US markets closed lower on weak economic data

04 Aug 2015 Evaluate

The US markets closed lower on Monday, following weak economic data and further slump in crude-oil prices. A key report on US manufacturing is raising some doubt about the strength of the economy in the final half of the year. The Institute for Supply Management’s manufacturing index fell to 52.7% in July from 53.5% in June. The decline was unexpected. Separately, American consumers are the most confident in years, but they sure aren’t spending like it. Consumer spending rose a modest 0.2% in June, one month after outlays rose at the fastest pace in a year and a half. And the big increase in May wasn’t quite as big as it looked; the government trimmed the spending gain in May to 0.7% from 0.9%. The increase in spending in June was slower than expected. Even as spending tapered off, incomes continued to rise steadily. Personal income climbed 0.4% in June for the third straight month. Inflation-adjusted incomes after taxes rose even faster. Since incomes grew faster than spending, the amount of money individuals save climbed to 4.8% from 4.6%. The savings rate has hovered between 4.5% and 5.5% for the past two and a half years. Meanwhile, inflation showed little movement. The PCE price index, the favorite inflation gauge of the Federal Reserve, increased 0.2% in June. The PCE index has risen just 0.3% in the past 12 months.

Meanwhile, spending on US construction projects rose 0.1% in June, well below forecast. The street had expected a 0.8% increase. The increase in spending in May was revised up sharply to 1.8% from 0.9%. Home builders have been busy at work amid an upsurge in demand for smaller units such as apartments and condos, especially properties to rent. The construction outlays increased to an annual rate of $1.06 billion in June, adjusted for seasonal variations.

The Dow Jones Industrial Average lost 91.66 points or 0.52 percent to 17,598.20, the Nasdaq was down 12.90 points or 0.25 percent to 5,115.38, while the S&P 500 dropped 5.80 points or 0.28 percent to 2,098.04.

The Indian ADRs ended mostly in green on Monday, Dr. Reddy’s Lab was up 0.85%, HDFC Bank was up 0.50%, ICICI Bank was up by 0.31% and Infosys was up by 0.05%. On the other hand, Wipro was down 0.09%.

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