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On the SPOT™ blog (07/24/2023) [I..]

This morning's economic data appears to show mixed sentiment. PMI (Purchasing Managers Index) reading fell more than expected. However, the data suggests that US economy grew (so at least it is doesn't seem to be in recession at the start of Q3). Manufacturing output index showed growth while services fell compared to June. Workforce seems to have increased in both manufacturing and services sectors but new jobs creation slowed. Input price pressure seemed to have softened but so did the demand. Data from Europe also seemed weak. There seem to be downside risks to the global economy. US economy seems to be in reasonably good shape and that Federal Reserve is likely successful in balancing inflation control with "soft landing". All three major US indices are in the green this morning (PST). Remains to be seen how it closes in anticipation of busy earrings week.

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