Greetings,
The United States: Here is the July labor participation rate among young Americans. Fewer teens seem to be working during the summer.
Credit: HY corporate bonds are starting to see some hefty outflows.
Equity Markets: Cash holdings of US non-financial firms continue to climb.
Energy Markets: The decline in US crude oil inventories this year (discussed here) has been the largest in years.
The Eurozone: For now, the Eurozone’s growth remains on par with the US.
China: The Caixin PMI metric (from IHS Markit) appears to be measuring large company performance, which is not correlated to business activity at medium and small firms. More on this later.
Canada: Is the Canadian housing inflation rate about to slow?
Global Developments: Who are the world’s largest manufacturing exporters?
Food for Thought: Which metropolitan areas offer the biggest bang for the buck?
Have a great weekend!
Edited by Joseph N Cohen
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Thanks to Josh Marte (@joshdigga), Matt Garrett (@MattGarrett3), Joseph Cohen (@josephncohen), Ycharts.com, S&P Global, and Moody’s Investors Service for helping with the research for the Daily Shot.
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