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Economic Commentary

Weaker data add to recession fears

July 05, 2022
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The economic data last week showed slower growth in manufacturing, including contracting growth in new orders for manufacturing, and slowing consumer activity. The combination of these and persistently high inflation seemed to trigger increased recession fears as the 10-year Treasury yield fell by more than 20 basis points from last week.

What we learned last week: (pg. 1)

  • Manufacturing new orders fall into contraction
  • Growth in consumer spending fell in May, but remained positive

What we’re watching this week: (pg. 2)

  • Slower growth in the service sector echoes manufacturing
  • Hiring struggles to keep pace with quits leaving openings little
  • Lower but solid employment gains show resilience to Fed’s tightening

View our informative commentary on the economy and financial markets – and find out what we’re watching for the week ahead:

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