Good Tuesday AM,

A little bit of data and news today but mostly, everyone is on pause until tomorrow when we hear from the Fed on its pause.

The data today showed that home prices grew more than expected, consumer confidence is up (I still don’t buy this one), and Manufacturing is way down/contracting.

There is a report out from the IMF on global growth which shows that (take a look at that last bullet point):

• In the latest update to its World Economic Outlook, the IMF raised its 2023 global growth prediction by 0.2 percentage points to 3%, up from 2.8% at its April assessment.
• The IMF kept is 2024 growth forecast unchanged at 3%.
• The IMF highlighted concerns with tighter credit conditions, depleted household savings in the U.S. and a shallower-than-expected economic recovery in China from strict Covid-19 lockdowns.

And a little on how manufacturing is a Drag on Economic Activity

U.S. economic growth slowed and eurozone activity contracted in July, according to surveys released on Monday, suggesting a darkening outlook for the global economy. S&P Global’s U.S. purchasing managers indexes showed service-sector activity expanding at the slowest pace in five months and manufacturing activity flat so far this month. “July is seeing an unwelcome combination of slower economic growth, weaker job creation, gloomier business confidence and sticky inflation,” S&P Global Market Intelligence economist Chris Williamson said.

In the Eurozone, the reading for services was the worst in six months and the measure of manufacturing output the lowest in more than three years, suggesting overall activity contracted.

That’s all until tomorrow’s fun…

Please remain safe and stay healthy, make today great!