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ECONOMIC NEWS:
TODAY, FRIDAY, AUGUST 1
** The Labor Department reported July NON-FARM PAYROLLS grew by
316,000 jobs in July compared to a revised 228,000 jobs in June.
Wall Street economists expected non-farm payrolls to grow 193,000in
July. Hugh Johnson, Chief Investment Officer, First Albany Corp
said, "At first blush, the reaction might be negative. The labor
market is tight, lots of jobs are being created and it looks like
the economy is picking up in July." For the full text story, see
http://www.merc.com/stories/cgi/story.cgi?id=4229089-3f3
** The Labor Department then reported the July UNEMPLOYMENT RATE
dropped to 4.8% from 5.0% in June. Consensus estimates were for a
July unemployment rate of 4.9%. For the full text story, see
http://www.merc.com/stories/cgi/story.cgi?id=4229049-40c
** The Labor Department said MANUFACTURING WORKWEEK HOURS fell
sharply to 34.4 in July from June's report of 41.9 hours. Wall
Street economist expected the average workweek to remain unchanged.
For the full text story, see
http://www.merc.com/stories/cgi/story.cgi?id=4229864-a00
** The Labor Department reported AVERAGE HOURLY EARNINGS remained
unchanged in July at $12.23 from the June report. Wall Street
economists expected a 0.2% rise in July hourly earnings. For the
full text story, see
http://www.merc.com/stories/cgi/story.cgi?id=4229864-a00
** The Commerce Department reported June PERSONAL INCOME rose 0.6%
after a much smaller rise of 0.3% in May. Wall Street economists
expected personal income for June to rise 0.4%. For the full text
story, see http://www.merc.com/stories/cgi/story.cgi?id=4228822-5e5
** The Commerce Department also said June PERSONAL SPENDING rose
0.5%, following a rise of 0.3% in May. Wall Street economists
expected spending for June to increase 0.4%. For the full text
story, see http://www.merc.com/stories/cgi/story.cgi?id=4228822-5e5
** The National Association of Purchasing Management (NAPM) said
its INDEX OF MANUFACTURING ACTIVITY rose to 58.6 in July from 55.7
in June. Consensus estimates were for a reading of 56.0 in July.
For the full text story, see
http://www.merc.com/stories/cgi/story.cgi?id=4230018-0f6
** The Commerce Department reported June FACTORY ORDERS rose 1.2%
after a revised drop of 0.5% in May. Wall Street economists had
expected June factory orders to rise 1.5%. For the full text story,
see http://www.merc.com/stories/cgi/story.cgi?id=4230030-2a8
** The University of Michigan's final index of CONSUMER SENTIMENT
for July rose to 107.1 compared to 104.5 in the final June report.
Economist expected a reading of unchanged in July. For the full
text story, see
http://www.merc.com/stories/cgi/story.cgi?id=4230117-4d4
** 10:30 a.m. EDT: July Center for International Business Cycle
Research inflation index. unavailable. Consensus estimate: 104.7.
** 10:25 a.m. EDT: July Economic Cycle Research Institute inflation
gauge. Consensus estimate: unavailable. June report: 111.0.
** Throughout the day : July car sales. Consensus estimate: 6.8
million. June report: 6.6 million.
** Throughout the day : July light truck sales. Consensus estimate:
6.0 million. June report: 5.8 million.
NEXT WEEK
MONDAY: June construction spending.
TUESDAY: June housing completions; June leading indicators; Bank of
Tokyo-Mistubishi chain store sales survey for the week of August 2;
June Conference Board's leading indicators index; LJR/Redbook
research retail sales index for the week of August 2.
WEDNESDAY: Federal Reserve Bank's Tan Book; 3-year, 10-year and
30-year Treasury auction announcement; ABC/Money Magazine consumer
comfort index.
THURSDAY: June wholesale trade; June consumer credit installment;
July chain store sales; jobless claims for the week of August 2;
July Challenger layoff survey.
FRIDAY: One-year Treasury auction announcement.
JW
abprosys@xxxxxxx
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