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The week that was showcased a U.S. economy that while cooling, is still too resilient to achieve the Fed’s aim. First up, the ISM Manufacturing and Services Indexes showed that the goods sector continued to slow, while the service sector continued to expand, albeit at a modest pace. The manufacturing index declined again in June, falling 0.9 points to a 3-year low of 46.0. This marks its eighth consecutive month in contraction territory and points to deteriorating conditions in the manufacturing sector. The index suggests that demand remains weak in the sector, with new orders still below the 50 mark. Manufacturers have responded by cutting both production and employment (with both sub-indexes coming in below 50). The survey result is consistent with data on consumption expenditure, which showed real spending flat in May and expenditure on goods pulling back by 0.4% on the month.

United statesServices indexesInternational longshoreWarehouse unionBc maritime employers associationJob market coolingJob marketEmployers associationStatistics canada