Monday Morning Meeting Notes (07/08/2024)

Weekly Economic Insights

Monday Morning Meeting Notes (07/08/2024)

Bradley Prosper, CFA®, CFP® Weekly Economic Insights

Monday Morning Meeting Notes (07/08/2024)

General Info:

  • U.S. employment report for June showed 206,000 new jobs added (vs. expectations of 188,000)
  • The unemployment rate increased from 4.0% to 4.1% as the labor force participation rate rose
  • Average hourly earnings rose 0.3% month-over-month and 3.9% year-over-year
  • Fun Fact: Swiss physicist Walter Jaeger accidentally invented the smoke detector in the 1930s. He was trying to invent a sensor that could detect poison gas, but instead his device registered the smoke from his cigarette and this discovery led to the invention of the modern smoke detector
  • Fun Fact II: American cheese was invented in Switzerland. Processed cheese was created in 1911 by Waltz Gerber and Fritz Stettler to lengthen the shelf-life before it was shipped overseas

Monday 07/08:

  • Chile copper exports for June

Tuesday 07/09:

  • Cow Appreciation Day – I’d like to give a special shoutout to the cows that produce Brunton’s chocolate milk
  • Federal Reserve (Fed) Chair Jerome Powell delivers semi-annual testimony to the Senate Banking Committee
  • U.S. Treasury Secretary Janet Yellen testifies to the House Financial Services Committee on the international financial system
  • China aggregate financing, money supply, and new yuan loans for June

Wednesday 07/10:

  • National Kitten Day – all kittens, regardless of breed, are born with blue eyes; by 7-12 weeks, the pigment will begin to transform to their true color
  • Fed Chair Jerome Powell delivers semi-annual testimony to the House Financial Services Committee
  • China consumer price index (CPI) and producer price index (PPI) data for June
  • South Korea unemployment data for June

Thursday 07/11:

  • PepsiCo, Progressive, Delta Air Lines, and ConAgra Brands report earnings
  • National 7-Eleven Day – go get that free Slurpee, you deserve it
  • U.S. CPI data for June, which is expected to show signs of cooling inflation
  • CPI is expected to have risen 0.1% month-over-month and 3.1% year-over-year
  • Core CPI, which excludes volatile food and energy costs, is expected to have risen 0.2% month-over-month and 3.4% year-over-year
  • U.S. initial jobless claims and continuing claims data
  • Germany CPI data for June

Friday 07/12:

  • JPMorgan, Wells Fargo, Citigroup, BNY Mellon, Fastenal, and Ericsson report earnings
  • National French Fry Day – good marketing to celebrate this holiday on a Friday each year
  • U.S. PPI data for June
  • U.S. University of Michigan consumer sentiment

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.