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No comments necessary here.  The end of government stimulus is revealing a very very weak private sector.  It’s almost unbelievable how weak this data is considering where we are from the trough in economic output (via Trade The News):

  • (US) Jun Challenger Job Cuts Y/Y: 39.4K v 38.8K prior; -47.1% v -65.1% prior
  • (US) Initial Jobless Claims: 472K v 455Ke; Continuing Claims: 4.616M v 4.550Me
  • 10:00 (US) Jun ISM Manufacturing: 56.2 v 59.0e; Prices paid: 57.0 v 70.0e
  • 10:00 (US) May Construction Spending M/M: -0.2% v -0.8%e
  • 10:00 (US) May Pending Home Sales M/M: -30.5%% v -14.2%e; Y/Y: -15.6%% v 24.6% prior
  • (US) EIA Natural Gas Inventories: +60 bcf v +60 to +70 bcf estimate range

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