Monday Morning Meeting Notes (06/03/2024)

Weekly Economic Insights

Monday Morning Meeting Notes (06/03/2024)

Bradley Prosper, CFA®, CFP® Weekly Economic Insights

Monday Morning Meeting Notes (06/03/2024)

General Info:

  • U.S. personal consumption expenditures (PCE) were in-line with economist expectations
  • PCE rose 0.3% month-over-month and 2.7% year-over-year
  • Core PCE, which excludes volatile food and energy costs and is the Fed’s preferred inflation gauge, rose 0.2% month-over-month and 2.8% year-over-year
  • Fun Fact: The Japanese word “Kuchi zamishi” is the act of eating when you're not hungry because your mouth is lonely

Monday 06/03:

  • U.S. ISM Manufacturing PMI for May
  • U.S. light vehicle sales for May
  • S&P Global Manufacturing PMI data for the U.S., Eurozone, U.K., Japan, Germany, France, and India
  • China Caixin Manufacturing PMI data for May

Tuesday 06/04:

  • National Hug Your Cat Day
  • CrowdStrike, Ferguson PLC, and Core & Main report earnings
  • U.S. Job Openings and Labor Turnover Survey (JOLTS) data for April
  • South Korea consumer price index (CPI) for May

Wednesday 06/05:

  • U.S. ISM Services PMI data for May
  • S&P Global Services PMI data for the U.S., Eurozone, U.K., Japan, Germany, France, and India
  • China Caixin Services PMI data for May

Thursday 06/06:

  • DocuSign and JM Smucker report earnings
  • U.S. initial jobless claims and continuing claims data
  • European Central Bank (ECB) monetary policy meeting, followed by ECB President Christine Lagarde’s press conference
  • Market expectations are for a 0.25% rate cut, bringing the main refinancing rate to 4.25%
  • European Union citizens will vote over four days for 720 members of European Parliament
  • Eurozone retail sales data for April
  • Bank of England (BOE) releases the results of its decision maker panel survey on inflation expectations

Friday 06/07:

  • National Chocolate Ice Cream Day
  • U.S. employment report for May is expected to show 185,000 new jobs added
  • The unemployment rate is expected to remain steady at 3.9%, while average hourly earnings are expected to increase 0.3% month-over-month and 3.9% year-over-year
  • Chile copper exports and trade data for May
  • Eurozone Q1 2024 GDP data (final reading)
  • Germany industrial production for April

About the Author

Bradley Prosper, CFA®, CFP®

Senior Research Analyst
Mr. Prosper is a member of the Firm’s investment research group where he assists in conducting investment research that is instrumental in the construction, maintenance, and management of client portfolios. This research includes the procurement of primary data via direct investment manager interviews as well as analyzing information from our data resources.