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Bob Carey
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  US Economy and Credit Markets Ended August 7, 2020
Posted Under: Weekly Market Commentary
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U.S. Treasury bond yields were higher across the yield curve last week with longer dated Treasury yields gaining more than shorter dated Treasury yields. The week started off with Treasury yields higher on Monday due to strong global manufacturing data. Manufacturing indexes in China, Europe, and the United States showed improvement versus last month. Treasury yields retreated Tuesday as investors turned pessimistic of Congress's progression on fiscal policy as aid for U.S. citizens runs out. Treasury yields climbed for the rest of the week as positive economic data spurred investor confidence in the U.S. economy. The ISM Non-Manufacturing index rose to 58.1 in July, well above the consensus expected 55.0, signaling an expansion in the U.S. services sector. The week ended with a stronger than expected July jobs report. July nonfarm payrolls rose by 1.763 million and unemployment dropped by nearly 1% to 10.2% in July. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Tuesday July NFIB Small Business Optimism (100.4, 100.6), July PPI Final Demand MoM (0.3%, -0.2%), July PPI Final Demand YoY (-0.7%, -0.8%); Wednesday: August 7 MBA Mortgage Applications (n/a, -5.1%), July CPI MoM 0.3%, 0.6%), July CPI YoY (0.7%, 0.6%), July Monthly Budget Statement ( n/a, -$864.1); Thursday:  August 8 Initial Jobless Claims (1150k, 1186k), August 1 Continuing Claims (n/a, 16107k); Friday: July Retail Sales Advance MoM (1.8%, 7.5%), July Industrial Production MoM (3.0%, 7.2%), July Capacity Utilization (70.5%, 68.6%), August Preliminary University of Michigan Sentiment ( 71.7, 72.5).
Posted on Monday, August 10, 2020 @ 8:20 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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