This daily will have to be quick since I am in transit. The best highlight here is jobless claims and how the auto sector is affecting both production and employment positively, potentially keeping the US from falling into outright recession. I mentioned just over a week that auto inventory restocking was the only thing between US and recession. Retail sales have been negative for three straight months and the manufacturing PMI has fallen into negative territory as well. Particularly alarming with the last manufacturing PMI was the drop in new orders. All of this speaks to recession.
But auto companies are building inventory by getting workers to work through the typical summer re-tooling period and that's throwing off jobless claims:
The reading for jobless claims has ...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.