Top-of-mind economic news as we start the week:
— Differing jobs reports for June: Payroll processing firm ADP said 497,000 private sector jobs were added vs. 209,000 for all sectors per the U.S. Labor Dept.
— U.S. 30-year mortgage rates rose 10 basis points to an average of 6.84% for the week of July 6, the highest level this year, and up from 5.3% a year ago.
— Producer prices in China sank 5.4% in June, the 9th straight decline and worst drop since 2015, a sign that China’s economic recovery may be stalling.
— The U.K. is the only major economy where inflation is still on the rise; consumer prices there were up 7.9% in May vs. 4.6% for G7 economies.
— A financial industry group proposed a global code of conduct for ESG and data ratings providers, as pressure builds for transparency, consistency.
