reported Tuesday.
2)The ADP Employment report showed that US private businesses added 150,000 workers to their payrolls in June, the lowest increase in five months. This figure fell short of the expected 160,000 and was below the downwardly revised 157,000 in May.
3)The Labor Department reported Wednesday (3rd July) that jobless claims for the week ending June 29 rose by 4,000 to 238,000 from 234,000 the previous week. The data was issued one day earlier than its regular Thursday release due to the July Fourth holiday.
4)The US Nonfarm Payrolls (NFP) rose 206,000 in June, the US Bureau of Labor Statistics (BLS) reported on 5th July. This reading followed the 218,000 increase (revised from 272,000) recorded in May and came in above the market expectation of 190,000.
5)The US Unemployment Rate edged higher to 4.1% from 4%, while the Labor Force Participation Rate ticked up to 62.6% from 62.5%. Finally, wage inflation, as measured by the change in the Average Hourly Earnings, declined to 3.9% on a yearly basis from 4.1%, matching the market expectation.
6)The US economy showed signs of strengthening in June according to S&P Global PMI data. The Composite PMI, which tracks activity in both manufacturing and services sectors, rose to 54.8 in June, up from 54.5 in May. The growth was driven by the services sector, where PMI climbed to 55.3 from 54.8, while manufacturing PMI moderated slightly to 51.7 from 51.3.
7)The US services sector contracted in June as indicated by the ISM Services PMI falling to 48.8, down from 53.8 in May. This marks the first time in 17 months that the index has dipped below the 50 mark, which separates expansion from contraction.
8)US S&P Global Manufacturing PMI edged up to 51.6 in June from 51.2 in May, indicating modest growth, the Institute for Supply Management (ISM) Manufacturing PMI declined to 48.5 from 48.7 in May, suggesting contraction in the sector.
9)The US Census Bureau and the US Bureau of Economic Analysis announced today that the goods and services deficit was $75.1 billion in May, up $0.6 billion from $74.5 billion in April, revised. May exports were $261.7 billion, $1.8 billion less than April exports.
10)The service sector in the Eurozone grew at a slightly slower pace in June. The HCOB services PMI dipped to 52.8 from 53.2 in May. Overall business activity also eased, with the composite PMI falling to 50.9 from 52.2.
11)Prices charged by producers in the Eurozone continued to fall in May. The producer prices index dropped 4.2% compared to May 2023, after a steeper decline of 5.7% in April.
12)Inflation in the Eurozone edged down slightly in June. The annual rate dipped to 2.5% compared to 2.6% in May. However, underlying inflation, which excludes volatile energy and food prices, remained steady at 2.9%.
13)Unemployment Rate in the Euro Area remained unchanged at 6.40 percent in May. The Unemployment Rate in Euro Area averaged 9.30 percent from 1995 until 2024, reaching an all-time high of 12.20 percent in January of 2013 and a record low of 6.40 percent in April of 2024.
14)In June, the Eurozone HCOB Manufacturing PMI fell to 45.8, down from 47.3 in May, indicating a contraction in the manufacturing sector.
15)The UK’s opposition Labour Party won a huge parliamentary majority in the country’s general election, unseating the incumbent Conservatives after 14 years. Early on Friday morning, Labour passed the threshold needed to govern alone as outgoing PM Rishi Sunak conceded defeat. Sunak later exited Downing Street and resigned as the Conservative Party leader. Keir Starmer, leader of the centre-left Labour, now becomes the country’s next prime minister after declaring victory in the early hours.
16)The UK service sector grew at a slower pace in June. The S&P Global Services PMI dipped to 52.1 from 52.9 in May. Overall business activity also eased slightly, with the composite PMI falling to 52.3 from 53.0.
17)The UK construction industry’s growth slowed down in June. The S&P Global Construction PMI dipped to 52.2, down from 54.7 in May.
18)In June, the UK S&P Global Manufacturing PMI dipped to 50.9, down from a 22-month high of 51.2 in May. This indicates a slight moderation growth in the manufacturing sector compared to the previous month.
19)Japan’s service sector contracted in June. The Jibun Bank Services PMI dropped to 49.4, down from 53.8 in May. This indicates a decline in business activity. Overall economic growth also slowed, with the Composite PMI falling to 49.7 from 52.0.
20)Japan’s economy shrank at a steeper-than-expected rate of 2.9% in the first three months of 2024. This is lower than the initial estimate of a 1.8% decline and comes after a previously reported growth of 0.1% in the last quarter of 2023, which was also revised downward.
21)China’s economic growth showed signs of slowing in June. The Caixin China General Services PMI, which tracks activity in the service sector, fell to 51.2 from 54.0 in May. Overall business activity, reflected in the General Composite PMI, also dipped to 52.8 from 54.1.