The ISM Manufacturing Index is expected to tick fractionally lower to 52.7 in tomorrow’s update for June vs. the previous month, based on The Capital Spectator’s average point forecast for several econometric estimates. The prediction is still above the neutral 50.0 mark and so the current outlook still calls for moderate growth for this benchmark of economic activity in the US manufacturing sector.
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Private nonfarm payrolls in the US are projected to increase by 200,000 (seasonally adjusted) in tomorrow’s June update of the ADP Employment Report, based on The Capital Spectator’s average point forecast for several econometric estimates. The average projection is fractionally below May’s increase.
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The escalating Greek crisis has raised new questions about the timing of the Federal Reserve’s plans for the first US rate hike since 2006. But by some accounts, it’s still mostly noise on this side the Atlantic. “This isn’t a ‘watch Greece’ situation,” says Roberto Perli, a former Fed staffer who’s now at Cornerstone Macro. “While we have chaos in Greece, there are no signs of dramatic contagion yet, and that’s why it doesn’t change the Fed’s tone.”
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● Greece is set to default at the end of today…
● But the Greek crisis isn’t expected to delay the Fed’s first rate hike…
● Meanwhile, US pending home sales rose to a 9-year high in May…
● As Puerto Rico faces bankruptcy…
● Eurozone inflation ticked lower this month while the jobless rate remains stable but elevated at 11.1%…
● And Germany’s unemployment remains close to an historic low in June as retail sales increased for a second month in Europe’s largest economy.