ISM Services June Purchasing Managers Index came in at 48.8, falling below the anticipated 52.7. S&P Global Ratings chief global economist Paul Gruenwald joins Catalysts to discuss the reading and what it signals about the economy's health.
So now we've got a couple of really soft prints and the focus is going to be on the language coming out of the fed.But if we get a couple of more prints like this, I think the rate cuts are going to come into focus.Is it a trend in in the quantity of data points that we see or the quality in perhaps the decline or the contraction that we continue to see?They're really looking at financial conditions which is confidence, its lending rates, it spreads its asset prices.
And you said in your own note here that the main risk on your base case scenario would be a drop off in either services spending or in labor demand.That would cause you to say, oh, that's a drop off versus the type of software that we've been in.We've been in soft landing cap for a couple of years now, but the the full crew of that or the support to that has been services spending in the labor market.
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