June 2023 Monthly Recap

Talking Points

  • Inflation fell from 4.9% to 4%, the lowest level since March 2021, marking 11 consecutive monthly declines

  • The labor market unexpectedly added 339,000 jobs (vs 190,000 expected) though unemployement rose to 3.7%

  • US Manufacturing PMI dropped to 46.3, a six-month low for manufacturing health as new orders and output declined

  • The 10-year Treasury yield rose from 3.64% to 3.81% as the Fed paused in June but is expected to hike 25 bps in July

  • The NAHB Housing Market Index rose to 55, its highest level since July last year as builder confidence improved

Market Health Indicator*

Market Data
market health indicator monthly index performance

*The Market Health Indicator is a monthly indicator created in September 2021 that is designed to measure market health on a scale of 0 - 100, analyzing various market segments such as economics, technicals, and volatility using data back to January of 2000. Higher scores indicate healthier market conditions.

  

Fun Facts

Started From the Bottom, Now We're Here

  • Only four words in the English language end in “dous” - horrendous, tremendous, hazardous, and stupendous.

  • Pound cake got its name because the original 1700’s recipe called for a pound each of butter, sugar, flour, and eggs (it was meant to last for a long time).

  • On July 18, 1976, the first perfect 10 ever recorded in Olympic gymnastics was achieved by Nadia Comaneci.

  • You can still stay at the world’s oldest hotel, Nishiyama Onsen Keiunkan in Japan, which was founded in 705 AD.

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Started from the bottom, now we’re here.

Global oil prices started including US oil for the first time in June.

Brent crude oil, which is the primary benchmark for calculating approximately 80% of global sales, has historically used European oil sourced from the North Sea as a pricing proxy.

However, as Brent oil fields continue to deplete reserves, exchanges turned to the US to provide more liquidity and pricing stability.

So far in 2023, the US has shipped a record number of West Texas Intermediate (WTI) crude barrels to China and Europe, which have become more reliant on American oil since the Russia-Ukraine war.

This marks a major turnaround as the US imported 60% of its oil in the early 2000s, compared to just 40% today. Some analysts say the move could help further boost US exports.

To view the rest of the Market Update, click here.