Pending home sales dropped to 102.1 in October (the prior month was revised up slightly from 101.6 to 102.7). This will probably temper any expectations for a gain in existing home sales in November....
US JOLTS (Job Openings and Labor Turnover Stats) is a useful employment indicator that doesn’t get as much attention as it’s nonfarm payroll cousin. According to Bureau of Labor Statistics, JOLTS data was designed to ”serve as a demand-side indicator of labor shortages”....
The Markit Flash PMI was released today for China, showing that manufacturing expanded at a slower in November than in October. Every component except one was down compared to the previous month. This data point is in line with the weakness we’ve seen in the...
In today’s US economic releases, we saw signs of a rebound in employment (with a caveat), a pick up in manufacturing activity, and another data point signalling low inflation. Initial jobless claims dropped by 21k to 323k....
The US ISM Non-Manufacturing Survey came in today slightly above consensus expectations for October (55.4 vs 54.5) The survey indicated the the non-manufacturing survey accelerated slightly in October and is growing....
China’s flash manufacturing PMI came in at 50.9 in October vs the official reading of 50.2 in September. Readings above 50 signal expansion. The rise was mostly driven by the backlog of work and employment components (though the employment component remains below 50), but new...
In spite of a better than expected monthly rise in production (in August), industrial activity in the five largest European countries continues to contract on a yearly basis– with the exception of Germany:And the recent tick down in the PMI Manufacturing survey would not suggest...
Following a disappointing Industrial New Orders report yesterday, Germany’s Industrial Production posted a better than expected gain for the month of August. Will the relationship with PMI Manufacturing hold?...
We divide the MSCI World index into cyclical (including materials, industrials, technology and consumer discretionary, financials and energy) and counter-cyclical baskets (including consumer staples, health care, telecom, utilities). The relative performance of cyclicals vs. counter-cyclicals generally improves when the economic news is improving and contracts...
