U.S. employers added 209,000 jobs in June. This is cooled down from May, but still shows evidence of a durable economy. The unemployment rate fell from 3.7% to 3.6%.
The U.S. economy grew at a 2% annual pace from January through March as consumers spent at the fastest rate in nearly two years. This is, however, a deceleration from the 2.6% from October through December and the 3.2% growth from July through September. The economy has been slowed by increased interest rates.
The Architecture Billings Index registered at 51.0 in May, the highest rate it has been since September.
The June Purchasing Managers Index registered at 46%, 0.9 points lower than May’s reading. This figure indicates the seventh month of contraction after a 30-month period of expansion. A reading above 50 indicates expansion.
The Consumer Confidence Index increased to 109.7 in June, the highest level since January 2022.
Indian Prime Minister Narendra Modi made a recent visit to the U.S. During his stay, the two nations agreed to resolve six long-standing disputes at the World Trade Organization. It was confirmed that India would remove the retaliatory tariffs it imposed in response to the U.S. Section 232 national security measures on steel and aluminum.
President Joe Biden assured that most of India’s imported steel and aluminum products would not suffer additional scrutiny.
For more information, view the July 2023 Market Insight Guide below.