MARKET DAILY

Market 07/03: Economic data "confirms" recession risk

June ISM Services PMI + May Factory Orders down -- ADP Job Growth down + Continuing Claims on the rise -- June FOMC Minutes.

Dan Khuong Linh
Dan Khuong Linh

Both early economic indicators (leading indicators) suggest economic growth may slow in Q2/2024:

Both ISM Manufacturing and Services PMIs share the downward trend in June - both approach contraction territory (below 50):

ISM Services PMI plunges in June to 48.8 (estimate: 52.7 | previous 53.8) - fastest drop in 4 years.

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