The G-7 meeting of finance minister and central bankers continues in Canada today.
Solid job growth without inflation was expected to focus on average hourly earnings in today’s employment report for May.
- Nonfarm payrolls rose 223,000 in May while the unemployment rate moved down a tick to 3.8 percent.
- The monthly gain for average hourly earnings was up 0.3 percent for a year-on-year rate that is up a tenth to 2.7 percent.
The ISM Manufacturing Index from the Institute for Supply Management, which was announced this morning, is calculated from a monthly survey of purchasing managers at roughly 300 manufacturing firms nationwide.
- May’s 58.7 headline is very strong but still understates the strength of the ISM manufacturing report.
- New orders showed an increase to 63.7 for a 2.5 point jump in the month, backlog orders, increased to 63.5 which is a 14-year high and delivery delays are increasing.
At 1:00 p.m., the latest Baker Hughes rig count is released.
Abercrombie & Fitch hosts an earnings call today while Walmart hosts a Q &A session with investors.
