Waning Optimism into FOMC Week, an Update on the Faltering Canadian Economy, Gold, and More
In this weekly MacroEdge Ozone report - the team discusses market technicals, the Canadian economy from our expert Canadian resident-at-large, gold, and more. #TeamMacroEdge
Waning Optimism into FOMC Week (@DonMiami3, MacroEdge Chief Economist)
Good Sunday evening MacroEdge Readers and Community,
The weekend went by quick and we’ve got a busy week ahead again on the data front. The data this coming week focuses particularly on inflation, small business performance, and the FOMC presser from Powell. I strongly dislike the overemphasis and focus on these policy meetings (particularly the press conference) but it is a sign of the times. FOMC policy meetings are treated like the Super Bowl because so many Americans are gambling away on useless ‘meme’ equities and everyone still has a seat at the blackjack table.
We saw the employment data last Friday confirm much of our continued sentiment surrounding the cooling of the labor market. Unemployment is increasing, job openings are falling, and although the trend in job cuts may moderate over the summer months, I anticipate it’ll resume during earnings season. The cyclical sectors of the economy, on the employment side, continue to show weakness, but we still have yet to see the peak in residential construction employment - a key indicator of broader labor market health that we have been continually monitoring. We will have the state-level data discussion again in a few weeks, when the BLS releases that pertinent data, and I anticipate that we will see an increase in the unemployment rate in Texas, California, and Florida, given the job cuts in these places.
Europe saw larger political change today in the EU parliamentary elections, and this is something we will start keeping on the radar with the rollout of MacroEdge One. MacroEdge Ozone Two Week Access is available now at:
In July we will be rolling out MacroEdge One - our newest line of research and data coverage for Europe, Oceania (New Zealand and Australia), as well as Canada. This will be available at the end of July and we’ll have more information on access in the coming weeks. MacroEdge TV content will start coming available the first week of July through our YouTube channel and other platforms - so make sure to join us on YouTube at: MacroEdge TV on YouTube
In this weekly report we’ll break down:
> The Week Ahead
> Economic Optimism
> Logistics and Trucking Overview
> Oil Price Update
> Technicals and Sentiment Update
