ECONOMICS

The start of the third quarter saw a deterioration in business conditions at US manufacturers as new orders declined for the first time in three months, according to S&P Global.

This makes sense as we have seen 'hard' US macro data serially disappoint for three months.

• S&P Global US Manufacturing PMI falls to 49.6 in July, dropping into contraction for the first time since Dec 2023.

• ISM Manufacturing PMI plunged to 46.8 (48.8 exp) – weakest since Nov 2023 (more…)

By American Military News

Gov. Maura Healey’s administration expects to spend more money than originally anticipated over the next fiscal year on the emergency shelter system housing migrants and local families, according to revised estimates released this month.

Shelter-related costs are now projected to top $1 billion in fiscal year 2025 if caseloads remain the same, an increase from the $915 million state budget writers first said they expected to spend and a sign that (more…)

ADP's Employment report for July was disappointing, showing the addition of just 122k jobs (well below the 150k expected and down from the 155k added in June).

Source: Bloomberg

That 122k addition is the weakest since January and the trend in job growth is not your friend with more sectors showing job losses…

“With wage growth abating, the labor market is playing along with the Federal Reserve's effort to slow inflation,” said Nela Richardson, (more…)