S&P 500
7,582.20
+0.03%
Dow Jones
51,018.80
+0.58%
Nasdaq 100
30,344.40
+0.25%
Russell 2000
2,916.31
-0.54%
FTSE 100
10,378.60
-0.32%
Nikkei 225
66,231.90
+0.67%

Economy

Chicago PMI Dips, Led by Weaker Employment Data

Photo of Jon C. Ogg
By Jon C. Ogg Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
The Chicago Federal Reserve’s report on Midwest manufacturing this week showed some improvement, and now have only a very small conflicting report showing some mixed data from the region responsible for so much of the U.S. auto and farming numbers.

The Chicago Purchasing Managers report came in at 53.7 in July. This compared to a reading of 54.0 in June, so it was only a very slight drop. The report also compares to a Bloomberg consensus estimate of 52.5 from a range of 49.0 to 54.3, so things did not drop nearly as much as most economists were expecting.

There was a slight uptick in the price paid at 54.7 in July versus 54.0 in June. The supplier deliveries component fell to 53.3 in July from 54.2 in June. The new orders component showed some improvement, and that is good for the future report: 52.9 in July versus 51.9 in June.

What was a huge disappointment was the report showing that the employment component fell sharply to 53.3 in July from 60.4 in June. That will not lend much great hope for a boost in nonfarm payrolls due on Friday.

JON C. OGG

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

Continue Reading

Jon C. Ogg |

Beyond FOMC, All Eyes on Slew of Payrolls & Employment Data

It is very likely that by the time Ben Bernanke and friends at the Federal Reserve make their Wednesday announcement…

Jon C. Ogg |

Economic Data from Chicago and from University of Michigan Sentiment Adds More Weakness

The report on the Chicago Purchasing Managers Index is showing more and more weakness, but perhaps not as much as…

Jon C. Ogg |

Unemployment and Payrolls From June Bring Great Progress in Jobs

Ed Brown, via Wikimedia CommonsThe U.S. Labor Department has released its June payrolls and unemployment report, and ADP’s gains on…

Jon C. Ogg |

Richmond Fed Data Signals Ongoing Broader Weakness

The market is getting to digest some additional manufacturing data this morning, with the latest installment of economic weakness coming…

New York Fed Manufacturing Survey Indicates Slower Growth
Jon C. Ogg |

New York Fed Manufacturing Survey Indicates Slower Growth

The July report from the Federal Reserve Bank of New York shows business activity grew only modestly in the state.

Jon C. Ogg |

Kansas City Manufacturing Shows Surprising Gain

Apparently not all manufacturing regions are slowing to a crawl. A report from the Kansas City Federal Reserve showed in…

Chicago Fed Shows National Activity Is Slowing
Jon C. Ogg |

Chicago Fed Shows National Activity Is Slowing

The Federal Reserve Bank of Chicago releases its nationally focused Chicago Fed National Activity Index each month, and the reading…

Jon C. Ogg |

Key Short Interest Changes in Defensive High-Yield Dividend Stocks

The short interest data for the July 15 settlement date is out and we have compared the defensive dividend stocks,…

Chicago PMI Shows Downtick in Growth but Higher Inflation
Jon C. Ogg |

Chicago PMI Shows Downtick in Growth but Higher Inflation

The Chicago PMI had been steadily accelerating in 2017, and it reached a three-year high in June, but the July…

Top Gaining Stocks

Dell Technologies
DELL • Vol: 42,366,555
NetApp
NTAP • Vol: 15,911,807
ServiceNow
NOW • Vol: 68,243,561
IBM
IBM • Vol: 28,527,546
Hewlett Packard Enterprise
HPE • Vol: 86,996,387

Top Losing Stocks

Coterra Energy
CTRA • Vol: 73,319,495
Clorox
CLX • Vol: 4,744,001
ResMed
RMD • Vol: 3,526,686
Intel
INTC • Vol: 191,680,425
Skyworks Solutions
SWKS • Vol: 5,407,806