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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