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On the SPOT™ blog (08/01/2023) [J..]

This morning (PST), all three major US indices seem to be in mild red. Economic data from this morning showed that number of new job openings dropped slightly in June but so did the number of people quitting jobs. Construction spending increased in June but was below estimates. ISM data for July showed manufacturing activity contracted. The number rose but was still lower than estimates. Looks like things are slowing in the economy at a rate that is not alarming and perhaps will require more interest rate hike to bring inflation to the target and keep it there while still achieving a "soft landing". The earnings season so far does seem to convey optimism so let's see how August ends after a cautious start this morning.

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