Challenger, Gray & Christmas remarked that layoffs moved higher in June. “The number of planned job cuts announced by U.S.-based employers increased by 4,297 or 11.6 percent to 41,432 in June.”
The information was followed almost immediately by news that the Non-Manufacturing ISM Report On Business posted poor numbers. “The NMI registered 53.3 percent in June, 1.3 percentage points lower than the 54.6 percent registered in May, and indicating continued growth at a slower rate in the non-manufacturing sector.” The only positive information is that price inflation fell off slightly.
Imports fell by 1.5%. New orders were off 3.2%, a particularly bad omen for the next few months. Backlog of orders was down 6.5%. Imports were down 4%.
If the economy is not in a recession at this point, then “recession” has been misdefined.
Douglas A. McIntyre
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