By Bill Hornbarger, Chief Investment Officer
Three Things to Watch
- It will be a relatively quiet week for economic reports highlighted by Tuesday’s ISM service sector report and Wednesday’s JOLTS (Job Openings and Labor Turnover Survey) that highlights data on job openings, hires, and separations. The ISM index is expected at a strong 63.5, which would be the 13th consecutive month of growth, while the price component is expected at/near the record high level of September 2005.
- The JOLTS survey is expected to show 9.31 million job openings at the end of May, which would be a record level, following April’s record high of 9.28 million. This is another signal that the employment situation is healing as the economy continues to more fully reopen and employers have unfilled demand for workers.
- In corporate news, McDonald’s will launch its first-ever customer loyalty program on Thursday and on Monday Jeff Bezos stepped down as CEO of Amazon and passed the CEO title to longtime Amazon executive Andy Jassy.
Three Things to Know
- Worried about inflation? Argentinians are. Inflation in Argentina is expected to hit 48.3% in 2021, according to a central bank poll last week. That is an increase from 47.3% previously. (Source: Reuters, Daniel Lacalle)
- The first half 2021 inflows into global equity funds are the largest on record at $589 billion. For perspective, the last 20 years cumulative inflows are $777 billion. (Source: Bank of America Global Research, The Daily Shot)
- The Eurozone core inflation rate fell back below 1% in June with a year-over-year reading of 0.9%. (Source: Trading Economics, Adam Tooze)
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.