Not much to talk about so far this week other than raw economic data. Manufacturing PMIs from around the world poured in over the last couple of days and the results fell largely in line with expectations. In Europe, the figure for the Eurozone manufacturing sector rose slightly to 49.4 from 49 the month prior. A slight improvement but the sector remains in contraction for the common currency area. Spain meanwhile surprised markets by jumping into expansion with a figure of 50.5 in May. The worrying statistic however is that Germany’s manufacturing sector has now been in contraction for the past 35 months in a row. On the other side of the Atlantic, S&P Global published a figure of 52.0 for the US manufacturing sector, while the less expansive ISM figure came in substantially lower at 48.5. Manufacturing figures from China revealed a sharp drop in May, with the PMI falling down to 48.3 from 50.4 in April. Manufacturing data give way to services PMIs for the remainder of the week, starting once again with Europe before moving on to the US and then China early on Thursday morning.
Moving onto the labour market, the Job Openings and Labour Turnover Survey (JOLTS) showed an unexpected rise in US job openings yesterday. Predictions converged on 7.1 million new job openings in April, but the actual figure came in quite a lot higher at 7.39 million. Later today, the latest ADP employment change will report the May jobs figures, but the real meat of the sandwich is of course the NFP drop on Friday. Traders will have to wait a while longer for some degree of volatility.
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