[Global] ADP Employment Keeps Slowing, NY Fed Inflation Expectations Rise
ADP-tracked weekly job growth over the four weeks through early July came in at roughly 21,000, with the prior week's figure revised down to 24,000 from an initial 30,000. Job growth has trended lower in seven of the past eight weeks.
The New York Fed's one-year inflation expectations rose to 3.7%, with the three-year reading at 3.3%, while the five-year figure eased slightly. The increase was attributed to surging oil prices and rising concerns over electricity demand.
New York Fed President John Williams said he views the inflation outlook as somewhat positive, suggesting the current uptick in expectations may prove temporary. The EIA said crude production recovery continues to accelerate, supporting the view that the oil rally may not persist.
Credit concerns resurfaced after news that HSBC is exiting its private lending business. Amid this macro uncertainty, Jefferies flagged value names such as American Express, Home Depot, Lowe's and PepsiCo as picks for navigating summer volatility.