Manufacturing activity eased in July from June but has increased now for the fourteenth consecutive months. The ISM Index fell to 59.5 last month from the June reading of 60.6. A reading above 50 indicates that the manufacturing economy is generally expanding; below 50 indicates that it is generally contracting. The employment component increased while the new orders index declined. A spokesperson from the the ISM said, “Manufacturing performed well for the 14th straight month, with demand, consumption and inputs registering growth compared to June."
It's Jobs Week! ADP Private Payrolls and the Jobs Report for July will be released this week. Maximum employment is half the Fed's mandate and its recent under performance is the reason why the Fed says "now is not the time" as it relates to tapering. Non-Farm Payrolls are expected to rise in a range of 900,000 to 1 million and come after 850,000 jobs were created in June, which was below expectations. ADP Private Payrolls will be released on Wednesday and the government's Jobs Report on Friday.
Lawmakers in D.C. urge the Biden administration to immediately renew and extend the eviction moratorium on renters until Oct. 18 after the House failed to pass a bill to prevent the lapse this weekend. On the home foreclosure front, the FHA released the following on Friday: The Federal Housing Administration (FHA) on July 30, 2021, announced an extension of its moratorium on evictions for foreclosed borrowers and their occupants through September 30, 2021, and noted the expiration of the foreclosure moratorium on July 31, 2021.