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Aug 13, 201404:11 PMOpen Mic

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Market and economic update: U.S. employment market remains strong

After the recent bumper crop of economic data, last week’s calendar was quite meager. The U.S. employment market remains strong, with the four-week average of initial unemployment claims falling below 300,000 for the first time in eight years. The Institute for Supply Management (ISM) Non-Manufacturing Index reached its highest level post-recession, and the manufacturing Purchasing Managers Index (PMI) reached its highest level in more than three years, consistent with an improving economic environment.

The U.S. economy seems to remain on solid footing. This week’s key data releases will be retail sales and industrial production for July, which will likely reflect continued modest economic growth.

Foreign purchasing manager survey data generally indicate the economic environment is not as rosy outside the United States. Europe continues to see modest growth, with the eurozone composite PMI reaching a three-month high and the United Kingdom PMI remaining near its highest recorded levels.

Data for Japan showed similar modest improvement. Emerging market data moderated from its June improvement, although on average, it’s continuing to indicate growth. Brazil leads the weakness in data, with growth suffering from relatively tight monetary policy to combat inflationary pressures. On average, the trend in economic activity outside the United States seems tilted toward modest improvement.

For more information, go to https://reserve.usbank.com/insights/market-economic-update-08-11-14.

This information represents the opinion of U.S. Bank and is not intended to be a forecast of future events or guarantee of future results. It is not intended to provide specific advice or to be construed as an offering of securities or recommendation to invest. Not for use as a primary basis of investment decisions. Not to be construed to meet the needs of any particular investor. Not a representation or solicitation or an offer to sell/buy any security. Investors should consult with their investment professional for advice concerning their particular situation. The factual information provided has been obtained from sources believed to be reliable, but is not guaranteed as to accuracy or completeness. The organizations mentioned in this publication are not affiliates or associated with U.S. Bank in any way.

Past performance is no guarantee of future results. All performance data, while deemed obtained from reliable sources, are not guaranteed for accuracy. Indexes shown are unmanaged and are not available for investment.

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