By Scott J. Brown, Ph.D., Raymond James
June Employment Report (and other recent data) – The June job market report and other indicators remained consistent with an unprecedented steep drop in economic activity in March and April, followed by a sharp-but-partial rebound in May and June. Many of these data were collected before the recent surge in COVID-19 cases. A return to a full lockdown appears unlikely, but self-imposed social distancing should contribute to a more modest pace of improvement.
This Week – The economic calendar thins out considerably. The ISM Non-Manufacturing Index should be less weak in June. The Producer Price Index is expected to reflect an increase in wholesale gasoline prices. Jobless claims have remained elevated in recent weeks and bear watching.