Headlines discussed at LNWM’s Monday morning briefing:
— US manufacturing activity expanded for the 14th month in a row in July, despite labor and materials shortages.
— The US unemployment rate improved to 5.4%, as nearly 1 million jobs were added to payrolls in July.
— The US trade deficit hit a new record in July, as imports from China surged 19% vs. same period last year.
— The Biden administration announced tougher emissions standards, aiming for 50% of autos sold in the US to be electric-powered by 2030.
— China ordered Covid-19 testing requirements and new restrictions due to an uptick in cases, mostly from Delta variant.
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