Top-of-mind economic headlines as we start the week:
— US manufacturing activity weakened in June to a two-year low as new orders contracted, restrained by lingering supply chain issues and some softening in demand.
— US 2nd quarter GDP is estimated to have shrunk by 2.1%, per the Atlanta Fed’s GDPNow model; if correct, that would indicate US is in a recession, given 1% GDP drop in 1st quarter.
— US Personal Spending (PCE) increased 0.2% in May, from 0.6% in April, a sign that higher interest rates are tapering consumer demand.
— The US Supreme Court ruled that the Environmental Protection Agency cannot impose limits on carbon emissions from coal plants; must first get permission from Congress to do so.
— Eurozone inflation reached a record high in June, rising 8.6% annualized; energy prices soared 42% in 12 months.
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