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PA Market Report: Overview (Aug 09 – Aug 13) & Upcoming Events August’21

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PA Market Report Overview (Aug 09 – Aug 13)

Aug 9

Job Openings and Labor Turnover – June 2021 (USA)

The number of job openings increased to a series high of 10.1 million on the last business day of June, the U.S. Bureau of Labor Statistics reported today. Hires rose to 6.7 million and total separations edged up to 5.6 million. Within separations, the quit rate increased to 2.7 percent. The layoffs and discharges rate was unchanged at 0.9 percent, matching the series low reached last month.

Aug 10

The ZEW Indicator of Economic Sentiment Stands at 40.4 Points (Euro Zone)

ZEW Index ZEW Indicator of Economic Sentiment in Germany Combination chart with 2 data series. The chart has 2 X axes displaying time and navigator-x-axis. The chart has 2 Y axes displaying values and the navigator-y-axis. 2019-08-10 2021-08-10 End of interactive chart. The ZEW Indicator of Economic Sentiment for Germany decreased in the current August 2021 survey, falling 22.9 points to a new reading of 40.4 points compared to July.

Aug 11

Consumer Price Index – July 2021 (USA)

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent in July on a seasonally adjusted basis after rising 0.9 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 5.4 percent before seasonal adjustment.

Fed’s Barkin: the U.S. “closing in” on taper, but could still take a few months (USA)

It may take a few months more for the U.S. job market to recover enough that the Federal Reserve can reduce its crisis-era support for the economy, according to Richmond Federal Reserve Bank President Thomas Barkin, who added a centrist voice to the open debate about when to trim the central bank’s $120 billion in monthly bond purchases.

Treasury Auction Results (USA)

The U.S. Treasury sold $41 billion in 10-year notes Wednesday at a high auction yield of 1.34% as foreign buyers scooped up the benchmark paper amid signals of peaking inflation and a potentially stalled domestic recovery.

Aug 12

Producer Price Indexes – July 2021 ( USA)

The Producer Price Index for final demand increased 1.0 percent in July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices rose 1.0 percent in June and 0.8 percent in May. (See table A.) On an unadjusted basis, the final demand index moved up 7.8 percent for the 12 months ended in July, the largest advance since 12-month data were first calculated in November 2010.

Aug 13

US UoM Consumer Sentiment Index falls sharply to 70.2 in August (USA)

Consumer confidence in the US deteriorated sharply in August with the University of Michigan’s Consumer Sentiment Index dropping to 70.2 in August (preliminary) from 81.2 in July. This reading missed the market expectation of 81.2 by a wide margin. Further details of the publication revealed that the Current Conditions Index declined to 77.9 from 84.5 and the Consumer Expectations Index dropped to 65.2 from 79. Finally, the 1-year Inflation Outlook edged lower to 4.6% from 4.7%.