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🏗️ ICYMI - @katiep sat down with @stevemiran , Co-founder at Amberwave Partners, as he offered insights on the new manufacturing data & the state of U.S. jobs. Listen to the recording (link in the comments) and check out the #PublicLiveHighlights below 👇🏽 • @stevemiran gave his takeaways on the S&P U.S. manufacturing PMI and ISM manufacturing reports (linked in the comments) and said that “the data was pretty soft.” The overall index was at a two-year low, which he would describe as “pre-recessionary” but not “recessionary.” • He highlighted a silver lining saying that “the price indices have really started softening back to levels that they were in 2017- 2018” which he believes is indicating that inflation is peaking and will lead to “more reasonable inflation numbers in the future.” • Regarding recent construction reports showing single-family home spending going down in June, @stevemiran highlighted the responsiveness of the housing sector to changes in monetary policy by the Fed. Saying that “when mortgage rates go up to 6%,” it’s too expensive for people to move or buy a home, and “that slows down construction activity.” This decrease in residential investment/construction activity “took off about 0.7 percentage points off of the second quarter GDP report, it contracted at about 14% at an annualized rate.” • On the state of U.S. job security growth, @stevemiran said that Amberwave is seeing “an enormously renewed interest in resource security, and energy security and supply chain security, and reshoring.” He talked about how Apple (example), a company that does “enormous amounts of its manufacturing in China,” could suddenly become very vulnerable to retaliations due to an event like a US politician taking a trip to Taiwan.” • Amberwave anticipates upcoming “decades of energy in corporate America and at the governmental level, aimed at reshoring activity” that will create “security for our supply chains, in our economy, and create jobs for America… for American communities here at home that we desperately need.” • On his thoughts on whether we’re in a recession or not, @stevemiran said “the reason why we don't really believe that we're in a recession at the moment is because the economy is still creating jobs at a very fast pace, and wage inflation is still pretty high, meaning that companies have to bid higher wages to attract workers because they've got demand at the moment, consumers are still spending money, and companies have to meet that demand.” What do you think? #PublicLive #Manufacturing #jobs **This content is for informational purposes and is not investment advice. Investing involves risk of loss.
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