US economic data shows signs of weaknessđ§
US economic data disappointed very slightly on the weak side, starting with the JOLTS job data showing 9.582mm job openings vs expectations of 9.6mm, with a corresponding drop in the quits rate to 2.4%, matching the lows of the past 2 years. More importantly, the key "jobs per unemployed" ratio remained steady at 1.6x, remaining at cycle lows since 2021, though still extremely elevated by historical standards.
ISM Manufacturing missed at 46.4 vs 46.9 expected, and underlying composition was mixed with increases in new orders and production versus decreases in employment. However, a bigger drop in prices paid coming in at 42.6 vs 44 was seen as a risk positive, as asset classes continue to welcome any continued disinflationary signs they can see.
#US #economy #ISM #manufacturing