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Leading Indicators Beat Consensus, Jump For 3rd Straight Month
The economy improved for the third straight month in June, according to the Leading Indicators Index, a composite of ten data points that track turning points for the economy. rnrn"The recession has been losing steam since the spring, although very large job losses continue," said Ken Goldstein, an economist at the Conference Board, who publish the composite.
Earnings and Bernanke Testimony to Drive Markets
Data releases this week are light but on Tuesday markets will hear biannual testimony on monetary policy from Ben Bernanke, chairman of the Federal Reserve. Bernanke will speak before the House on Tuesday and repeats his testimony to the Senate on Wednesday, but each day offers a new Q&A.
Lots on the Calendar
Last week’s Jobless Claims report saw initial filings break a 22-week trend above the 600k level. Weekly filings fell to 565k for the week ending July 4, and for the week ending July 11 analysts expect to see further reduction to 555k.rnrnAnalysts from RDQ warned last week that claims may not be a reliable indicator for the next several weeks, as July is known to be a volatile period for the labor market, and auto shutdowns earlier this year are skewing the data. So even if today’s report is in line with expectations, it doesn’t necessarily confirm that last week’s
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