Economic News – July

Private sector job creation fell off in June according to ADP reports; a sign that the U.S. economy is reaching full employment. ISM non-manufacturing index rose in June rather than fall as was forecast. Factory activity rose to near a three year high, while construction spending was flat. Consumer sentiment fell in June, hitting lowest level since November 2016, and is expected to fall further in July. However, the index was at historical highs for the first half of the year, so a correction lower is not necessarily a sign of weakness.