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Employment by Industry (U.S.): In June 2024, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 158.6 million (M) – an increase of 206,000 (+0.1%) month on month (m/m). When compared to June 2023, total employment is up by 1.7% year on year (y/y). Among the employment sectors that we track at ˽¿âav, we saw the greatest monthly gain in the heavy and civil engineering construction sector with a growth of 0.6% m/m.

Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 124.031 in June, up 1.46% m/m, reversing trend after decreasing last month. This index value is up 3.61% on a year on year (y/y) basis. Month over month, we saw the Canadian Dollar and Euro strengthen vs. the USD in June.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending June 28th was 116 oil and 59 gas (totaling 175). In percentage terms, on a month on month (m/m) basis, oil rigs were up 56.8% and gas up 9.3%. On a year on year (y/y) comparison, rigs were up 6.4% for oil and up 1.7% for gas. The combined figure for y/y was +5.4% or +9 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending June 28th was 479 oil and 97 gas (totaling 576). In percentage terms, on a month on month (m/m) basis, oil rigs were down 3.4% and gas down 3.0%. On a year on year (y/y) comparison, rigs were down 12.1% for oil and down 21.8% for gas. The combined figure for y/y was -13.8%, or -93 rigs.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in May 2024 was up 0.1%(m/m) to $283.0, following the 0.2% increase in April. The always-volatile nondefense aircraft orders, down 19.2% y/y, influenced this trend significantly.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand declined 0.2% in May 2024 (seasonally adjusted), after increasing 0.5% in April. The index for final demand goods decreased 0.8% in May, the largest decline since moving down 1.2 percent in October 2023 , while the index for final demand services was unchanged in May after increasing 0.6 percent in April. Nearly 60 percent of the May decrease in the index for final demand goods can be traced to a 7.1-percent decline in prices for gasoline.