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The Monday Mix: Aug. 3 – 9, 2020

Headlines discussed at LNWM’s Monday morning briefing:

— A key index for US manufacturing activity rose to 54.2 in July vs. 52.6 in June, the 3rd straight month of increases (results over 50 indicate expansion).

Nearly 1.8 million US jobs were added in July, mostly in leisure and hospitality; US unemployment fell to 10.2% and consumer borrowing rebounded in June.

President Trump signed executive orders to extend Covid-19 relief, including $400 in weekly federal unemployment and suspension of US payroll taxes.

Canada said it will levy tariffs on $2.7 billion in US imports, after Trump administration said it will re-impose tariffs on Canadian aluminum.

Deflation in Chinese producer prices seems to be easing, with prices falling 2.4% in July after a 3% drop in June, as manufacturing returns to pre-Covid-19 levels.

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