Don’s Notebook June 1, 2018

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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.

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