Macro Briefing: 3 July 2024

* Fed Chair cites ‘progress’ on inflation but more confidence needed before cutting
* New US vehicle sales barely rose in the second quarter
* China services activity growth eases to 8-month low in June
* Eurozone production activity in June falls at fastest rate in 2024 to date
* US job openings unexpectedly rose in May:

A new measure of the US economy, powered by AI-based analytics, reflects “active” and “stable” activity in June, according to the Zeta Economic Index. “The algorithm is looking at traditional economic indicators that you would normally look at. But then inside of our proprietary algorithm, we’re ingesting the behavioral data and transaction data of 240 million Americans, which nobody else has,” says David Steinberg, co-founder, chairman and CEO of Zeta Global. “So instead of looking at the data in the rearview mirror like everybody else, we’re trying to put it out in advance to give a 30-day advanced snapshot of where the economy is going.”